Allstate Corp Makes New $619,000 Investment in Centene Corporation $CNC

Allstate Corp bought a new stake in shares of Centene Corporation (NYSE:CNC) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 17,350 shares of the company’s stock, valued at approximately $619,000.

Several other institutional investors have also modified their holdings of the business. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in Centene during the 3rd quarter worth approximately $27,000. Bogart Wealth LLC increased its stake in shares of Centene by 11,011.1% in the third quarter. Bogart Wealth LLC now owns 1,000 shares of the company’s stock worth $36,000 after buying an additional 991 shares during the last quarter. Financial Network Wealth Advisors LLC raised its holdings in Centene by 54.9% in the third quarter. Financial Network Wealth Advisors LLC now owns 1,100 shares of the company’s stock valued at $39,000 after acquiring an additional 390 shares in the last quarter. Quent Capital LLC bought a new position in Centene during the 3rd quarter valued at $45,000. Finally, Cromwell Holdings LLC acquired a new position in Centene during the 3rd quarter worth $62,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CNC shares. UBS Group set a $42.00 target price on shares of Centene and gave the company a “neutral” rating in a research note on Thursday, October 30th. Morgan Stanley upped their price objective on Centene from $28.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 14th. Robert W. Baird lifted their target price on Centene from $28.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, December 11th. Cantor Fitzgerald upped their price target on Centene from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Finally, Jefferies Financial Group lifted their price objective on shares of Centene from $25.00 to $32.00 in a report on Monday, November 3rd. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, Centene presently has a consensus rating of “Hold” and a consensus target price of $40.81.

Centene Price Performance

NYSE CNC opened at $45.33 on Friday. The company has a 50-day moving average price of $40.96 and a two-hundred day moving average price of $34.99. The stock has a market cap of $22.28 billion, a price-to-earnings ratio of -4.19, a price-to-earnings-growth ratio of 1.03 and a beta of 0.48. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.83. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $66.81.

Centene (NYSE:CNC) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.71. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The business had revenue of $49.69 billion during the quarter, compared to the consensus estimate of $47.50 billion. During the same period in the previous year, the firm posted $1.62 earnings per share. The business’s revenue was up 18.2% on a year-over-year basis. Analysts forecast that Centene Corporation will post 6.86 EPS for the current year.

About Centene

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.