Panagora Asset Management Inc. Sells 3,930 Shares of Centene Corporation $CNC

Panagora Asset Management Inc. lowered its stake in shares of Centene Corporation (NYSE:CNC) by 0.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 531,928 shares of the company’s stock after selling 3,930 shares during the quarter. Panagora Asset Management Inc.’s holdings in Centene were worth $28,873,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Quarry LP purchased a new position in shares of Centene during the 1st quarter worth approximately $26,000. Assetmark Inc. lifted its holdings in shares of Centene by 248.2% during the second quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock valued at $63,000 after purchasing an additional 824 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in Centene by 265.8% in the second quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock worth $64,000 after acquiring an additional 856 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in Centene in the 2nd quarter worth about $76,000. Finally, Trust Co. of Toledo NA OH bought a new position in shares of Centene in the second quarter worth approximately $77,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Stock Performance

CNC opened at $37.89 on Tuesday. The company’s 50 day moving average is $36.24 and its 200 day moving average is $37.97. The company has a current ratio of 1.08, a quick ratio of 1.10 and a debt-to-equity ratio of 0.83. The company has a market cap of $18.63 billion, a price-to-earnings ratio of -3.50, a PEG ratio of 1.24 and a beta of 0.49. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.81.

Centene (NYSE:CNC) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share 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 business had revenue of $49.69 billion for the quarter, compared to the consensus estimate of $47.50 billion. During the same period last year, the firm earned $1.62 earnings per share. The company’s quarterly revenue was up 18.2% on a year-over-year basis. On average, equities research analysts predict that Centene Corporation will post 6.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CNC. JPMorgan Chase & Co. boosted their price objective on shares of Centene from $30.00 to $38.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Zacks Research upgraded Centene from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 29th. Truist Financial reaffirmed a “buy” rating and set a $45.00 price objective (up from $42.00) on shares of Centene in a research report on Thursday, October 30th. Barclays set a $44.00 target price on shares of Centene and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Finally, Jefferies Financial Group lifted their price target on shares of Centene from $25.00 to $32.00 in a research note on Monday, November 3rd. Three analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Centene currently has an average rating of “Hold” and a consensus target price of $40.00.

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.