Tobam Reduces Stake in Centene Corporation $CNC

Tobam cut its stake in shares of Centene Corporation (NYSE:CNC) by 14.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 103,595 shares of the company’s stock after selling 17,781 shares during the period. Tobam’s holdings in Centene were worth $4,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of CNC. DV Equities LLC bought a new position in shares of Centene during the 4th quarter valued at approximately $26,000. IFC & Insurance Marketing Inc. purchased a new position in Centene during the fourth quarter worth $28,000. SBI Securities Co. Ltd. boosted its stake in Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after buying an additional 406 shares during the period. MV Capital Management Inc. purchased a new stake in shares of Centene in the fourth quarter valued at $34,000. Finally, Ameriflex Group Inc. raised its stake in shares of Centene by 152.5% in the third quarter. Ameriflex Group Inc. now owns 1,010 shares of the company’s stock valued at $36,000 after acquiring an additional 610 shares during the period. 93.63% of the stock is owned by institutional investors.

Centene Stock Performance

Shares of Centene stock opened at $61.06 on Friday. The company has a market capitalization of $30.15 billion, a PE ratio of -4.65, a P/E/G ratio of 0.48 and a beta of 1.09. The company has a 50-day simple moving average of $54.00 and a two-hundred day simple moving average of $45.10. Centene Corporation has a one year low of $25.08 and a one year high of $66.55. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The business had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the business earned $2.90 EPS. Research analysts expect that Centene Corporation will post 3.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on CNC. Raymond James Financial set a $60.00 price target on Centene in a report on Wednesday, April 29th. Mizuho set a $63.00 price objective on Centene and gave the company a “neutral” rating in a research report on Monday, June 8th. Robert W. Baird lifted their target price on Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Barclays reissued an “overweight” rating on shares of Centene in a research note on Tuesday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Centene in a research note on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $60.24.

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.