Centene Corporation $CNC Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. lessened its stake in shares of Centene Corporation (NYSE:CNC) by 93.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,743 shares of the company’s stock after selling 102,031 shares during the period. QRG Capital Management Inc.’s holdings in Centene were worth $241,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Centene by 1.5% in the 2nd quarter. Vanguard Group Inc. now owns 58,396,605 shares of the company’s stock valued at $3,169,768,000 after purchasing an additional 869,706 shares during the last quarter. Norges Bank acquired a new position in Centene in the second quarter valued at approximately $1,435,997,000. State Street Corp grew its position in Centene by 2.3% in the second quarter. State Street Corp now owns 23,186,927 shares of the company’s stock worth $1,258,586,000 after acquiring an additional 514,600 shares during the period. Geode Capital Management LLC raised its position in Centene by 2.2% in the second quarter. Geode Capital Management LLC now owns 13,208,639 shares of the company’s stock valued at $718,547,000 after purchasing an additional 279,637 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Centene by 5.7% in the 2nd quarter. Invesco Ltd. now owns 11,725,910 shares of the company’s stock valued at $636,482,000 after purchasing an additional 633,946 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Up 1.4%

Shares of NYSE CNC opened at $46.07 on Friday. The stock has a market cap of $22.65 billion, a P/E ratio of -4.26, a PEG ratio of 1.05 and a beta of 0.48. The business’s fifty day simple moving average is $41.15 and its 200-day simple moving average is $35.10. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.81. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.83.

Centene (NYSE:CNC) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.71. The company had revenue of $49.69 billion for the quarter, compared to the consensus estimate of $47.50 billion. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.Centene’s revenue was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.62 EPS. As a group, equities analysts predict that Centene Corporation will post 6.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CNC has been the topic of several research analyst reports. Zacks Research upgraded shares of Centene from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Centene from $24.00 to $32.00 in a research note on Friday, October 31st. Robert W. Baird increased their price objective on shares of Centene from $28.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Truist Financial lifted their target price on shares of Centene from $45.00 to $47.00 and gave the company a “buy” rating in a report on Monday, January 5th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $38.00 price target (up from $33.00) on shares of Centene in a research note on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $40.81.

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.