Centene Corporation $CNC Stock Position Trimmed by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS decreased its holdings in Centene Corporation (NYSE:CNC) by 34.3% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 175,090 shares of the company’s stock after selling 91,500 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Centene were worth $6,247,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CNC. Assetmark Inc. raised its position in shares of Centene by 248.2% during the second quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock worth $63,000 after purchasing an additional 824 shares during the period. GHP Investment Advisors Inc. raised its stake in shares of Centene by 265.8% during the 2nd quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock worth $64,000 after purchasing an additional 856 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in Centene in the second quarter worth approximately $76,000. Intact Investment Management Inc. acquired a new position in Centene during the second quarter worth $76,000. Finally, CYBER HORNET ETFs LLC bought a new position in shares of Centene in the 2nd quarter valued at approximately $76,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

CNC has been the subject of several research analyst reports. Wells Fargo & Company set a $43.00 price objective on Centene and gave the stock an “equal weight” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Centene from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Zacks Research upgraded shares of Centene from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 29th. Robert W. Baird boosted their price objective on Centene from $28.00 to $36.00 and gave the stock a “neutral” rating in a research note on Thursday, December 11th. Finally, Barclays set a $44.00 price target on shares of Centene and gave the company an “equal weight” rating in a report on Tuesday, November 4th. Three equities research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $40.38.

Centene Trading Down 0.7%

NYSE CNC opened at $46.58 on Friday. The company has a market cap of $22.90 billion, a PE ratio of -4.31, a PEG ratio of 1.07 and a beta of 0.48. The stock has a 50 day moving average of $39.17 and a 200-day moving average of $35.08. 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.

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