Hsbc Holdings PLC Reduces Stock Holdings in Centene Corporation $CNC

Hsbc Holdings PLC cut its stake in Centene Corporation (NYSE:CNC) by 11.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 999,916 shares of the company’s stock after selling 124,863 shares during the period. Hsbc Holdings PLC’s holdings in Centene were worth $32,609,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. DV Equities LLC purchased a new stake in Centene in the 4th quarter valued at $26,000. IFC & Insurance Marketing Inc. purchased a new stake in shares of Centene in the fourth quarter valued at about $28,000. SBI Securities Co. Ltd. increased its stake in shares of Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after acquiring an additional 406 shares during the period. Bayban acquired a new stake in Centene in the fourth quarter valued at about $33,000. Finally, MV Capital Management Inc. acquired a new position in Centene during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CNC shares. Royal Bank Of Canada lifted their price target on Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. TD Cowen reaffirmed a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a report on Friday. Barclays restated an “overweight” rating on shares of Centene in a research report on Tuesday, June 16th. Finally, Cantor Fitzgerald increased their target price on shares of Centene from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Centene has a consensus rating of “Hold” and an average price target of $64.61.

Centene Price Performance

Shares of NYSE CNC opened at $65.88 on Tuesday. The stock has a market cap of $32.53 billion, a price-to-earnings ratio of -5.01, a PEG ratio of 0.52 and a beta of 1.07. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $69.36. The company’s 50-day moving average price is $62.95 and its 200 day moving average price is $49.08. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76.

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 the consensus estimate 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 for the quarter, compared to the consensus estimate of $47.53 billion. During the same quarter in the prior year, the firm earned $2.90 earnings per share. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, research analysts forecast that Centene Corporation will post 3.44 earnings per share 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.