Hsbc Holdings PLC Decreases Stake in Centene Corporation $CNC

Hsbc Holdings PLC reduced its holdings in shares of Centene Corporation (NYSE:CNC) by 7.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,297,942 shares of the company’s stock after selling 108,653 shares during the quarter. Hsbc Holdings PLC’s holdings in Centene were worth $70,242,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new stake in Centene during the 1st quarter worth $26,000. Assetmark Inc. lifted its stake 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 in the last quarter. GHP Investment Advisors Inc. boosted its position in shares of Centene by 265.8% in the second quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock worth $64,000 after buying an additional 856 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Centene in the second quarter valued at about $76,000. Finally, Trust Co. of Toledo NA OH acquired a new position in Centene during the 2nd quarter worth approximately $77,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Price Performance

CNC opened at $39.19 on Friday. The company has a market capitalization of $19.26 billion, a P/E ratio of -3.62, a PEG ratio of 1.24 and a beta of 0.49. The company has a 50-day moving average of $36.14 and a 200-day moving average of $38.28. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.10 and a current ratio of 1.08. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $66.81.

Centene (NYSE:CNC) last posted its quarterly earnings results 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 positive return on equity of 7.82% and a negative net margin of 2.85%.The business had revenue of $49.69 billion during the quarter, compared to the consensus estimate of $47.50 billion. During the same period last year, the firm earned $1.62 earnings per share. The company’s revenue for the quarter was up 18.2% compared to the same quarter last year. Equities analysts expect that Centene Corporation will post 6.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on CNC shares. Jefferies Financial Group increased their price objective on shares of Centene from $25.00 to $32.00 in a research report on Monday, November 3rd. UBS Group set a $42.00 price target on shares of Centene and gave the company a “neutral” rating in a report on Thursday, October 30th. Morgan Stanley boosted their price objective on shares of Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. The Goldman Sachs Group restated a “sell” rating and set a $38.00 target price (up from $33.00) on shares of Centene in a research note on Thursday, October 30th. Finally, JPMorgan Chase & Co. boosted their price target on Centene from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Three equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Centene presently has an average rating of “Hold” and a consensus price target of $40.00.

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.