Gateway Investment Advisers LLC Raises Stake in Centene Corporation $CNC

Key Points

• Gateway Investment Advisers LLC increased its Centene stake by 599% in Q4, buying 45,260 additional shares and lifting its total to 52,816 shares valued at about $2.17 million.
• Centene reported better-than-expected Q1 earnings, with EPS of $3.37 versus estimates of $2.23 and revenue of $49.94 billion, up 7.1% year over year.
• Analyst sentiment remains mixed but generally cautious: the stock has a Hold consensus rating, even as several firms raised price targets, with an average target price of $53.82.

Gateway Investment Advisers LLC boosted its position in Centene Corporation (NYSE:CNC - Free Report) by 599.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,816 shares of the company's stock after buying an additional 45,260 shares during the quarter. Gateway Investment Advisers LLC's holdings in Centene were worth $2,173,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Addison Advisors LLC boosted its stake in Centene by 455.6% in the third quarter. Addison Advisors LLC now owns 739 shares of the company's stock worth $26,000 after buying an additional 606 shares in the last quarter. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of Centene during the third quarter valued at approximately $27,000. SBI Securities Co. Ltd. boosted its stake in shares of Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after purchasing an additional 406 shares during the period. WPG Advisers LLC boosted its stake in shares of Centene by 44.5% during the third quarter. WPG Advisers LLC now owns 915 shares of the company's stock valued at $33,000 after purchasing an additional 282 shares during the period. Finally, Bogart Wealth LLC boosted its stake in shares of Centene by 11,011.1% during the third quarter. Bogart Wealth LLC now owns 1,000 shares of the company's stock valued at $36,000 after purchasing an additional 991 shares during the period. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Price Performance

Shares of Centene stock opened at $55.97 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a market cap of $27.64 billion, a PE ratio of -4.26, a P/E/G ratio of 1.06 and a beta of 1.06. The business has a 50 day moving average of $39.59 and a 200 day moving average of $39.89. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $64.15.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating analysts' consensus estimates of $2.23 by $1.14. The company had revenue of $49.94 billion during the quarter, compared to the consensus estimate of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm's revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.90 earnings per share. As a group, equities research analysts forecast that Centene Corporation will post 3.45 earnings per share for the current year.

Wall Street Analyst Weigh In

CNC has been the subject of a number of analyst reports. Morgan Stanley increased their price objective on Centene from $45.00 to $50.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 29th. TD Cowen reissued a "hold" rating and set a $47.00 price objective (up from $38.00) on shares of Centene in a research note on Monday. UBS Group increased their price objective on Centene from $42.00 to $55.00 and gave the company a "neutral" rating in a research note on Wednesday, April 29th. Barclays reissued an "overweight" rating and set a $63.00 price objective (up from $54.00) on shares of Centene in a research note on Wednesday, April 29th. Finally, Sanford C. Bernstein increased their price objective on Centene from $48.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $53.82.

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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