Cibc World Market Inc. Cuts Stake in Centene Corporation $CNC

Cibc World Market Inc. decreased its holdings in Centene Corporation (NYSE:CNC) by 40.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 250,813 shares of the company’s stock after selling 170,355 shares during the period. Cibc World Market Inc.’s holdings in Centene were worth $10,321,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Baird Financial Group Inc. bought a new position in Centene in the 1st quarter worth $236,000. Sivia Capital Partners LLC raised its holdings in Centene by 80.0% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock worth $527,000 after purchasing an additional 4,315 shares in the last quarter. CW Advisors LLC raised its holdings in Centene by 20.3% in the 2nd quarter. CW Advisors LLC now owns 4,863 shares of the company’s stock worth $264,000 after purchasing an additional 820 shares in the last quarter. NewEdge Advisors LLC raised its holdings in Centene by 6.1% in the 2nd quarter. NewEdge Advisors LLC now owns 44,945 shares of the company’s stock worth $2,440,000 after purchasing an additional 2,582 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in Centene by 0.4% in the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company’s stock worth $12,590,000 after purchasing an additional 967 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Performance

Shares of NYSE CNC opened at $62.35 on Friday. The firm’s 50-day moving average price is $48.20 and its 200-day moving average price is $43.31. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a market cap of $30.79 billion, a PE ratio of -4.75, a PEG ratio of 0.49 and a beta of 1.09. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $63.50.

Centene (NYSE:CNC) last announced its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm posted $2.90 EPS. As a group, analysts anticipate that Centene Corporation will post 3.45 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on CNC. Cantor Fitzgerald upgraded shares of Centene from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $41.00 to $60.00 in a report on Tuesday, April 28th. Weiss Ratings restated a “sell (d)” rating on shares of Centene in a report on Monday, April 20th. Mizuho set a $58.00 price objective on shares of Centene and gave the stock a “neutral” rating in a report on Wednesday, May 20th. Wells Fargo & Company upped their price objective on shares of Centene from $44.00 to $56.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Finally, Oppenheimer increased their price target on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Centene currently has an average rating of “Hold” and a consensus target price of $59.47.

Centene 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.