Allspring Global Investments Holdings LLC Raises Stake in Centene Corporation (NYSE:CNC)

Allspring Global Investments Holdings LLC increased its position in Centene Corporation (NYSE:CNC - Free Report) by 6.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 201,822 shares of the company's stock after purchasing an additional 11,636 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Centene were worth $12,200,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in CNC. Norges Bank acquired a new stake in shares of Centene during the fourth quarter worth $1,536,167,000. Invesco Ltd. raised its holdings in shares of Centene by 21.7% during the fourth quarter. Invesco Ltd. now owns 10,555,456 shares of the company's stock worth $639,450,000 after purchasing an additional 1,884,358 shares during the period. AQR Capital Management LLC increased its holdings in shares of Centene by 42.8% in the 4th quarter. AQR Capital Management LLC now owns 7,742,698 shares of the company's stock worth $469,053,000 after acquiring an additional 2,319,952 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Centene by 32.3% in the 4th quarter. Ameriprise Financial Inc. now owns 6,469,062 shares of the company's stock worth $391,854,000 after acquiring an additional 1,578,917 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Centene by 9.1% in the 4th quarter. Northern Trust Corp now owns 5,294,816 shares of the company's stock worth $320,760,000 after acquiring an additional 443,121 shares during the period. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Down 0.8%

CNC traded down $0.25 during trading on Monday, hitting $33.06. The company's stock had a trading volume of 22,979,553 shares, compared to its average volume of 5,527,884. The firm has a market capitalization of $16.45 billion, a P/E ratio of 4.93, a PEG ratio of 0.45 and a beta of 0.44. Centene Corporation has a twelve month low of $32.99 and a twelve month high of $80.59. The stock's fifty day moving average price is $55.40 and its 200-day moving average price is $58.85. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.65.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.52 by $0.38. Centene had a return on equity of 14.56% and a net margin of 2.04%. The business had revenue of $46.62 billion during the quarter, compared to the consensus estimate of $43.16 billion. During the same quarter in the prior year, the company posted $2.26 earnings per share. Centene's revenue was up 15.4% compared to the same quarter last year. Analysts anticipate that Centene Corporation will post 6.86 EPS for the current year.

Analysts Set New Price Targets

CNC has been the topic of a number of analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $45.00 price objective (down previously from $80.00) on shares of Centene in a report on Wednesday, July 2nd. Cantor Fitzgerald dropped their price objective on shares of Centene from $90.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, July 2nd. Jefferies Financial Group dropped their price objective on shares of Centene from $64.00 to $61.00 and set a "hold" rating on the stock in a report on Tuesday, April 29th. Morgan Stanley assumed coverage on shares of Centene in a report on Monday, June 9th. They issued an "overweight" rating and a $70.00 price objective on the stock. Finally, Wall Street Zen cut shares of Centene from a "strong-buy" rating to a "buy" rating in a research note on Monday, April 28th. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, Centene has an average rating of "Hold" and a consensus price target of $68.87.

Centene 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. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.