Commerzbank Aktiengesellschaft FI Takes Position in Centene Corporation $CNC

Key Points

• Commerzbank Aktiengesellschaft FI acquired 17,113 Centene shares during the second quarter, valued at approximately $1.1 million. Institutional investors and hedge funds collectively own 93.63% of Centene’s stock.
• Centene reported stronger-than-expected quarterly results, with earnings of $2.51 per share versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment is mixed but improving: the consensus rating is “Hold” with a $70.05 target price, while several firms raised targets and issued “Buy” ratings; the stock recently opened at $65.29.

Commerzbank Aktiengesellschaft FI bought a new position in Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,113 shares of the company's stock, valued at approximately $1,098,000.

A number of other large investors have also made changes to their positions in CNC. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Centene during the second quarter valued at $74,883,000. Persistent Asset Partners Ltd acquired a new position in shares of Centene during the 2nd quarter worth $77,000. OneDigital Investment Advisors LLC bought a new position in Centene during the second quarter valued at about $201,000. Plato Investment Management Ltd bought a new position in shares of Centene in the 2nd quarter valued at approximately $4,391,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Centene in the second quarter worth $367,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Performance

Shares of CNC opened at $65.29 on Wednesday. The firm has a market cap of $32.25 billion, a P/E ratio of -6.25, a PEG ratio of 0.36 and a beta of 1.08. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. Centene Corporation has a twelve month low of $28.24 and a twelve month high of $69.36. The firm's 50 day moving average price is $64.96 and its two-hundred day moving average price is $52.01.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business's quarterly revenue was up 9.9% on a year-over-year basis. During the same period last year, the business earned ($0.16) EPS. On average, analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CNC shares. Truist Financial upped their price target on Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Bank of America raised their price target on shares of Centene from $72.00 to $74.00 and gave the stock a "buy" rating in a research note on Thursday, June 4th. Argus upgraded shares of Centene from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research note on Tuesday, August 11th. TD Cowen restated a "hold" rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, The Goldman Sachs Group restated a "sell" rating and issued a $40.00 price objective on shares of Centene in a research report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $70.05.

Centene Company Profile

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

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