Envestnet Asset Management Inc. Has $22.34 Million Stock Holdings in Centene Co. (NYSE:CNC)

Posted by on Sep 1st, 2023

Envestnet Asset Management Inc. decreased its stake in shares of Centene Co. (NYSE:CNC – Free Report) by 15.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 353,427 shares of the company’s stock after selling 66,024 shares during the quarter. Envestnet Asset Management Inc. owned about 0.06% of Centene worth $22,340,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of CNC. Coppell Advisory Solutions Corp. bought a new position in Centene during the 4th quarter worth $25,000. Compagnie Lombard Odier SCmA acquired a new position in Centene in the fourth quarter valued at about $41,000. Arlington Partners LLC acquired a new stake in Centene during the first quarter worth about $35,000. Ellevest Inc. increased its holdings in Centene by 141.0% in the 1st quarter. Ellevest Inc. now owns 600 shares of the company’s stock valued at $38,000 after buying an additional 351 shares during the period. Finally, Centerpoint Advisors LLC acquired a new position in shares of Centene in the 1st quarter valued at approximately $41,000. 90.92% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Down 1.7 %

Shares of NYSE:CNC opened at $61.65 on Friday. The business’s 50-day moving average is $66.25 and its 200-day moving average is $66.68. Centene Co. has a 1 year low of $61.34 and a 1 year high of $93.58. The company has a market capitalization of $33.38 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 0.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.11 and a quick ratio of 1.11.

Centene (NYSE:CNC – Get Free Report) last released its quarterly earnings data 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. Centene had a net margin of 1.83% and a return on equity of 14.15%. The company had revenue of $37.61 billion for the quarter, compared to analysts’ expectations of $36.56 billion. During the same quarter in the prior year, the firm earned $1.77 EPS. The business’s revenue was up 4.7% on a year-over-year basis. Equities research analysts predict that Centene Co. will post 6.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. cut their target price on Centene from $81.00 to $77.00 in a research note on Friday, July 7th. Truist Financial lowered their target price on Centene from $88.00 to $83.00 in a research note on Tuesday, June 20th. Wolfe Research downgraded shares of Centene from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 12th. Mizuho dropped their price objective on shares of Centene from $80.00 to $76.00 in a research note on Tuesday, July 11th. Finally, UBS Group assumed coverage on shares of Centene in a report on Tuesday, June 20th. They set a “neutral” rating and a $72.00 price target for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $84.94.

Get Our Latest Research Report on CNC

Centene Profile

(Free Report)

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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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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