Capital World Investors Reduces Holdings in Centene Corporation $CNC

Capital World Investors trimmed its stake in Centene Corporation (NYSE:CNC) by 10.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,490,300 shares of the company’s stock after selling 385,699 shares during the period. Capital World Investors’ holdings in Centene were worth $143,626,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Prime Capital Investment Advisors LLC grew its position in shares of Centene by 5.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 5,975 shares of the company’s stock valued at $246,000 after buying an additional 324 shares during the last quarter. Burney Co. grew its position in Centene by 3.8% during the 4th quarter. Burney Co. now owns 9,053 shares of the company’s stock worth $373,000 after purchasing an additional 331 shares during the last quarter. Sapient Capital LLC grew its position in Centene by 4.0% during the 4th quarter. Sapient Capital LLC now owns 9,442 shares of the company’s stock worth $389,000 after purchasing an additional 359 shares during the last quarter. Snowden Capital Advisors LLC grew its position in Centene by 8.0% during the 2nd quarter. Snowden Capital Advisors LLC now owns 5,073 shares of the company’s stock worth $275,000 after purchasing an additional 374 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its position in Centene by 15.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 2,785 shares of the company’s stock worth $115,000 after purchasing an additional 379 shares during the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Up 4.5%

Shares of NYSE:CNC opened at $65.11 on Tuesday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $65.80. The firm’s 50-day simple moving average is $48.84 and its 200-day simple moving average is $43.55. The company has a market cap of $32.15 billion, a price-to-earnings ratio of -4.96, a PEG ratio of 0.49 and a beta of 1.09.

Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter last year, the business earned $2.90 earnings per share. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, equities research analysts predict that Centene Corporation will post 3.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CNC has been the topic of several research reports. Bank of America raised their price objective on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a research report 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 research report on Thursday, June 4th. Oppenheimer raised their price objective on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Robert W. Baird raised their price objective on shares of Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Finally, Truist Financial lifted their target price on shares of Centene from $58.00 to $71.00 and gave the company a “buy” rating in a report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Centene currently has a consensus rating of “Hold” and an average target price of $60.24.

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.