Centene (NYSE:CNC) Shares Gap Down - Here's Why

Centene Co. (NYSE:CNC - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $61.98, but opened at $58.70. Centene shares last traded at $60.27, with a volume of 930,649 shares.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. StockNews.com raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 11th. Argus cut shares of Centene from a "buy" rating to a "hold" rating in a research note on Thursday, February 6th. Robert W. Baird reduced their price objective on Centene from $71.00 to $69.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Wells Fargo & Company cut their price objective on shares of Centene from $76.00 to $72.00 and set an "overweight" rating for the company in a research report on Friday, February 14th. Finally, Jefferies Financial Group upgraded shares of Centene from an "underperform" rating to a "hold" rating and raised their price objective for the company from $53.00 to $64.00 in a research report on Tuesday, April 8th. Seven analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Centene presently has an average rating of "Moderate Buy" and a consensus price target of $80.69.

Centene Trading Up 3.7 %

The company's 50 day moving average price is $59.80 and its two-hundred day moving average price is $61.13. The firm has a market cap of $29.85 billion, a PE ratio of 9.64, a P/E/G ratio of 0.80 and a beta of 0.53. The company has a quick ratio of 1.10, a current ratio of 1.11 and a debt-to-equity ratio of 0.70.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.49 by $0.31. The firm had revenue of $40.81 billion for the quarter, compared to analysts' expectations of $38.78 billion. Centene had a net margin of 2.03% and a return on equity of 13.85%. The business's revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share. As a group, sell-side analysts forecast that Centene Co. will post 6.86 EPS for the current year.

Institutional Investors Weigh In On Centene

Large investors have recently modified their holdings of the business. Stratos Wealth Partners LTD. raised its stake in Centene by 4.1% in the fourth quarter. Stratos Wealth Partners LTD. now owns 4,094 shares of the company's stock worth $248,000 after buying an additional 163 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Centene by 8.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company's stock worth $127,000 after acquiring an additional 169 shares in the last quarter. Capital Advisors Ltd. LLC lifted its stake in shares of Centene by 75.3% during the 4th quarter. Capital Advisors Ltd. LLC now owns 412 shares of the company's stock worth $25,000 after purchasing an additional 177 shares during the last quarter. Private Trust Co. NA grew its stake in Centene by 23.7% in the fourth quarter. Private Trust Co. NA now owns 956 shares of the company's stock valued at $58,000 after purchasing an additional 183 shares during the last quarter. Finally, Howard Capital Management Inc. lifted its position in shares of Centene by 5.4% during the fourth quarter. Howard Capital Management Inc. now owns 3,591 shares of the company's stock valued at $218,000 after buying an additional 184 shares during the last quarter. Institutional investors own 93.63% of the company's stock.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.