Summit Global Investments Takes Position in Centene Corporation $CNC

Summit Global Investments acquired a new position in shares of Centene Corporation (NYSE:CNC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 12,153 shares of the company’s stock, valued at approximately $434,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Centene during the second quarter worth $1,435,997,000. Packer & Co Ltd bought a new stake in Centene during the 3rd quarter worth $50,487,000. Worldquant Millennium Advisors LLC bought a new position in Centene in the second quarter valued at about $65,105,000. Vanguard Group Inc. boosted its stake in shares of Centene by 1.5% during the second quarter. Vanguard Group Inc. now owns 58,396,605 shares of the company’s stock valued at $3,169,768,000 after purchasing an additional 869,706 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Centene during the second quarter worth about $40,471,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Stock Down 0.7%

Shares of NYSE:CNC opened at $43.31 on Friday. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $66.81. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.08 and a quick ratio of 1.08. The business’s 50-day moving average is $41.86 and its 200-day moving average is $35.51. The company has a market capitalization of $21.29 billion, a price-to-earnings ratio of -4.00, a P/E/G ratio of 1.01 and a beta of 0.48.

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Sanford C. Bernstein reiterated an “outperform” rating and set a $59.00 target price on shares of Centene in a research report on Tuesday, January 6th. JPMorgan Chase & Co. lifted their price target on shares of Centene from $38.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, January 22nd. Jefferies Financial Group increased their price objective on Centene from $25.00 to $32.00 in a report on Monday, November 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Centene in a report on Wednesday, January 21st. Finally, Oppenheimer reissued an “outperform” rating and issued a $45.00 price target on shares of Centene in a research note on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $40.81.

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.