CIBC Asset Management Inc Raises Stake in Centene Corporation $CNC

CIBC Asset Management Inc boosted its holdings in shares of Centene Corporation (NYSE:CNC) by 61.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 112,217 shares of the company’s stock after purchasing an additional 42,496 shares during the period. CIBC Asset Management Inc’s holdings in Centene were worth $4,618,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of CNC. Addison Advisors LLC boosted its holdings in shares of Centene by 455.6% in the third quarter. Addison Advisors LLC now owns 739 shares of the company’s stock valued at $26,000 after acquiring an additional 606 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after acquiring an additional 406 shares in the last quarter. Ameriflex Group Inc. boosted its holdings 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 in the last quarter. GoalVest Advisory LLC purchased a new stake in shares of Centene in the fourth quarter valued at about $37,000. Finally, Union Bancaire Privee UBP SA purchased a new stake in shares of Centene in the fourth quarter valued at about $37,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Performance

Shares of CNC opened at $62.35 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The stock has a market cap of $30.79 billion, a P/E ratio of -4.75, a PEG ratio of 0.49 and a beta of 1.09. The company has a 50-day moving average of $48.20 and a two-hundred day moving average of $43.31. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $63.50.

Centene (NYSE:CNC) last announced its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $1.14. The company had revenue of $49.94 billion during 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 firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.90 earnings per share. As a group, research analysts predict that Centene Corporation will post 3.45 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Morgan Stanley lifted their target price on shares of Centene from $50.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday. TD Cowen reiterated a “hold” rating and issued a $47.00 price objective (up from $38.00) on shares of Centene in a research note on Monday, May 4th. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research note on Monday, April 20th. Barclays raised their price objective on shares of Centene from $63.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Raymond James Financial set a $60.00 price objective on shares of Centene in a research note on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $59.47.

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.