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Centene (NYSE:CNC – Get Rating) announced that its Board of Directors has authorized a stock buyback program on Friday, December 16th, RTT News reports. The company plans to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.
Analysts Set New Price Targets
CNC has been the topic of a number of recent analyst reports. StockNews.com initiated coverage on Centene in a report on Wednesday, October 12th. They issued a “strong-buy” rating on the stock. Cowen dropped their price objective on Centene from $108.00 to $101.00 in a report on Thursday, September 22nd. Credit Suisse Group upped their target price on Centene from $104.00 to $106.00 and gave the company an “outperform” rating in a research report on Monday. Bank of America cut Centene from a “neutral” rating to an “underperform” rating and decreased their target price for the company from $100.00 to $85.00 in a research report on Tuesday, December 13th. Finally, Wells Fargo & Company cut Centene from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $103.00 to $99.00 in a research report on Friday, August 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Centene presently has a consensus rating of “Moderate Buy” and a consensus price target of $101.56.
Centene Price Performance
NYSE CNC traded up $0.02 during mid-day trading on Monday, hitting $81.42. The stock had a trading volume of 2,893,511 shares, compared to its average volume of 3,198,197. Centene has a 52-week low of $73.19 and a 52-week high of $98.53. The company has a market cap of $46.10 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.13 and a beta of 0.58. The company has a 50 day simple moving average of $82.13 and a 200 day simple moving average of $85.14. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.71.
Centene (NYSE:CNC – Get Rating) last released its quarterly earnings results on Tuesday, October 25th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.08. The company had revenue of $35.84 billion during the quarter, compared to the consensus estimate of $35.45 billion. Centene had a return on equity of 13.08% and a net margin of 1.42%. Centene’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.26 earnings per share. Equities analysts forecast that Centene will post 5.71 EPS for the current fiscal year.
About Centene
(Get Rating)
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
Read More
- Get a free copy of the StockNews.com research report on Centene (CNC)
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