Norges Bank Makes New Investment in Centene Corporation $CNC

Norges Bank purchased a new position in shares of Centene Corporation (NYSE:CNC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,069,121 shares of the company’s stock, valued at approximately $332,044,000. Norges Bank owned 1.64% of Centene as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Eurizon Capital SGR S.p.A. purchased a new position in shares of Centene during the 4th quarter worth $3,009,000. Rothschild Investment LLC lifted its stake in shares of Centene by 366.6% during the 4th quarter. Rothschild Investment LLC now owns 26,519 shares of the company’s stock worth $1,091,000 after purchasing an additional 20,835 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in shares of Centene during the 4th quarter worth $1,616,000. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Centene by 41.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 43,659 shares of the company’s stock worth $1,797,000 after purchasing an additional 12,685 shares during the period. Finally, Baker Avenue Asset Management LP acquired a new stake in shares of Centene during the 4th quarter worth $375,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Up 4.0%

Shares of NYSE CNC opened at $61.97 on Tuesday. The stock has a fifty day moving average price of $45.97 and a 200 day moving average price of $42.66. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a market cap of $30.60 billion, a P/E ratio of -4.72, a P/E/G ratio of 0.47 and a beta of 1.09. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $62.10.

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

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wall Street Zen upgraded Centene from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Mizuho set a $58.00 price objective on Centene and gave the stock a “neutral” rating in a report on Wednesday, May 20th. TD Cowen restated a “hold” rating and set a $47.00 price objective (up from $38.00) on shares of Centene in a report on Monday, May 4th. Barclays upped their price objective on Centene from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Finally, Cantor Fitzgerald upgraded Centene from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $41.00 to $60.00 in a report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $58.94.

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.