NewEdge Wealth LLC Purchases New Stake in Centene Corporation $CNC

NewEdge Wealth LLC purchased a new stake in Centene Corporation (NYSE:CNC) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,498 shares of the company’s stock, valued at approximately $391,000.

Several other hedge funds have also bought and sold shares of the business. Crossmark Global Holdings Inc. grew its position in Centene by 21.7% in the 4th quarter. Crossmark Global Holdings Inc. now owns 38,312 shares of the company’s stock valued at $1,577,000 after purchasing an additional 6,819 shares during the period. Ethic Inc. raised its position in Centene by 2.9% in the 4th quarter. Ethic Inc. now owns 106,496 shares of the company’s stock valued at $4,382,000 after buying an additional 2,963 shares during the last quarter. Ballentine Partners LLC lifted its stake in Centene by 7.4% during the 4th quarter. Ballentine Partners LLC now owns 12,522 shares of the company’s stock valued at $515,000 after acquiring an additional 862 shares in the last quarter. Crestwood Advisors Group LLC bought a new position in Centene during the 4th quarter valued at $227,000. Finally, Allegiance Financial Group Advisory Services LLC lifted its stake in Centene by 165.0% during the 4th quarter. Allegiance Financial Group Advisory Services LLC now owns 21,099 shares of the company’s stock valued at $868,000 after acquiring an additional 13,138 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Stock Down 0.8%

Shares of NYSE:CNC opened at $58.25 on Friday. The company has a market capitalization of $28.76 billion, a PE ratio of -4.43, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06. 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 business has a fifty day moving average price of $41.26 and a two-hundred day moving average price of $40.81. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $62.21.

Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The firm had revenue of $49.94 billion during the quarter, compared to the consensus estimate of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.90 EPS. Analysts forecast that Centene Corporation will post 3.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CNC. Sanford C. Bernstein raised their price objective on Centene from $48.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Argus upgraded Centene to a “hold” rating in a research note on Monday, February 9th. Cantor Fitzgerald upgraded Centene from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $41.00 to $60.00 in a research note on Tuesday, April 28th. The Goldman Sachs Group restated a “sell” rating and set a $40.00 price objective on shares of Centene in a research note on Wednesday, April 29th. Finally, Robert W. Baird raised their price objective on Centene from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Centene presently has a consensus rating of “Hold” and an average target price of $53.82.

Centene Company Profile

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.