Bayforest Capital Ltd Purchases 11,322 Shares of Centene Corporation $CNC

Bayforest Capital Ltd lifted its holdings in Centene Corporation (NYSE:CNC) by 125.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,330 shares of the company’s stock after purchasing an additional 11,322 shares during the period. Bayforest Capital Ltd’s holdings in Centene were worth $725,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Centene in the 2nd quarter worth approximately $1,435,997,000. Worldquant Millennium Advisors LLC bought a new stake in shares of Centene in the second quarter valued at approximately $65,105,000. Vanguard Group Inc. grew its stake in shares of Centene by 1.5% in the second quarter. Vanguard Group Inc. now owns 58,396,605 shares of the company’s stock worth $3,169,768,000 after acquiring an additional 869,706 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Centene during the second quarter worth $40,471,000. Finally, Ninety One UK Ltd acquired a new position in Centene during the 3rd quarter valued at $23,378,000. Institutional investors own 93.63% of the company’s stock.

Centene Price Performance

Centene stock opened at $46.58 on Friday. The business has a 50 day simple moving average of $39.17 and a 200 day simple moving average of $34.95. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.08 and a quick ratio of 1.08. The company has a market capitalization of $22.90 billion, a PE ratio of -4.31, a price-to-earnings-growth ratio of 1.06 and a beta of 0.48. Centene Corporation has a one year low of $25.08 and a one year high of $66.81.

Centene (NYSE:CNC) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. The firm had revenue of $49.69 billion for the quarter, compared to analysts’ expectations of $47.50 billion. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The business’s revenue was up 18.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.62 earnings per share. On average, sell-side analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CNC has been the topic of several research reports. Cantor Fitzgerald boosted their price objective on shares of Centene from $38.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, October 30th. The Goldman Sachs Group restated a “sell” rating and set a $38.00 price target (up from $33.00) on shares of Centene in a research note on Thursday, October 30th. Truist Financial raised their price objective on Centene from $45.00 to $47.00 and gave the stock a “buy” rating in a research report on Monday, January 5th. Cowen restated a “hold” rating on shares of Centene in a research report on Friday, October 31st. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Centene in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Centene presently has a consensus rating of “Hold” and a consensus price target of $40.38.

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.