Mediolanum International Funds Ltd Buys New Stake in Centene Corporation $CNC

Mediolanum International Funds Ltd purchased a new position in shares of Centene Corporation (NYSE:CNC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 22,850 shares of the company’s stock, valued at approximately $727,000.

Several other large investors also recently bought and sold shares of the stock. Heartland Advisors Inc. grew its holdings in shares of Centene by 145.7% during the first quarter. Heartland Advisors Inc. now owns 125,754 shares of the company’s stock worth $4,117,000 after purchasing an additional 74,564 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in shares of Centene in the 1st quarter valued at about $259,000. SouthState Bank Corp boosted its position in shares of Centene by 1.3% in the 1st quarter. SouthState Bank Corp now owns 24,013 shares of the company’s stock valued at $786,000 after purchasing an additional 317 shares during the period. Calamos Wealth Management LLC purchased a new position in Centene during the 1st quarter worth approximately $338,000. Finally, Calamos Advisors LLC increased its position in Centene by 9.2% during the first quarter. Calamos Advisors LLC now owns 122,805 shares of the company’s stock worth $4,021,000 after buying an additional 10,312 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Mizuho set a $63.00 price objective on Centene and gave the company a “neutral” rating in a report on Monday, June 8th. Barclays reiterated an “overweight” rating on shares of Centene in a research report on Tuesday, June 16th. TD Cowen reiterated a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. The Goldman Sachs Group reissued a “sell” rating and set a $40.00 price objective on shares of Centene in a research report on Wednesday, April 29th. Finally, Sanford C. Bernstein upped their target price on shares of Centene from $48.00 to $68.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $64.61.

Centene Price Performance

Shares of NYSE CNC opened at $67.58 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. Centene Corporation has a one year low of $25.08 and a one year high of $69.36. The firm has a market capitalization of $33.37 billion, a P/E ratio of -5.14, a PEG ratio of 0.52 and a beta of 1.07. The company’s fifty day moving average is $63.11 and its two-hundred day moving average is $49.26.

Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating the consensus estimate 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 for the quarter was up 7.1% compared to the same quarter last year. During the same quarter last year, the business earned $2.90 earnings per share. Analysts forecast that Centene Corporation will post 3.44 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.