Pallas Capital Advisors LLC Buys Shares of 83,953 Centene Corporation $CNC

Pallas Capital Advisors LLC purchased a new position in Centene Corporation (NYSE:CNC) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 83,953 shares of the company’s stock, valued at approximately $5,389,000.

Other hedge funds also recently modified their holdings of the company. Deutsche Bank AG bought a new position in Centene during the second quarter worth $257,279,000. Perigon Wealth Management LLC bought a new stake in Centene in the 2nd quarter valued at $956,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Centene in the 2nd quarter worth $1,098,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Centene during the 2nd quarter worth about $74,883,000. Finally, Persistent Asset Partners Ltd acquired a new position in shares of Centene during the second quarter valued at about $77,000. 93.63% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CNC shares. Stifel Nicolaus set a $79.00 target price on Centene in a research report on Monday, August 3rd. Cantor Fitzgerald raised their price objective on Centene from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Wells Fargo & Company set a $69.00 price objective on Centene and gave the stock an “equal weight” rating in a report on Monday, July 13th. Truist Financial boosted their price objective on Centene from $71.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, Oppenheimer raised their target price on Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Centene presently has an average rating of “Hold” and a consensus price target of $69.15.

Centene Stock Performance

NYSE:CNC opened at $64.32 on Tuesday. The firm has a market capitalization of $31.77 billion, a PE ratio of -6.16, a price-to-earnings-growth ratio of 0.36 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The firm has a 50-day moving average price of $64.98 and a 200 day moving average price of $51.85.

Centene (NYSE:CNC) last released its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same period in the prior year, the company posted ($0.16) EPS. The company’s revenue was up 9.9% compared to the same quarter last year. Research analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Centene Company 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.