DNB Asset Management AS decreased its holdings in Centene Co. (NYSE:CNC – Free Report) by 7.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 149,322 shares of the company’s stock after selling 12,526 shares during the quarter. DNB Asset Management AS’s holdings in Centene were worth $10,072,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. CIBC Private Wealth Group LLC lifted its stake in Centene by 0.7% in the fourth quarter. CIBC Private Wealth Group LLC now owns 22,575 shares of the company’s stock worth $1,851,000 after acquiring an additional 158 shares during the period. PFG Advisors raised its stake in Centene by 3.6% in the first quarter. PFG Advisors now owns 4,710 shares of the company’s stock worth $298,000 after buying an additional 165 shares in the last quarter. Covestor Ltd raised its stake in Centene by 24.1% in the first quarter. Covestor Ltd now owns 856 shares of the company’s stock worth $72,000 after buying an additional 166 shares in the last quarter. Vicus Capital raised its stake in Centene by 5.1% in the first quarter. Vicus Capital now owns 3,477 shares of the company’s stock worth $220,000 after buying an additional 168 shares in the last quarter. Finally, Barden Capital Management Inc. grew its stake in Centene by 0.7% in the first quarter. Barden Capital Management Inc. now owns 24,663 shares of the company’s stock worth $1,559,000 after purchasing an additional 169 shares during the period. Hedge funds and other institutional investors own 90.92% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on CNC shares. Stephens reduced their price target on Centene from $87.00 to $85.00 in a research note on Monday, July 31st. Bank of America raised shares of Centene from an “underperform” rating to a “neutral” rating and decreased their target price for the stock from $79.00 to $72.00 in a report on Tuesday, September 5th. Morgan Stanley lowered Centene from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $94.00 to $73.00 in a report on Wednesday, August 30th. Mizuho reduced their target price on Centene from $80.00 to $76.00 in a report on Tuesday, July 11th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $82.00 target price on shares of Centene in a report on Thursday, September 14th. Nine investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Centene presently has a consensus rating of “Moderate Buy” and an average price target of $83.35.
Centene Stock Down 1.2 %
Shares of CNC opened at $68.70 on Friday. Centene Co. has a 12-month low of $60.83 and a 12-month high of $87.84. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $37.20 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 0.94 and a beta of 0.57. The business’s 50 day moving average is $66.16 and its 200 day moving average is $66.12.
Centene (NYSE:CNC – Get Free Report) last issued its earnings results on Friday, July 28th. The company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $37.61 billion during the quarter, compared to analyst estimates of $36.56 billion. Centene had a net margin of 1.83% and a return on equity of 14.15%. Centene’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.77 earnings per share. Research analysts expect that Centene Co. will post 6.46 earnings per share 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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