10 Oversold Healthcare Stocks To Invest In

2. Centene Corporation (NYSE:CNC)

Number of Hedge Fund Holders: 51 

Centene Corporation (NYSE:CNC) is a prominent healthcare enterprise specializing in managed care services, primarily through government-sponsored healthcare programs. The company provides health insurance plans and solutions for individuals and families, focusing on Medicaid, Medicare, and commercial products.

Centene Corporation (NYSE: CNC) also stands out as one of the best oversold stocks in the healthcare sector with significant growth potential. The company reported strong Q3 2024 results, beating earnings expectations with an EPS of $1.62, surpassing the anticipated $1.35. Centene remains on track to deliver adjusted diluted EPS exceeding $6.80 for the full year 2024. Its financial strength is reflected in Q3 premium and service revenue of $36.9 billion and a year-to-date consolidated Health Benefits Ratio (HBR) of 87.9%. The company’s diverse portfolio has helped it navigate challenges, with Medicaid membership stabilizing at around 13 million, Marketplace membership growing by 22% year-over-year to 4.5 million, and the Medicare segment performing in line with expectations.

As of Q3 2024, 51 hedge funds in the Insider Monkey database held shares in Centene Corporation (NYSE:CNC). Street analysts hold a consensus Strong Buy rating on the stocks. Analysts have set a 12-month price target for Centene, averaging $87.36, with a high of $97.00 and a low of $72.00. This average indicates a 38.67% increase from the current price of $63.00.