Centene Corporation $CNC Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC reduced its position in shares of Centene Corporation (NYSE:CNC) by 17.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 773,963 shares of the company’s stock after selling 163,622 shares during the period. Cresset Asset Management LLC’s holdings in Centene were worth $42,011,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CNC. Quadcap Wealth Management LLC increased its holdings in shares of Centene by 3.2% during the 1st quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company’s stock worth $341,000 after buying an additional 172 shares during the last quarter. Grove Bank & Trust boosted its position in shares of Centene by 2.8% during the second quarter. Grove Bank & Trust now owns 11,632 shares of the company’s stock worth $631,000 after buying an additional 313 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Centene by 5.1% during the second quarter. Farther Finance Advisors LLC now owns 6,658 shares of the company’s stock worth $361,000 after purchasing an additional 325 shares in the last quarter. Fulton Bank N.A. lifted its holdings in Centene by 5.7% during the 2nd quarter. Fulton Bank N.A. now owns 6,155 shares of the company’s stock worth $334,000 after buying an additional 331 shares in the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Centene by 4.6% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 8,946 shares of the company’s stock worth $543,000 after acquiring an additional 395 shares during the period. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CNC. Oppenheimer reiterated an “outperform” rating and issued a $45.00 target price on shares of Centene in a report on Thursday, October 30th. Barclays set a $44.00 target price on shares of Centene and gave the stock an “equal weight” rating in a research note on Tuesday, November 4th. The Goldman Sachs Group reiterated a “sell” rating and issued a $38.00 price target (up previously from $33.00) on shares of Centene in a research note on Thursday, October 30th. Wells Fargo & Company dropped their price objective on shares of Centene from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 12th. Finally, Jefferies Financial Group raised their price target on Centene from $25.00 to $32.00 in a research note on Monday, November 3rd. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.00.

Centene Price Performance

Shares of NYSE CNC opened at $38.81 on Friday. The business has a 50-day moving average price of $36.54 and a 200 day moving average price of $37.82. The stock has a market cap of $19.08 billion, a PE ratio of -3.59, a price-to-earnings-growth ratio of 1.29 and a beta of 0.48. The company has a quick ratio of 1.08, a current 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 for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. The company had revenue of $49.69 billion during 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 firm’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.62 earnings per share. Equities research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.