Meeder Asset Management Inc. Purchases New Holdings in Centene Corporation $CNC

Key Points

• Meeder Asset Management acquired 24,861 Centene shares during the second quarter, valued at approximately $1.6 million. Institutional investors collectively own 93.63% of Centene’s stock.
• Centene reported second-quarter earnings of $2.51 per share, exceeding analyst expectations of $1.09, while revenue rose 9.9% year over year to $53.58 billion.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $70.05, compared with the stock’s reported price of $65.29.

Meeder Asset Management Inc. acquired a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 24,861 shares of the company's stock, valued at approximately $1,596,000.

A number of other institutional investors and hedge funds have also modified their holdings of the business. DV Equities LLC acquired a new stake in Centene during the 4th quarter worth $26,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Centene in the 4th quarter valued at approximately $28,000. SBI Securities Co. Ltd. increased its stake in Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock worth $31,000 after purchasing an additional 406 shares in the last quarter. MidFirst Bank acquired a new stake in Centene during the 2nd quarter worth approximately $32,000. Finally, Bayban acquired a new position in shares of Centene in the fourth quarter valued at approximately $33,000. 93.63% of the stock is owned by institutional investors.

Centene Stock Performance

CNC opened at $65.29 on Wednesday. Centene Corporation has a 52-week low of $28.24 and a 52-week high of $69.36. The firm has a market capitalization of $32.25 billion, a PE 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. The business's 50-day simple moving average is $64.96 and its 200 day simple moving average is $52.01.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CNC shares. Barclays restated an "overweight" rating and set a $80.00 price objective (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Royal Bank Of Canada lifted their price target on Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research note on Thursday, July 9th. Morgan Stanley set a $66.00 price objective on Centene in a report on Wednesday, July 29th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $40.00 price target on shares of Centene in a research report on Wednesday, April 29th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Centene in a report on Friday, July 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus 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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