South State CORP. lifted its stake in shares of Centene Co. (NYSE:CNC) by 5.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,876 shares of the company’s stock after purchasing an additional 1,653 shares during the quarter. South State CORP.’s holdings in Centene were worth $1,973,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the company. Insight Wealth Strategies LLC raised its position in shares of Centene by 24.5% during the 1st quarter. Insight Wealth Strategies LLC now owns 20,753 shares of the company’s stock worth $1,326,000 after purchasing an additional 4,082 shares during the period. E Fund Management Co. Ltd. acquired a new stake in shares of Centene during the 1st quarter worth approximately $163,000. Norinchukin Bank The raised its position in shares of Centene by 1.9% during the 1st quarter. Norinchukin Bank The now owns 48,375 shares of the company’s stock worth $3,092,000 after purchasing an additional 923 shares during the period. Sei Investments Co. increased its position in Centene by 31.0% in the 1st quarter. Sei Investments Co. now owns 229,966 shares of the company’s stock valued at $14,636,000 after acquiring an additional 54,442 shares during the period. Finally, Brinker Capital Investments LLC increased its position in Centene by 96.3% in the 1st quarter. Brinker Capital Investments LLC now owns 14,737 shares of the company’s stock valued at $942,000 after acquiring an additional 7,228 shares during the period. Institutional investors and hedge funds own 89.77% of the company’s stock.
Several analysts recently commented on the company. Zacks Investment Research upgraded Centene from a “sell” rating to a “hold” rating and set a $61.00 target price on the stock in a research report on Monday, February 22nd. Stephens upgraded Centene from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $71.00 to $87.00 in a research report on Tuesday, May 11th. Wells Fargo & Company assumed coverage on Centene in a research report on Monday, May 24th. They issued an “overweight” rating and a $87.00 target price on the stock. Bank of America raised their target price on Centene from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Mizuho initiated coverage on Centene in a research note on Monday, March 15th. They set a “neutral” rating and a $65.00 price target for the company. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $79.04.
Shares of CNC traded down $0.05 during trading hours on Friday, hitting $70.97. 2,931 shares of the company were exchanged, compared to its average volume of 3,962,954. The company has a market capitalization of $41.36 billion, a P/E ratio of 16.95, a PEG ratio of 1.19 and a beta of 0.47. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.63. The business’s fifty day moving average is $67.53. Centene Co. has a one year low of $53.60 and a one year high of $74.52.
Centene (NYSE:CNC) last released its quarterly earnings data on Monday, April 26th. The company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.04. The business had revenue of $29.96 billion during the quarter, compared to analyst estimates of $29.55 billion. Centene had a return on equity of 13.09% and a net margin of 2.14%. The company’s revenue was up 15.1% compared to the same quarter last year. During the same period last year, the company posted $0.86 EPS. Equities analysts anticipate that Centene Co. will post 5.21 earnings per share for the current fiscal year.
Centene Company Profile
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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