Eversept Partners LP Sells 212,440 Shares of Centene Corporation $CNC

Key Points

• Eversept Partners LP cut its Centene position by 65.5% in the first quarter, selling 212,440 shares and retaining 111,652 shares valued at approximately $3.655 million. Institutional investors collectively own 93.63% of Centene.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $64.61. Several firms recently raised their targets, including Oppenheimer and Cantor Fitzgerald, which set targets of $67 and $75, respectively.
• Centene shares opened at $63.94, while the company reported quarterly EPS of $2.51 versus the $1.08 consensus estimate and revenue of $53.58 billion, exceeding expectations of $47.64 billion.

Eversept Partners LP reduced its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 65.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,652 shares of the company's stock after selling 212,440 shares during the quarter. Eversept Partners LP's holdings in Centene were worth $3,655,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. DV Equities LLC bought a new stake in shares of Centene in the 4th quarter valued at about $26,000. IFC & Insurance Marketing Inc. acquired a new stake in Centene in the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. grew its holdings in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock worth $31,000 after purchasing an additional 406 shares during the last quarter. Bayban acquired a new position in shares of Centene during the fourth quarter worth $33,000. Finally, MV Capital Management Inc. purchased a new stake in shares of Centene during the 4th quarter valued at $34,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CNC has been the subject of several analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Centene from $52.00 to $60.00 and gave the company a "neutral" rating in a research note on Monday, June 8th. Raymond James Financial set a $75.00 price target on Centene in a research note on Tuesday, July 7th. Oppenheimer increased their price target on Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Sanford C. Bernstein boosted their price objective on Centene from $48.00 to $68.00 and gave the company an "outperform" rating in a research report on Tuesday, May 5th. Finally, Cantor Fitzgerald increased their target price on Centene from $60.00 to $75.00 and gave the company an "overweight" rating in a research report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Centene currently has a consensus rating of "Hold" and an average price target of $64.61.

Centene Stock Up 0.8%

Shares of CNC opened at $63.94 on Tuesday. The stock has a 50 day moving average price of $63.57 and a 200 day moving average price of $49.85. Centene Corporation has a one year low of $25.08 and a one year high of $69.36. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $31.57 billion, a price-to-earnings ratio of -4.87, a PEG ratio of 0.50 and a beta of 1.07.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $1.43. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. Equities research analysts forecast that Centene Corporation will post 3.44 earnings per share for the current fiscal year.

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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