AE Wealth Management LLC Lowers Position in Centene Co. (NYSE:CNC)

AE Wealth Management LLC decreased its position in shares of Centene Co. (NYSE:CNCGet Rating) by 3.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,470 shares of the company’s stock after selling 493 shares during the period. AE Wealth Management LLC’s holdings in Centene were worth $1,126,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Allworth Financial LP raised its position in Centene by 3.4% during the third quarter. Allworth Financial LP now owns 7,559 shares of the company’s stock valued at $588,000 after purchasing an additional 247 shares in the last quarter. Gateway Investment Advisers LLC lifted its stake in shares of Centene by 16.5% in the 2nd quarter. Gateway Investment Advisers LLC now owns 8,887 shares of the company’s stock valued at $752,000 after acquiring an additional 1,257 shares during the last quarter. McKinley Carter Wealth Services Inc. purchased a new stake in Centene during the 3rd quarter valued at about $2,881,000. Voya Investment Management LLC grew its position in Centene by 12.7% during the 2nd quarter. Voya Investment Management LLC now owns 306,864 shares of the company’s stock worth $25,964,000 after acquiring an additional 34,642 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its position in Centene by 79.0% in the second quarter. Illinois Municipal Retirement Fund now owns 43,954 shares of the company’s stock valued at $3,719,000 after purchasing an additional 19,397 shares during the last quarter. Hedge funds and other institutional investors own 93.28% of the company’s stock.

Centene Price Performance

Shares of CNC stock opened at $78.44 on Thursday. The stock has a market cap of $44.42 billion, a price-to-earnings ratio of 22.87, a PEG ratio of 0.93 and a beta of 0.60. The business’s fifty day moving average is $82.53 and its 200 day moving average is $85.14. Centene Co. has a twelve month low of $73.19 and a twelve month high of $98.53. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNCGet Rating) last issued its quarterly earnings results on Tuesday, October 25th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.08. Centene had a return on equity of 13.08% and a net margin of 1.42%. The company had revenue of $35.84 billion for the quarter, compared to analysts’ expectations of $35.45 billion. During the same period in the prior year, the firm earned $1.26 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts expect that Centene Co. will post 5.72 EPS for the current fiscal year.

Centene announced that its board has approved a stock buyback program on Friday, December 16th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CNC has been the topic of several analyst reports. Cowen decreased their target price on shares of Centene from $108.00 to $101.00 in a research note on Thursday, September 22nd. Credit Suisse Group increased their target price on shares of Centene from $104.00 to $106.00 and gave the stock an “outperform” rating in a report on Monday, December 19th. Argus upped their price target on Centene from $95.00 to $99.00 in a research report on Wednesday, December 14th. Bank of America lowered Centene from a “neutral” rating to an “underperform” rating and cut their price objective for the stock from $100.00 to $85.00 in a research report on Tuesday, December 13th. Finally, Cowen decreased their target price on Centene from $108.00 to $101.00 in a report on Thursday, September 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Centene currently has an average rating of “Moderate Buy” and an average price target of $101.35.

About Centene

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Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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