Fifth Third Bancorp Has $6.48 Million Holdings in Centene Corporation $CNC

Fifth Third Bancorp grew its holdings in Centene Corporation (NYSE:CNC) by 126.8% during the 1st quarter, Holdings Channel reports. The firm owned 197,787 shares of the company’s stock after purchasing an additional 110,577 shares during the period. Fifth Third Bancorp’s holdings in Centene were worth $6,476,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Personal CFO Solutions LLC grew its holdings in Centene by 199.8% during the 1st quarter. Personal CFO Solutions LLC now owns 16,296 shares of the company’s stock worth $534,000 after acquiring an additional 10,861 shares during the period. Flatrock Wealth Partners LLC acquired a new position in shares of Centene in the 1st quarter valued at $259,000. R Squared Ltd boosted its position in shares of Centene by 99.9% in the 1st quarter. R Squared Ltd now owns 10,692 shares of the company’s stock worth $350,000 after purchasing an additional 5,343 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Centene by 12.1% during the first quarter. HB Wealth Management LLC now owns 44,027 shares of the company’s stock worth $1,441,000 after purchasing an additional 4,754 shares during the period. Finally, Counterpoint Mutual Funds LLC increased its holdings in Centene by 62.5% in the first quarter. Counterpoint Mutual Funds LLC now owns 144,965 shares of the company’s stock valued at $4,746,000 after purchasing an additional 55,768 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

Centene Stock Down 4.2%

Shares of Centene stock opened at $63.84 on Friday. The company has a market capitalization of $31.53 billion, a P/E ratio of -4.86, a price-to-earnings-growth ratio of 0.52 and a beta of 1.07. 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 business has a 50-day moving average of $62.55 and a two-hundred day moving average of $48.72. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $69.36.

Centene (NYSE:CNC) last released its quarterly earnings data 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. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The business had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the previous year, the business posted $2.90 EPS. Centene’s revenue for the quarter was up 7.1% on a year-over-year basis. As a group, equities analysts predict that Centene Corporation will post 3.44 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on CNC shares. Royal Bank Of Canada increased their target price on Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. UBS Group reiterated a “neutral” rating and issued a $61.00 price target (up from $55.00) on shares of Centene in a research report on Friday, May 22nd. Oppenheimer lifted their price objective on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. upped their target price on shares of Centene from $52.00 to $60.00 and gave the company a “neutral” rating in a research note on Monday, June 8th. Finally, 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 report on Tuesday, July 7th. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $64.61.

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.