Engineers Gate Manager LP Raises Stock Position in Centene Corporation $CNC

Engineers Gate Manager LP lifted its position in Centene Corporation (NYSE:CNC) by 868.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 558,459 shares of the company’s stock after buying an additional 500,773 shares during the period. Engineers Gate Manager LP owned approximately 0.11% of Centene worth $22,981,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. DV Equities LLC purchased a new stake in Centene during the 4th quarter worth approximately $26,000. IFC & Insurance Marketing Inc. purchased a new stake in Centene during the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. grew its position in Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after purchasing an additional 406 shares during the last quarter. Ameriflex Group Inc. grew its position in Centene by 152.5% during the 3rd quarter. Ameriflex Group Inc. now owns 1,010 shares of the company’s stock worth $36,000 after purchasing an additional 610 shares during the last quarter. Finally, Union Bancaire Privee UBP SA purchased a new stake in Centene during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Performance

Shares of NYSE CNC opened at $60.52 on Thursday. 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 Corporation has a 12 month low of $25.08 and a 12 month high of $66.55. The company has a 50 day simple moving average of $53.03 and a two-hundred day simple moving average of $44.83. The stock has a market cap of $29.88 billion, a price-to-earnings ratio of -4.61, a PEG ratio of 0.48 and a beta of 1.09.

Centene (NYSE:CNC) last posted its 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 firm had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. During the same period in the previous year, the business posted $2.90 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. As a group, analysts predict that Centene Corporation will post 3.45 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Bank of America boosted their target price on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. boosted their target price on shares of Centene from $52.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Zacks Research upgraded shares of Centene from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein lifted their price objective on shares of Centene from $48.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Finally, TD Cowen restated a “hold” rating and set a $47.00 price objective (up from $38.00) on shares of Centene in a research note on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $60.24.

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.