Hsbc Holdings PLC Decreases Stake in Centene Corporation $CNC

Hsbc Holdings PLC cut its stake in Centene Corporation (NYSE:CNC) by 12.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,119,779 shares of the company’s stock after selling 155,535 shares during the period. Hsbc Holdings PLC’s holdings in Centene were worth $46,194,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of CNC. DV Equities LLC acquired a new stake in shares of Centene during the fourth quarter worth $26,000. IFC & Insurance Marketing Inc. acquired a new position in shares of Centene in the 4th quarter valued at $28,000. SBI Securities Co. Ltd. raised its stake in Centene by 118.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after acquiring an additional 406 shares during the last quarter. Bayban acquired a new stake in Centene during the 4th quarter worth about $33,000. Finally, MV Capital Management Inc. acquired a new stake in Centene during the 4th quarter worth about $34,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

CNC has been the topic of a number of research reports. The Goldman Sachs Group reissued a “sell” rating and issued a $40.00 price objective on shares of Centene in a report on Wednesday, April 29th. Barclays reiterated an “overweight” rating on shares of Centene in a research report on Tuesday, June 16th. Oppenheimer increased their price target on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Raymond James Financial set a $60.00 price objective on shares of Centene in a research note on Wednesday, April 29th. Finally, Wall Street Zen raised shares of Centene from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Centene presently has an average rating of “Hold” and an average target price of $60.78.

Key Centene News

Here are the key news stories impacting Centene this week:

• Positive Sentiment: RBC started coverage on Centene with a “sector perform” rating and a $70 price target, implying upside from current levels and reinforcing investor confidence in the stock. RBC coverage on Centene
• Positive Sentiment: Zacks highlighted Centene as a Strong Buy growth stock and also called it a strong value and strong momentum name, suggesting improving market sentiment around the shares. Zacks growth stocks list
• Positive Sentiment: Centene announced the appointment of Lauren M. Tyler to its Board of Directors, a governance move that can be viewed as a sign of continued board refreshment and strategic oversight. Centene appoints Lauren M. Tyler to board
• Neutral Sentiment: Health Net said it is providing special assistance to members and providers affected by the Palos warehouse fire in Los Angeles; this is operationally supportive but not likely to materially change Centene’s fundamentals on its own. Health Net wildfire assistance
• Neutral Sentiment: Commentary pieces on Centene’s governance, efficiency, and style scores mainly reinforce the investment case rather than introduce a new catalyst. Centene governance and efficiency article

Centene Price Performance

NYSE:CNC opened at $63.36 on Wednesday. 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 company has a 50 day moving average price of $55.04 and a 200-day moving average price of $45.50. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $66.55. The firm has a market cap of $31.29 billion, a price-to-earnings ratio of -4.82, a price-to-earnings-growth ratio of 0.50 and a beta of 1.09.

Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $47.53 billion. During the same period in the prior year, the firm posted $2.90 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that Centene Corporation will post 3.45 EPS for the current year.

About Centene

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.