Havemeyer Place LP Buys New Stake in Centene Corporation $CNC

Havemeyer Place LP bought a new stake in Centene Corporation (NYSE:CNC) during the fourth quarter, HoldingsChannel.com reports. The fund bought 49,194 shares of the company’s stock, valued at approximately $2,024,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Oracle Investment Management Inc. bought a new stake in Centene during the third quarter worth about $3,936,000. Capitolis Liquid Global Markets LLC lifted its holdings in Centene by 451.2% in the third quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock valued at $6,490,000 after buying an additional 148,900 shares during the period. Alberta Investment Management Corp lifted its holdings in Centene by 22.1% in the third quarter. Alberta Investment Management Corp now owns 1,075,000 shares of the company’s stock valued at $38,356,000 after buying an additional 194,300 shares during the period. Counterpoint Mutual Funds LLC lifted its holdings in Centene by 161.1% in the third quarter. Counterpoint Mutual Funds LLC now owns 91,943 shares of the company’s stock valued at $3,281,000 after buying an additional 56,730 shares during the period. Finally, Kennondale Capital Management LLC increased its stake in Centene by 500.0% in the third quarter. Kennondale Capital Management LLC now owns 48,978 shares of the company’s stock valued at $1,748,000 after purchasing an additional 40,815 shares in the last quarter. Institutional investors own 93.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on CNC. JPMorgan Chase & Co. upped their target price on shares of Centene from $41.00 to $52.00 and gave the company a “neutral” rating in a research note on Tuesday, May 5th. Argus raised shares of Centene to a “hold” rating in a research report on Monday, February 9th. Jefferies Financial Group raised their target price on shares of Centene from $39.00 to $48.00 and gave the company a “hold” rating in a research report on Wednesday, April 29th. Raymond James Financial set a $60.00 price target on shares of Centene in a research note on Wednesday, April 29th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a “hold” rating to a “buy” rating and increased their price target for the company from $53.00 to $80.00 in a research note on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $59.47.

Centene Price Performance

Shares of Centene stock opened at $62.35 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $63.50. The stock has a market capitalization of $30.79 billion, a price-to-earnings ratio of -4.75, a price-to-earnings-growth ratio of 0.49 and a beta of 1.09. The company has a 50-day simple moving average of $48.20 and a two-hundred day simple moving average of $43.31.

Centene (NYSE:CNC) 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 business had revenue of $49.94 billion for 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 quarterly revenue was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $2.90 earnings per share. Analysts forecast that Centene Corporation will post 3.45 EPS for the current year.

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.