Principal Financial Group Inc. Has $34.21 Million Stock Position in Centene Corporation (NYSE:CNC)

Principal Financial Group Inc. trimmed its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 2.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 563,483 shares of the company's stock after selling 11,977 shares during the period. Principal Financial Group Inc. owned approximately 0.11% of Centene worth $34,209,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Pinney & Scofield Inc. bought a new stake in shares of Centene during the fourth quarter worth approximately $25,000. Hurley Capital LLC bought a new stake in shares of Centene during the fourth quarter worth approximately $26,000. Ameriflex Group Inc. bought a new stake in shares of Centene during the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new stake in shares of Centene during the fourth quarter worth approximately $30,000. Finally, Studio Investment Management LLC bought a new stake in Centene in the fourth quarter valued at approximately $32,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CNC. Bank of America lowered their target price on shares of Centene from $65.00 to $52.00 and set a "neutral" rating for the company in a research note on Wednesday, July 2nd. Cantor Fitzgerald lowered their target price on shares of Centene from $90.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, July 2nd. Guggenheim reaffirmed a "neutral" rating on shares of Centene in a research note on Tuesday, April 29th. UBS Group reaffirmed a "neutral" rating and issued a $45.00 target price (down previously from $80.00) on shares of Centene in a research note on Wednesday, July 2nd. Finally, Barclays reduced their price target on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a report on Wednesday, July 2nd. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Centene currently has an average rating of "Hold" and a consensus target price of $68.87.

Centene Stock Down 1.4%

CNC traded down $0.47 during trading hours on Tuesday, hitting $32.58. 18,101,487 shares of the company's stock were exchanged, compared to its average volume of 6,017,149. Centene Corporation has a 1-year low of $32.52 and a 1-year high of $80.59. The stock's 50-day moving average is $55.40 and its two-hundred day moving average is $58.85. The stock has a market cap of $16.21 billion, a price-to-earnings ratio of 4.86, a PEG ratio of 0.45 and a beta of 0.44. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.65.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.52 by $0.38. The firm had revenue of $46.62 billion during the quarter, compared to analysts' expectations of $43.16 billion. Centene had a net margin of 2.04% and a return on equity of 14.56%. The company's revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter last year, the company posted $2.26 earnings per share. Sell-side analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

About Centene

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.