Centene

CNC · NYSE

$70.81+$2.18 (+3.18%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $68.63

CNC analyst rating

HoldConsensus of 18 analysts over the last 12 months. 44% rate it a buy.

Strong buy0
Buy8
Hold9
Underperform0
Sell1

12-month price target · 22 analysts

Average $73.35 (+3.6% upside)

Low: $56.56
Now: $70.81
High: $89.25

Upgrades and downgrades

The latest rating actions, newest first

CNC analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Argus Research	Aug 11, 2026	Upgrade	Hold → Buy	$80.00	55%
JP Morgan	Aug 4, 2026	Maintains	Neutral	$60.00 → $67.00	60%
Bernstein	Aug 3, 2026	Maintains	Outperform	$68.00 → $79.00	77%
Barclays	Jul 29, 2026	Maintains	Overweight	$75.00 → $80.00	59%
Baird	Jul 29, 2026	Maintains	Neutral	$46.00 → $66.00	34%
TD Cowen	Jul 14, 2026	Maintains	Hold	$47.00 → $65.00	67%
Truist Securities	Jul 14, 2026	Maintains	Buy	$71.00 → $78.00	67%
Wells Fargo	Jul 13, 2026	Maintains	Equal-Weight	$56.00 → $69.00	59%
RBC Capital	Jul 9, 2026	Maintains	Sector Perform	$70.00 → $71.00	57%
Cantor Fitzgerald	Jul 7, 2026	Maintains	Overweight	$60.00 → $75.00	34%

The case for and against

Updated Oct 16, 2026

Bull case

Centene is well positioned because its dominant Medicaid franchise, serving about 12.4 million members across 30 states, gives it unmatched scale, deep state relationships, and multi-year revenue visibility as roughly 60% of Medicaid members remain under contract through 2030. Its fundamental recovery is being driven by three improving earnings engines: Medicaid HBR has improved for three consecutive quarters, Marketplace repricing covered 100% of the book with mid-30s% rate increases and a possible risk-adjustment receivable, and Medicare/PDP results have exceeded expectations while MA moves toward breakeven by 2027. With 1Q26 adjusted EPS of $3.37, raised 2026 guidance above $3.40, strong cash flow, and SG&A savings above $800MM, the company appears to be emerging from the 2025 trough with durable operating leverage.

Bear case

Centene is facing a fundamentally pressured earnings outlook because its core Medicaid franchise is exposed to OBBBA-driven federal funding reductions of roughly $910B over the next decade, tighter redeterminations, and 2027 work requirements that could amplify churn and limit state rate relief in expansion markets. Its Marketplace book is also deteriorating after enhanced premium tax credits expired at year-end 2025, cutting 1Q Marketplace membership to about 3.58MM and leaving a higher-acuity, less profitable risk pool that contributed to a roughly -1% pre-tax margin in 2025, far below the 5% to 7.5% target range. Although adjusted SG&A improved to 7.6% in 1Q26 from 7.9% in 1Q25, persistent behavioral health costs, Medicaid rate/acuity gaps, and policy uncertainty across Medicaid, Medicare, and PDP leave the stock’s recovery path uncertain.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.