Procyon Advisors LLC acquired a new stake in shares of Centene Corporation (NYSE:CNC – Free Report) during the first quarter, Holdings Channel reports. The firm acquired 8,359 shares of the company’s stock, valued at approximately $274,000.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Centene by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 56,978,753 shares of the company’s stock valued at $2,344,676,000 after buying an additional 190,334 shares in the last quarter. AQR Capital Management LLC raised its stake in Centene by 117.0% during the fourth quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company’s stock worth $1,308,518,000 after acquiring an additional 17,143,904 shares in the last quarter. Geode Capital Management LLC raised its stake in Centene by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 13,271,492 shares of the company’s stock worth $554,338,000 after acquiring an additional 697,277 shares in the last quarter. Deerfield Management Company L.P. lifted its holdings in shares of Centene by 184.0% during the third quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company’s stock valued at $322,761,000 after acquiring an additional 5,860,630 shares during the period. Finally, Morgan Stanley boosted its stake in shares of Centene by 7.2% in the 4th quarter. Morgan Stanley now owns 9,002,570 shares of the company’s stock valued at $370,456,000 after purchasing an additional 603,585 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on CNC shares. Cantor Fitzgerald increased their target price on shares of Centene from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Bank of America upped their price objective on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Morgan Stanley raised their price objective on shares of Centene from $50.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, June 4th. Jefferies Financial Group boosted their target price on Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Finally, Zacks Research cut Centene from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Seven research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.61.
Centene Stock Down 2.9%
Shares of NYSE:CNC opened at $66.74 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The firm has a market cap of $32.96 billion, a P/E ratio of -5.08, a P/E/G ratio of 0.54 and a beta of 1.07. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $69.36. The company’s 50-day moving average price is $62.37 and its two-hundred day moving average price is $48.56.
Centene (NYSE:CNC – Get Free Report) last announced its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $1.14. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company had revenue of $49.94 billion during the quarter, compared to the consensus estimate of $47.53 billion. During the same period in the previous year, the firm posted $2.90 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. As a group, research analysts forecast that Centene Corporation will post 3.44 EPS for the current fiscal year.
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.
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