Centene Corp Receives a Rating Update from a Top Analyst


Oppenheimer analyst Michael Wiederhorn maintained a Buy rating on Centene Corp (NYSE: CNC) today and set a price target of $130. The company’s shares closed yesterday at $116.05, close to its 52-week high of $117.86.

Wiederhorn noted:

“Centene announced its Iowa subsidiary, Iowa Total Care, has tentatively been awarded a statewide contract to serve IA the state’s Medicaid program. The $5B program consists of over 600,000 beneficiaries, including long- term services and support (LTSS) and behavioral health members. The company joins Amerigroup/Anthem and UnitedHealthcare, which have served the state since 2016.”

According to TipRanks.com, Wiederhorn is a top 100 analyst with an average return of 15.7% and a 73.4% success rate. Wiederhorn covers the Services sector, focusing on stocks such as Cross Country Healthcare, Addus Homecare Corp, and Envision Healthcare.

Currently, the analyst consensus on Centene Corp is Strong Buy and the average price target is $127.50, representing a 9.9% upside.

In a report issued on May 8, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $125 price target.

See today’s analyst top recommended stocks >>

Based on Centene Corp’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $13.19 billion and net profit of $340 million. In comparison, last year the company earned revenue of $11.72 billion and had a net profit of $139 million.

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Centene Corp. engages in the provision of programs and services to government sponsored healthcare programs. It operates through the Managed Care and Specialty Services segments. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.

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