Fifth Third Bancorp Acquires 110,577 Shares of Centene Corporation $CNC

Key Points

• Fifth Third Bancorp boosted its Centene stake by 126.8% in the first quarter, buying 110,577 additional shares and bringing its total holding to 197,787 shares valued at about $6.48 million.
• Centene shares were down 4.2% to $63.84, though the stock remains near its 50-day average and well above its 200-day average. The company has a market value of $31.53 billion and a 1-year range of $25.08 to $69.36.
• Centene reported stronger-than-expected first-quarter results, with EPS of $3.37 versus the $2.23 estimate and revenue of $49.94 billion. Analysts currently have a consensus Hold rating, with an average price target of $64.61.

Fifth Third Bancorp increased its holdings in Centene Corporation (NYSE:CNC - Free Report) by 126.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 197,787 shares of the company's stock after purchasing an additional 110,577 shares during the period. Fifth Third Bancorp's holdings in Centene were worth $6,476,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in CNC. DV Equities LLC bought a new position in shares of Centene during the 4th quarter worth approximately $26,000. IFC & Insurance Marketing Inc. bought a new stake in Centene in the fourth quarter valued at $28,000. SBI Securities Co. Ltd. raised its stake in Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock worth $31,000 after acquiring an additional 406 shares in the last quarter. Bayban bought a new position in shares of Centene during the fourth quarter valued at $33,000. Finally, MV Capital Management Inc. acquired a new stake in shares of Centene in the 4th quarter valued at $34,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Trading Down 4.2%

CNC opened at $63.84 on Friday. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $69.36. The stock has a market capitalization of $31.53 billion, a PE ratio of -4.86, a PEG ratio of 0.52 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average price of $62.55 and a two-hundred day moving average price of $48.72.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion for the quarter, compared to analysts' expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. Centene's revenue was up 7.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.90 earnings per share. As a group, equities analysts anticipate that Centene Corporation will post 3.44 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CNC has been the subject of a number of recent analyst reports. Morgan Stanley increased their target price on shares of Centene from $50.00 to $57.00 and gave the stock an "equal weight" rating in a research report on Thursday, June 4th. Royal Bank Of Canada upped their price objective on shares of Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 9th. Oppenheimer raised their price objective on shares of Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Robert W. Baird lifted their target price on shares of Centene from $36.00 to $37.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Finally, Cantor Fitzgerald boosted their target price on Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Seven research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, Centene has a consensus rating of "Hold" and a consensus target price of $64.61.

About Centene

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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