Mitsubishi UFJ Trust & Banking Corp Sells 419,268 Shares of Centene Corporation $CNC

Mitsubishi UFJ Trust & Banking Corp lessened its position in Centene Corporation (NYSE:CNC) by 53.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 367,452 shares of the company’s stock after selling 419,268 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.07% of Centene worth $13,111,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. UniSuper Management Pty Ltd raised its holdings in shares of Centene by 66.0% during the 3rd quarter. UniSuper Management Pty Ltd now owns 85,232 shares of the company’s stock valued at $3,041,000 after buying an additional 33,875 shares in the last quarter. Gibbs Wealth Management raised its stake in shares of Centene by 16.2% during the third quarter. Gibbs Wealth Management now owns 15,867 shares of the company’s stock worth $566,000 after acquiring an additional 2,210 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Centene by 107.5% in the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 209,643 shares of the company’s stock worth $7,480,000 after acquiring an additional 108,625 shares during the last quarter. MOKAN Wealth Management Inc. purchased a new stake in shares of Centene in the 3rd quarter valued at $228,000. Finally, Parkside Financial Bank & Trust grew its holdings in shares of Centene by 17.9% during the 3rd quarter. Parkside Financial Bank & Trust now owns 4,831 shares of the company’s stock valued at $172,000 after purchasing an additional 733 shares during the last quarter. Institutional investors own 93.63% of the company’s stock.

Centene Price Performance

CNC opened at $41.50 on Wednesday. The stock’s 50 day moving average price is $41.43 and its 200-day moving average price is $35.28. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $66.81. The stock has a market capitalization of $20.40 billion, a PE ratio of -3.84, a price-to-earnings-growth ratio of 1.05 and a beta of 0.48. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.08 and a current ratio of 1.08.

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

Analyst Ratings Changes

CNC has been the subject of several analyst reports. Oppenheimer restated an “outperform” rating and set a $45.00 price target on shares of Centene in a research report on Thursday, October 30th. Morgan Stanley raised their price target on Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. Cantor Fitzgerald boosted their price objective on Centene from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $59.00 target price on shares of Centene in a research note on Tuesday, January 6th. Finally, Mizuho set a $47.00 price target on shares of Centene in a research report on Friday, January 9th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Centene presently has a consensus 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.