Deutsche Bank AG Acquires New Stake in Centene Corporation $CNC

Deutsche Bank AG purchased a new position in Centene Corporation (NYSE:CNC) during the 2nd quarter, HoldingsChannel reports. The fund purchased 4,008,084 shares of the company’s stock, valued at approximately $257,279,000.

A number of other hedge funds also recently bought and sold shares of the business. 180 Wealth Advisors LLC boosted its stake in Centene by 3.1% during the first quarter. 180 Wealth Advisors LLC now owns 6,683 shares of the company’s stock worth $219,000 after buying an additional 199 shares during the last quarter. Summitry LLC increased its stake in shares of Centene by 1.1% in the 1st quarter. Summitry LLC now owns 23,925 shares of the company’s stock worth $783,000 after acquiring an additional 253 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Centene by 2.4% during the 2nd quarter. GAMMA Investing LLC now owns 10,674 shares of the company’s stock worth $685,000 after acquiring an additional 253 shares during the period. Kestra Advisory Services LLC raised its holdings in shares of Centene by 0.5% during the 4th quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock worth $2,165,000 after acquiring an additional 264 shares during the period. Finally, CX Institutional boosted its position in shares of Centene by 3.1% during the 2nd quarter. CX Institutional now owns 8,999 shares of the company’s stock valued at $578,000 after acquiring an additional 269 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CNC shares. Argus upgraded Centene from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, August 11th. Mizuho set a $63.00 target price on Centene and gave the company a “neutral” rating in a research report on Monday, June 8th. Raymond James Financial set a $75.00 price target on Centene in a report on Tuesday, July 7th. Bank of America boosted their price objective on shares of Centene from $72.00 to $74.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, Cantor Fitzgerald upped their target price on shares of Centene from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $70.05.

Centene Price Performance

Shares of CNC opened at $65.29 on Wednesday. The company has a market cap of $32.25 billion, a P/E ratio of -6.25, a PEG ratio of 0.36 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a fifty-two week low of $28.24 and a fifty-two week high of $69.36. The firm’s 50 day moving average price is $64.96 and its 200 day moving average price is $52.01.

Centene (NYSE:CNC) last released its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $1.42. The firm had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.Centene’s revenue was up 9.9% compared to the same quarter last year. During the same period last year, the business posted ($0.16) earnings per share. On average, research analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

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.