Sei Investments Co. Sells 33,800 Shares of Centene Corporation $CNC

Key Points

• Sei Investments Co. trimmed its Centene stake by 2.1% in Q1, selling 33,800 shares and leaving it with 1,564,530 shares worth about $51.2 million.
• Centene reported better-than-expected Q1 earnings, with EPS of $3.37 versus a $2.23 estimate and revenue of $49.94 billion, up 7.1% year over year.
• Analyst sentiment is mixed: Centene has a Hold consensus rating with an average price target of $64.61, while the stock recently traded near $63.35 and remains close to its 52-week high of $69.36.

Sei Investments Co. reduced its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 2.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,564,530 shares of the company's stock after selling 33,800 shares during the period. Sei Investments Co. owned approximately 0.32% of Centene worth $51,223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in CNC. DV Equities LLC bought a new position in Centene in the 4th quarter worth about $26,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Centene during the 4th quarter valued at about $28,000. SBI Securities Co. Ltd. grew its holdings in shares of 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 purchasing an additional 406 shares in the last quarter. Bayban bought a new position in shares of Centene in the fourth quarter worth approximately $33,000. Finally, MV Capital Management Inc. purchased a new stake in Centene in the fourth quarter valued at approximately $34,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Trading Down 0.6%

CNC stock opened at $63.35 on Friday. The company has a market capitalization of $31.28 billion, a PE ratio of -4.82, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. Centene Corporation has a one year low of $25.08 and a one year high of $69.36. The company's 50 day moving average price is $63.46 and its two-hundred day moving average price is $49.69.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (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 analysts' expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The firm's revenue was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.90 EPS. As a group, analysts predict that Centene Corporation will post 3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Royal Bank Of Canada lifted their target price on shares of Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research report on Thursday, July 9th. Barclays restated an "overweight" rating on shares of Centene in a research report on Tuesday, June 16th. UBS Group reaffirmed a "neutral" rating and set a $61.00 price objective (up from $55.00) on shares of Centene in a report on Friday, May 22nd. Sanford C. Bernstein increased their target price on Centene from $48.00 to $68.00 and gave the company an "outperform" rating in a research note on Tuesday, May 5th. Finally, Robert W. Baird raised their price target on Centene from $36.00 to $37.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Centene presently has a consensus rating of "Hold" and an average price target of $64.61.

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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