Centene Corporation $CNC Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its stake in shares of Centene Corporation (NYSE:CNC) by 28.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 110,386 shares of the company’s stock after acquiring an additional 24,177 shares during the quarter. State of Alaska Department of Revenue’s holdings in Centene were worth $3,937,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Polianta Ltd purchased a new position in Centene in the 2nd quarter worth about $1,253,000. Oliver Luxxe Assets LLC purchased a new position in shares of Centene in the second quarter worth approximately $4,033,000. Amundi raised its holdings in shares of Centene by 6.2% during the second quarter. Amundi now owns 3,384,752 shares of the company’s stock valued at $183,724,000 after acquiring an additional 199,016 shares during the period. Focus Partners Wealth lifted its position in shares of Centene by 83.1% in the 1st quarter. Focus Partners Wealth now owns 42,270 shares of the company’s stock valued at $2,566,000 after acquiring an additional 19,181 shares in the last quarter. Finally, Focused Investors LLC grew its position in Centene by 19.9% during the 2nd quarter. Focused Investors LLC now owns 1,250,000 shares of the company’s stock worth $67,850,000 after purchasing an additional 207,600 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Down 0.7%

Shares of Centene stock opened at $46.58 on Monday. The firm has a market cap of $22.90 billion, a price-to-earnings ratio of -4.31, a P/E/G ratio of 1.06 and a beta of 0.48. The stock has a 50-day simple moving average of $39.17 and a 200-day simple moving average of $34.82. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $66.81. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.08 and a quick ratio of 1.08.

Centene (NYSE:CNC) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.71. The firm had revenue of $49.69 billion for the quarter, compared to analyst estimates of $47.50 billion. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.62 earnings per share. On average, equities research analysts expect that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group set a $42.00 target price on Centene and gave the company a “neutral” rating in a report on Thursday, October 30th. Mizuho set a $47.00 price objective on Centene in a research note on Friday. TD Cowen lifted their target price on Centene from $30.00 to $34.00 and gave the company a “hold” rating in a research note on Friday, October 31st. Jefferies Financial Group increased their price target on shares of Centene from $25.00 to $32.00 in a research report on Monday, November 3rd. Finally, Morgan Stanley boosted their price objective on shares of Centene from $28.00 to $38.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 14th. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock 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.