Barclays Lowers Target Price for Centene Stock

On October 31, 2024, Barclays analysts reduced their price target for Centene (NYSE:CNC) from $97.00 to $91.00. This revision was made in a detailed report, which also maintained an "overweight" rating on the stock. Barclays' new price target suggests a potential increase of 47.32% from Centene's previous closing price.

Recent commentary on Centene has been mixed among various research analysts. For example, Cantor Fitzgerald reiterated their "overweight" rating and set a target price of $90.00 in a report from October 1st. Wells Fargo & Company also lowered their target for Centene from $93.00 to $91.00, while maintaining an "overweight" rating on September 13th. Meanwhile, Truist Financial adjusted their price target down from $92.00 to $89.00, designating a "buy" rating for the company as of July 15th.

In another shift, Jefferies Financial Group changed their rating from "buy" to "hold" and reduced their price objective for Centene significantly from $83.00 to $69.00 in a note released on July 24th. StockNews.com also moved their rating down from "strong-buy" to "buy" on a recent report.

Currently, there is a mixture of ratings on Centene stock, with seven equity research analysts rating it as a hold and eight giving it a buy rating. According to MarketBeat.com, Centene holds an average rating of "Moderate Buy" among analysts, with a consensus price target sitting at $84.00.

Centene's Stock Performance Overview

Centene shares opened trading at $61.77 on the day of the report. The company possesses a quick ratio of 1.17 and a current ratio also of 1.17, indicating a balanced liquidity position. Additionally, their debt-to-equity ratio stands at 0.64.

The stock has experienced volatility in the past year, with a 52-week low of $59.77 and a high of $81.42. Currently, the 50-day moving average price is $71.87, while the 200-day moving average is at $72.09. Centene's market capitalization is reported at $32.96 billion, with a price-to-earnings ratio of 12.28 and a price-to-earnings-growth ratio of 0.98, complemented by a beta of 0.48.

Recent Institutional Trading Activity

Institutional trading has also seen significant activity regarding Centene's stock. Mitsubishi UFJ Asset Management Co. Ltd. has increased its stake in Centene by 18.7% during the first quarter of this year, now holding 624,944 shares worth approximately $49 million after acquiring an additional 98,298 shares. Similarly, GSA Capital Partners LLP boosted its holdings by 435.0%, acquiring 20,052 shares worth about $1.57 million following a recent purchase.

Moreover, Diversified Trust Co increased its position by 35.8% in the second quarter, now owning 28,009 shares valued at $1.85 million after an additional purchase. Bessemer Group Inc. also escalated its stake in the first quarter by 189.6%, owning now 24,162 shares worth $1.89 million.

Overall, institutional investors and hedge funds hold a significant 93.63% of Centene's stock, indicating strong backing from large investors.

About Centene Corporation

Centene Corporation functions as a healthcare organization that provides a variety of services targeted at the under-insured and uninsured populations across the United States. The services they offer are categorized broadly into Medicaid, Medicare, Commercial, and Other segments. Their Medicaid segment, for instance, provides health coverage options including Medicaid expansion, support for the aged, blind, and disabled individuals, as well as for children through various programs, among other support services.

Centene, Barclays, Stocks