Rhenman & Partners Asset Management AB Sells 123,769 Shares of Centene Corporation $CNC

Rhenman & Partners Asset Management AB reduced its position in Centene Corporation (NYSE:CNC) by 72.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,231 shares of the company’s stock after selling 123,769 shares during the period. Rhenman & Partners Asset Management AB’s holdings in Centene were worth $1,902,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Oracle Investment Management Inc. bought a new stake in shares of Centene in the 3rd quarter valued at about $3,936,000. Capitolis Liquid Global Markets LLC boosted its holdings in shares of Centene by 451.2% in the 3rd quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock valued at $6,490,000 after buying an additional 148,900 shares in the last quarter. Counterpoint Mutual Funds LLC boosted its holdings in shares of Centene by 161.1% in the 3rd quarter. Counterpoint Mutual Funds LLC now owns 91,943 shares of the company’s stock valued at $3,281,000 after buying an additional 56,730 shares in the last quarter. Alberta Investment Management Corp raised its position in shares of Centene by 22.1% in the 3rd quarter. Alberta Investment Management Corp now owns 1,075,000 shares of the company’s stock valued at $38,356,000 after purchasing an additional 194,300 shares during the last quarter. Finally, Kennondale Capital Management LLC raised its position in shares of Centene by 500.0% in the 3rd quarter. Kennondale Capital Management LLC now owns 48,978 shares of the company’s stock valued at $1,748,000 after purchasing an additional 40,815 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Stock Performance

CNC opened at $65.18 on Friday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.55. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $32.18 billion, a PE ratio of -4.96, a P/E/G ratio of 0.50 and a beta of 1.09. The firm has a 50 day moving average of $51.43 and a two-hundred day moving average of $44.32.

Centene (NYSE:CNC) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, topping analysts’ consensus estimates of $2.23 by $1.14. The business had revenue of $49.94 billion for 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 quarter last year, the company earned $2.90 EPS. On average, analysts anticipate that Centene Corporation will post 3.45 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on CNC. Bank of America increased their price objective on shares of Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Wells Fargo & Company raised their price target on shares of Centene from $44.00 to $56.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Zacks Research raised shares of Centene from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. TD Cowen reissued a “hold” rating and set a $47.00 price target (up from $38.00) on shares of Centene in a research report on Monday, May 4th. Finally, Robert W. Baird raised their price target on shares of Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $60.24.

Centene 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.