Burney Co. reduced its position in Centene Corporation (NYSE:CNC - Free Report) by 51.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,399 shares of the company's stock after selling 34,178 shares during the quarter. Burney Co.'s holdings in Centene were worth $1,967,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the company. IMA Advisory Services Inc. bought a new position in Centene in the first quarter worth about $118,000. Convergence Investment Partners LLC raised its holdings in Centene by 62.5% in the first quarter. Convergence Investment Partners LLC now owns 21,743 shares of the company's stock worth $1,320,000 after purchasing an additional 8,360 shares in the last quarter. SYM FINANCIAL Corp raised its holdings in Centene by 47.7% in the first quarter. SYM FINANCIAL Corp now owns 5,600 shares of the company's stock worth $340,000 after purchasing an additional 1,809 shares in the last quarter. KLP Kapitalforvaltning AS raised its holdings in Centene by 1.9% in the first quarter. KLP Kapitalforvaltning AS now owns 273,990 shares of the company's stock worth $16,634,000 after purchasing an additional 5,200 shares in the last quarter. Finally, VCI Wealth Management LLC acquired a new position in shares of Centene during the first quarter valued at about $719,000. 93.63% of the stock is currently owned by institutional investors.
Centene Price Performance
CNC stock traded down $2.70 during midday trading on Thursday, reaching $26.72. The stock had a trading volume of 39,872,355 shares, compared to its average volume of 20,217,258. Centene Corporation has a 52-week low of $26.66 and a 52-week high of $80.59. The company has a market cap of $13.29 billion, a price-to-earnings ratio of 3.98, a price-to-earnings-growth ratio of 0.55 and a beta of 0.44. The company's fifty day simple moving average is $47.43 and its 200 day simple moving average is $56.11. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.65.
Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Friday, April 25th. The company reported $2.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.52 by $0.38. The business had revenue of $46.62 billion during the quarter, compared to the consensus estimate of $43.16 billion. Centene had a return on equity of 14.56% and a net margin of 2.04%. The company's revenue for the quarter was up 15.4% on a year-over-year basis. During the same period last year, the company earned $2.26 EPS. As a group, sell-side analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
CNC has been the topic of several recent analyst reports. Jefferies Financial Group cut 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. Cantor Fitzgerald cut 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. Truist Financial cut their price objective on shares of Centene from $84.00 to $42.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Morgan Stanley lowered Centene from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $70.00 to $33.00 in a research report on Thursday, July 10th. Finally, Barclays dropped their target price on Centene from $65.00 to $45.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 2nd. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Centene currently has a consensus rating of "Hold" and a consensus target price of $52.50.
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Centene Company 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. 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.
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