Grantham Mayo Van Otterloo & Co. LLC Sells 231,699 Shares of Centene Corporation $CNC

Grantham Mayo Van Otterloo & Co. LLC lessened its stake in shares of Centene Corporation (NYSE:CNC) by 29.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 551,972 shares of the company’s stock after selling 231,699 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Centene were worth $29,961,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Quarry LP bought a new stake in Centene during the 1st quarter worth $26,000. Assetmark Inc. increased its stake in shares of Centene by 248.2% in the second quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock valued at $63,000 after buying an additional 824 shares during the period. GHP Investment Advisors Inc. raised its holdings in Centene by 265.8% in the 2nd quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock valued at $64,000 after buying an additional 856 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Centene during the 2nd quarter worth approximately $76,000. Finally, Trust Co. of Toledo NA OH bought a new stake in Centene during the 2nd quarter worth approximately $77,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CNC. Cowen reiterated a “hold” rating on shares of Centene in a report on Friday, October 31st. The Goldman Sachs Group reaffirmed a “sell” rating and set a $38.00 target price (up from $33.00) on shares of Centene in a report on Thursday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $45.00 price target on shares of Centene in a research note on Thursday, October 30th. Barclays set a $44.00 target price on Centene and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Finally, Truist Financial restated a “buy” rating and set a $45.00 price target (up previously from $42.00) on shares of Centene in a report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Centene has a consensus rating of “Hold” and an average target price of $40.00.

Centene Trading Down 0.7%

Shares of CNC stock opened at $39.19 on Friday. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $66.81. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.10 and a current ratio of 1.08. The stock has a 50 day simple moving average of $36.14 and a two-hundred day simple moving average of $38.42. The company has a market cap of $19.26 billion, a P/E ratio of -3.62, a PEG ratio of 1.24 and a beta of 0.49.

Centene (NYSE:CNC) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, topping the consensus estimate of ($0.21) by $0.71. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The company had revenue of $49.69 billion during the quarter, compared to the consensus estimate of $47.50 billion. During the same quarter last year, the firm posted $1.62 EPS. The company’s quarterly revenue was up 18.2% on a year-over-year basis. Research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.