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

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

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Diversified Trust Co boosted its position in Centene by 4.9% during the first quarter. Diversified Trust Co now owns 10,408 shares of the company's stock worth $632,000 after acquiring an additional 487 shares during the last quarter. PDS Planning Inc acquired a new position in Centene during the first quarter worth about $208,000. Perigon Wealth Management LLC acquired a new position in Centene during the first quarter worth about $241,000. Golden State Wealth Management LLC boosted its position in Centene by 203.1% during the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock worth $35,000 after acquiring an additional 388 shares during the last quarter. Finally, waypoint wealth counsel acquired a new position in Centene during the first quarter worth about $230,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Bank of America decreased their target price on shares of Centene from $65.00 to $52.00 and set a "neutral" rating on the stock in a report on Wednesday. Robert W. Baird decreased their target price on shares of Centene from $71.00 to $69.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $48.00 target price (down from $75.00) on shares of Centene in a report on Wednesday. Morgan Stanley assumed coverage on shares of Centene in a report on Monday, June 9th. They issued an "overweight" rating and a $70.00 target price on the stock. Finally, Barclays decreased their target price on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating on the stock in a report on Wednesday. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Centene presently has a consensus rating of "Hold" and an average price target of $68.87.

Centene Trading Down 1.5%

Shares of Centene stock traded down $0.51 on Friday, reaching $33.28. The company had a trading volume of 33,741,422 shares, compared to its average volume of 5,457,554. The firm's 50 day moving average price is $55.93 and its two-hundred day moving average price is $59.04. The firm has a market cap of $16.56 billion, a PE ratio of 4.96, a PEG ratio of 0.45 and a beta of 0.44. Centene Corporation has a 52-week low of $33.30 and a 52-week high of $80.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.11 and a current ratio of 1.11.

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

About Centene

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.