Envestnet Portfolio Solutions Inc. Decreases Stock Holdings in Centene Corporation $CNC

Envestnet Portfolio Solutions Inc. trimmed its holdings in Centene Corporation (NYSE:CNC) by 4.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 199,607 shares of the company’s stock after selling 10,036 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Centene were worth $8,214,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CNC. Addison Advisors LLC raised its stake in Centene by 455.6% during the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock valued at $26,000 after acquiring an additional 606 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after buying an additional 406 shares during the last quarter. Ameriflex Group Inc. raised its holdings in Centene by 152.5% during the 3rd quarter. Ameriflex Group Inc. now owns 1,010 shares of the company’s stock worth $36,000 after buying an additional 610 shares during the period. GoalVest Advisory LLC purchased a new stake in shares of Centene in the fourth quarter valued at $37,000. Finally, Union Bancaire Privee UBP SA acquired a new stake in shares of Centene during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Price Performance

CNC opened at $58.28 on Thursday. The company has a market capitalization of $28.78 billion, a price-to-earnings ratio of -4.44, a P/E/G ratio of 1.14 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. The firm’s fifty day moving average price is $42.17 and its two-hundred day moving average price is $41.35. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $61.63.

Centene (NYSE:CNC) last issued its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. During the same period in the previous year, the company posted $2.90 earnings per share. The business’s revenue was up 7.1% on a year-over-year basis. As a group, analysts anticipate that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

CNC has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Centene from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price objective on Centene from $41.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, May 5th. Robert W. Baird raised their price target on shares of Centene from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Morgan Stanley boosted their price objective on Centene from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 29th. Finally, Wall Street Zen raised Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Centene presently has an average rating of “Hold” and an average price target of $55.88.

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.