Centene to buy Fidelis Care for $3.75 billion to enter NY


Michael F. Neidorff CEO of Centene Corporation shown here speaking in Ferguson Mo. in July

They set an "overweight" rating and a $67.00 price target for the company. Oppenheimer Holdings, Inc. reissued an "outperform" rating on shares of Centene Corporation in a research report on Tuesday, December 20th. Sanford C. Bernstein raised Centene Corporation from a "market perform" rating to an "outperform" rating in a research report on Tuesday, January 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have given a buy rating to the company's stock. Centene Corporation now has an average rating of "Buy" and an average price target of $88.00.

Shares of Centene Corporation (NYSE:CNC) opened at 90.88 on Wednesday. Centene Corporation has a 52 week low of $50.00 and a 52 week high of $75.57. The company has a 50-day moving average of $84.56 and a 200-day moving average of $77.42.

Centene Corporation (NYSE:CNC) last announced its earnings results on Tuesday, July 25th. The company reported $1.19 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $1.11 by $0.08. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The company had revenue of $11.95 billion for the quarter, compared to analysts' expectations of $11.69 billion. During the same period in the prior year, the business posted $0.95 earnings per share. The business's quarterly revenue was up 89.0% on a year-over-year basis. Equities analysts anticipate that Centene Corporation will post $4.69 EPS for the current year.

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In other Centene Corporation news, EVP Jesse N. Hunter sold 5,000 shares of the stock in a transaction on Monday, February 13th. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Michael F. Neidorff sold 35,000 shares of Centene Corporation stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $79.43, for a total value of $317,720.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,167 shares of company stock valued at $3,470,973.

A number of hedge funds have recently added to or reduced their stakes in the stock. Aviva PLC owned about 0.06% of Centene Corporation worth $8,418,000 as of its most recent SEC filing. IFP Advisors Inc now owns 1,944 shares of the company's stock valued at $155,000 after purchasing an additional 170 shares during the period. Ngam Advisors L.P. now owns 149,038 shares of the company's stock worth $10,637,000 after buying an additional 111,626 shares during the period. IFP Advisors Inc raised its stake in Centene Corporation by 9.6% during the 2nd quarter. Creative Planning now owns 2,476 shares of the company's stock worth $176,000 after buying an additional 127 shares during the period. Keybank National Association OH lifted its holdings in Centene Corporation by 1.1% in the second quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in Centene Corporation by 0.3% in the second quarter. The institutional investor owned 105,444 shares of the company's stock after purchasing an additional 1,980 shares during the period. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments.

Through Fidelis, Centene would purchase an established insurer in New York's Affordable Care Act, Medicaid and Medicare Advantage markets.

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