Credit Suisse AG increased its position in shares of Centene Co. (NYSE:CNC – Free Report) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 635,083 shares of the company’s stock after purchasing an additional 20,979 shares during the period. Credit Suisse AG owned 0.12% of Centene worth $40,144,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CNC. Moneta Group Investment Advisors LLC increased its position in Centene by 84,741.9% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 225,379,868 shares of the company’s stock worth $18,483,403,000 after purchasing an additional 225,114,221 shares during the last quarter. Norges Bank acquired a new stake in Centene during the fourth quarter worth about $713,235,000. Nordea Investment Management AB increased its position in Centene by 1,837.3% during the fourth quarter. Nordea Investment Management AB now owns 3,056,561 shares of the company’s stock worth $249,935,000 after purchasing an additional 2,898,790 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its position in Centene by 598.7% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,342,600 shares of the company’s stock worth $110,107,000 after purchasing an additional 1,150,444 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in Centene by 132.7% during the first quarter. Prudential Financial Inc. now owns 1,552,890 shares of the company’s stock worth $130,738,000 after purchasing an additional 885,683 shares during the last quarter. 90.11% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
CNC has been the subject of a number of recent analyst reports. UBS Group initiated coverage on shares of Centene in a research report on Tuesday, June 20th. They set a “neutral” rating and a $72.00 price target for the company. Oppenheimer reiterated an “outperform” rating and set a $110.00 price target on shares of Centene in a research report on Monday, July 31st. Wolfe Research cut shares of Centene from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 12th. Mizuho dropped their price target on shares of Centene from $80.00 to $76.00 in a research report on Tuesday, July 11th. Finally, Truist Financial dropped their price target on shares of Centene from $88.00 to $83.00 in a research report on Tuesday, June 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Centene has a consensus rating of “Moderate Buy” and a consensus target price of $86.11.
Centene Stock Up 0.2 %
Shares of Centene stock opened at $63.83 on Tuesday. Centene Co. has a 52-week low of $61.34 and a 52-week high of $96.98. The company has a 50 day moving average of $66.71 and a 200 day moving average of $67.08. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $34.56 billion, a P/E ratio of 13.16, a P/E/G ratio of 0.88 and a beta of 0.57.
Centene (NYSE:CNC – Get Free Report) last issued its quarterly earnings results on Friday, July 28th. The company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The company had revenue of $37.61 billion during the quarter, compared to the consensus estimate of $36.56 billion. Centene had a net margin of 1.83% and a return on equity of 14.15%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 earnings per share. As a group, research analysts forecast that Centene Co. will post 6.46 EPS for the current fiscal year.
Centene Company Profile
Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. It operates in two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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