Swedbank AB Decreases Stake in Centene Corporation $CNC

Key Points

• Swedbank AB cut its Centene stake by 33.3% in the first quarter, selling 512,276 shares and leaving it with 1,028,386 shares valued at about $33.7 million.
• Centene beat quarterly expectations, reporting EPS of $3.37 versus $2.23 estimated and revenue of $49.94 billion, up 7.1% from a year ago.
• Analyst sentiment remains mixed: the stock has a consensus rating of “Hold” with an average price target of $62.44, even as several firms recently raised their targets.

Swedbank AB lessened its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 33.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,028,386 shares of the company's stock after selling 512,276 shares during the period. Swedbank AB owned approximately 0.21% of Centene worth $33,669,000 as of its most recent SEC filing.

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

Centene Trading Up 1.5%

Shares of CNC stock opened at $67.09 on Thursday. The company has a market capitalization of $33.13 billion, a price-to-earnings ratio of -5.11, a PEG ratio of 0.52 and a beta of 1.07. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average price of $60.91 and a 200 day moving average price of $47.57. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $69.29.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $1.14. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company had revenue of $49.94 billion for the quarter, compared to analysts' expectations of $47.53 billion. During the same period last year, the company earned $2.90 EPS. The firm's revenue for the quarter was up 7.1% compared to the same quarter last year. Research analysts forecast that Centene Corporation will post 3.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on CNC. Mizuho set a $63.00 price target on Centene and gave the stock a "neutral" rating in a report on Monday, June 8th. Wells Fargo & Company boosted their target price on Centene from $44.00 to $56.00 and gave the stock an "equal weight" rating in a research report on Friday, May 1st. Bank of America upped their target price on Centene from $72.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Oppenheimer lifted their price target on Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Finally, Morgan Stanley increased their price objective on shares of Centene from $50.00 to $57.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Centene has an average rating of "Hold" and an average price target of $62.44.

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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