Centene Corporation $CNC Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its holdings in Centene Corporation (NYSE:CNC) by 15.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 395,093 shares of the company’s stock after selling 70,598 shares during the period. New York State Teachers Retirement System owned 0.08% of Centene worth $14,097,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Cromwell Holdings LLC acquired a new position in shares of Centene during the third quarter worth about $62,000. Assetmark Inc. lifted its holdings in Centene by 248.2% in the second quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock worth $63,000 after acquiring an additional 824 shares during the last quarter. GHP Investment Advisors Inc. boosted its position in Centene by 265.8% during the 2nd quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock valued at $64,000 after purchasing an additional 856 shares during the period. Atlantic Union Bankshares Corp bought a new position in Centene in the 2nd quarter worth about $76,000. Finally, Intact Investment Management Inc. acquired a new stake in Centene in the 2nd quarter valued at approximately $76,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Down 1.3%

NYSE:CNC opened at $45.77 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.83. The stock’s 50 day moving average price is $39.60 and its two-hundred day moving average price is $34.71. The firm has a market capitalization of $22.49 billion, a price-to-earnings ratio of -4.23, a price-to-earnings-growth ratio of 1.05 and a beta of 0.48. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $66.81.

Centene (NYSE:CNC) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. The firm had revenue of $49.69 billion during the quarter, compared to the consensus estimate of $47.50 billion. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The business’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.62 EPS. Equities research analysts expect that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CNC. The Goldman Sachs Group restated a “sell” rating and set a $38.00 target price (up from $33.00) on shares of Centene in a report on Thursday, October 30th. UBS Group set a $42.00 price target on Centene and gave the company a “neutral” rating in a report on Thursday, October 30th. Cowen reaffirmed a “hold” rating on shares of Centene in a report on Friday, October 31st. Sanford C. Bernstein reiterated an “outperform” rating and issued a $59.00 target price on shares of Centene in a research note on Tuesday, January 6th. Finally, Jefferies Financial Group raised their price target on shares of Centene from $25.00 to $32.00 in a research note on Monday, November 3rd. Three investment analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $40.38.

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.