Clearline Capital LP Sells 306,352 Shares of Centene Corporation $CNC

Clearline Capital LP lessened its position in shares of Centene Corporation (NYSE:CNC) by 58.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 220,351 shares of the company’s stock after selling 306,352 shares during the period. Clearline Capital LP’s holdings in Centene were worth $9,067,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Kestra Advisory Services LLC raised its stake in Centene by 0.5% during the fourth quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock worth $2,165,000 after buying an additional 264 shares during the last quarter. Arkadios Wealth Advisors raised its stake in Centene by 4.2% during the fourth quarter. Arkadios Wealth Advisors now owns 7,465 shares of the company’s stock worth $307,000 after buying an additional 300 shares during the last quarter. Affinity Investment Advisors LLC grew its holdings in Centene by 3.0% in the fourth quarter. Affinity Investment Advisors LLC now owns 10,927 shares of the company’s stock worth $450,000 after purchasing an additional 316 shares during the period. Prime Capital Investment Advisors LLC grew its holdings in Centene by 5.7% in the fourth quarter. Prime Capital Investment Advisors LLC now owns 5,975 shares of the company’s stock worth $246,000 after purchasing an additional 324 shares during the period. Finally, Burney Co. grew its holdings in Centene by 3.8% in the fourth quarter. Burney Co. now owns 9,053 shares of the company’s stock worth $373,000 after purchasing an additional 331 shares during the period. Institutional investors own 93.63% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CNC. Barclays restated an “overweight” rating on shares of Centene in a report on Tuesday. Raymond James Financial set a $60.00 price target on shares of Centene in a report on Wednesday, April 29th. Jefferies Financial Group raised their price target on shares of Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Bank of America raised their price target on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Centene from $52.00 to $60.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Centene has a consensus rating of “Hold” and a consensus target price of $60.24.

Centene Stock Down 1.4%

Shares of NYSE CNC opened at $60.52 on Thursday. The stock has a market capitalization of $29.88 billion, a P/E ratio of -4.61, a P/E/G ratio of 0.48 and a beta of 1.09. The company has a 50-day moving average price of $53.03 and a 200-day moving average price of $44.83. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $66.55. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12.

Centene (NYSE:CNC) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The firm had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period last year, the company earned $2.90 earnings per share. On average, equities research analysts forecast that Centene Corporation will post 3.45 EPS for the current fiscal year.

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.