Lecap Asset Management Ltd. Lowers Position in Centene Co. (NYSE:CNC)

Lecap Asset Management Ltd. reduced its position in Centene Co. (NYSE:CNC) by 36.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,865 shares of the company’s stock after selling 3,365 shares during the period. Lecap Asset Management Ltd.’s holdings in Centene were worth $389,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Norges Bank purchased a new stake in shares of Centene in the fourth quarter valued at approximately $1,325,441,000. Swedbank AB purchased a new position in Centene in the first quarter valued at $914,080,000. Harris Associates L P grew its stake in Centene by 172.8% during the 4th quarter. Harris Associates L P now owns 10,863,367 shares of the company’s stock worth $806,170,000 after purchasing an additional 6,881,450 shares in the last quarter. Capital International Investors increased its holdings in Centene by 60.2% during the 1st quarter. Capital International Investors now owns 5,216,486 shares of the company’s stock worth $409,390,000 after purchasing an additional 1,959,460 shares during the period. Finally, Jennison Associates LLC boosted its stake in shares of Centene by 535.9% in the 4th quarter. Jennison Associates LLC now owns 1,837,980 shares of the company’s stock valued at $136,396,000 after buying an additional 1,548,961 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Stock Performance

NYSE CNC traded up $0.16 during trading on Thursday, reaching $78.56. The company’s stock had a trading volume of 307,166 shares, compared to its average volume of 3,454,081. Centene Co. has a twelve month low of $60.83 and a twelve month high of $81.42. The firm has a market cap of $41.92 billion, a price-to-earnings ratio of 15.68, a P/E/G ratio of 1.00 and a beta of 0.50. The business’s fifty day moving average price is $70.64 and its 200-day moving average price is $73.82. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.17 and a current ratio of 1.17.

Centene (NYSE:CNC) last posted its quarterly earnings data on Friday, July 26th. The company reported $2.42 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.02). Centene had a net margin of 1.79% and a return on equity of 14.45%. The company had revenue of $39.84 billion for the quarter, compared to analysts’ expectations of $36.83 billion. During the same period in the prior year, the company earned $2.10 earnings per share. The firm’s revenue was up 5.9% on a year-over-year basis. As a group, analysts anticipate that Centene Co. will post 6.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CNC shares. StockNews.com raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Monday, July 29th. Truist Financial dropped their target price on Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Deutsche Bank Aktiengesellschaft lifted their price target on Centene from $82.00 to $87.00 and gave the stock a “hold” rating in a report on Friday, August 2nd. Wells Fargo & Company increased their price objective on Centene from $81.00 to $93.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Finally, TD Cowen boosted their target price on Centene from $80.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Nine research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $83.93.

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.