Lyrical Asset Management LP Reduces Stock Position in Centene Corporation $CNC

Lyrical Asset Management LP reduced its holdings in Centene Corporation (NYSE:CNC) by 3.9% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,459,471 shares of the company’s stock after selling 100,603 shares during the period. Centene makes up 1.4% of Lyrical Asset Management LP’s portfolio, making the stock its 29th largest holding. Lyrical Asset Management LP owned approximately 0.50% of Centene worth $101,207,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of CNC. Norges Bank bought a new position in Centene during the fourth quarter valued at $332,044,000. AQR Capital Management LLC increased its position in Centene by 76.6% during the third quarter. AQR Capital Management LLC now owns 14,654,834 shares of the company’s stock valued at $522,885,000 after acquiring an additional 6,356,152 shares during the last quarter. Deerfield Management Company L.P. increased its position in Centene by 184.0% during the third quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company’s stock valued at $322,761,000 after acquiring an additional 5,860,630 shares during the last quarter. 8 Knots Management LLC bought a new position in Centene during the third quarter valued at $186,662,000. Finally, Arrowstreet Capital Limited Partnership increased its position in Centene by 32.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 8,716,056 shares of the company’s stock valued at $310,989,000 after acquiring an additional 2,111,674 shares during the last quarter. Institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

CNC has been the topic of a number of analyst reports. Oppenheimer boosted their price objective on shares of Centene from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Bank of America boosted their price objective on shares of Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday. Jefferies Financial Group upped their price target on shares of Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Truist Financial upped their price target on shares of Centene from $58.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Finally, Morgan Stanley upped their price target on shares of Centene from $50.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $59.47.

Centene Stock Up 0.0%

NYSE:CNC opened at $62.35 on Monday. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $63.50. The company has a 50-day moving average of $48.20 and a 200 day moving average of $43.36. The firm has a market cap of $30.79 billion, a PE ratio of -4.75, a price-to-earnings-growth ratio of 0.49 and a beta of 1.09. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12.

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

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.