Retirement Systems of Alabama Has $3.55 Million Position in Centene Corporation $CNC

Retirement Systems of Alabama decreased its position in shares of Centene Corporation (NYSE:CNC) by 83.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 99,531 shares of the company’s stock after selling 493,890 shares during the period. Retirement Systems of Alabama’s holdings in Centene were worth $3,551,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CNC. Vanguard Group Inc. lifted its position in shares of Centene by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 58,396,605 shares of the company’s stock worth $3,169,768,000 after buying an additional 869,706 shares during the last quarter. Norges Bank acquired a new position in Centene during the second quarter worth about $1,435,997,000. State Street Corp boosted its stake in shares of Centene by 2.3% in the 2nd quarter. State Street Corp now owns 23,186,927 shares of the company’s stock valued at $1,258,586,000 after purchasing an additional 514,600 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Centene by 2.2% during the 2nd quarter. Geode Capital Management LLC now owns 13,208,639 shares of the company’s stock valued at $718,547,000 after purchasing an additional 279,637 shares during the last quarter. Finally, Invesco Ltd. increased its position in Centene by 5.7% during the 2nd quarter. Invesco Ltd. now owns 11,725,910 shares of the company’s stock worth $636,482,000 after purchasing an additional 633,946 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Stock Performance

Shares of CNC opened at $43.31 on Friday. The firm’s fifty day simple moving average is $41.86 and its two-hundred day simple moving average is $35.51. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $66.81. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $21.29 billion, a P/E ratio of -4.00, a price-to-earnings-growth ratio of 1.01 and a beta of 0.48.

Centene (NYSE:CNC) last announced its earnings results on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of ($0.21) by $0.71. The company had revenue of $49.69 billion for the quarter, compared to analyst estimates of $47.50 billion. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 EPS. As a group, analysts predict that Centene Corporation will post 6.86 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of Centene from $24.00 to $32.00 in a research report on Friday, October 31st. Truist Financial raised their price objective on Centene from $45.00 to $47.00 and gave the company a “buy” rating in a report on Monday, January 5th. Zacks Research raised Centene from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 29th. Wells Fargo & Company set a $43.00 price target on Centene and gave the company an “equal weight” rating in a research note on Wednesday, January 7th. Finally, Barclays set a $44.00 price objective on Centene and gave the company an “equal weight” rating in a research note on Tuesday, November 4th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $40.81.

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.