SEB Asset Management AB Buys Shares of 110,185 Centene Corporation $CNC

Key Points

• SEB Asset Management AB opened a new position in Centene during the first quarter, buying 110,185 shares valued at about $3.61 million.
• Centene shares were down 2.4% in Thursday trading, opening at $65.94, after reaching a 52-week range of $25.08 to $69.36.
• The company beat its latest quarterly earnings expectations, reporting $3.37 EPS versus $2.23 expected and revenue of $49.94 billion, while analysts currently rate the stock a Hold on average.

SEB Asset Management AB acquired a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 110,185 shares of the company's stock, valued at approximately $3,607,000.

A number of other large investors have also recently made changes to their positions in the stock. DV Equities LLC bought a new position in Centene in the 4th quarter worth about $26,000. IFC & Insurance Marketing Inc. bought a new position in Centene in the fourth quarter valued at $28,000. SBI Securities Co. Ltd. increased its position in shares of Centene by 118.4% during the 4th 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 last quarter. Bayban purchased a new position in shares of Centene during the fourth quarter worth approximately $33,000. Finally, MV Capital Management Inc. purchased a new position in Centene in the 4th quarter worth $34,000. 93.63% of the stock is owned by institutional investors.

Centene Trading Down 2.4%

Centene stock opened at $65.94 on Thursday. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $69.36. The company has a market capitalization of $32.56 billion, a price-to-earnings ratio of -5.02, a price-to-earnings-growth ratio of 0.53 and a beta of 1.07. The business's fifty day simple moving average is $63.26 and its two-hundred day simple moving average is $49.44. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.23 by $1.14. The firm 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 company's revenue was up 7.1% on a year-over-year basis. During the same period last year, the company earned $2.90 earnings per share. As a group, equities analysts predict that Centene Corporation will post 3.44 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CNC shares. Barclays reaffirmed an "overweight" rating on shares of Centene in a research note on Tuesday, June 16th. Jefferies Financial Group raised their price objective on shares of Centene from $39.00 to $48.00 and gave the stock a "hold" rating in a report on Wednesday, April 29th. JPMorgan Chase & Co. raised their price objective on Centene from $52.00 to $60.00 and gave the company a "neutral" rating in a research report on Monday, June 8th. Zacks Research downgraded shares of Centene from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a "hold" rating to a "buy" rating and increased their price target for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Centene currently has an average rating of "Hold" and a consensus target price of $64.61.

Centene 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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