IFM Investors Pty Ltd Acquires 13,810 Shares of Centene Corporation $CNC

IFM Investors Pty Ltd raised its holdings in shares of Centene Corporation (NYSE:CNC) by 12.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,646 shares of the company’s stock after buying an additional 13,810 shares during the quarter. IFM Investors Pty Ltd’s holdings in Centene were worth $4,450,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Quarry LP purchased a new stake in Centene during the first quarter valued at about $26,000. Assetmark Inc. grew its position in Centene by 248.2% during the second quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock valued at $63,000 after acquiring an additional 824 shares during the last quarter. GHP Investment Advisors Inc. raised its stake in shares of Centene by 265.8% during the second quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock worth $64,000 after acquiring an additional 856 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Centene in the 2nd quarter valued at $76,000. Finally, Intact Investment Management Inc. bought a new position in shares of Centene during the 2nd quarter valued at $76,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CNC. JPMorgan Chase & Co. upped their price target on shares of Centene from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Wells Fargo & Company dropped their target price on Centene from $41.00 to $35.00 and set an “equal weight” rating for the company in a report on Wednesday, November 12th. UBS Group set a $42.00 price target on Centene and gave the stock a “neutral” rating in a research report on Thursday, October 30th. The Goldman Sachs Group reiterated a “sell” rating and issued a $38.00 price objective (up previously from $33.00) on shares of Centene in a research report on Thursday, October 30th. Finally, Jefferies Financial Group lifted their target price on shares of Centene from $25.00 to $32.00 in a research note on Monday, November 3rd. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Centene currently has a consensus rating of “Hold” and an average target price of $38.44.

Centene Price Performance

Shares of CNC stock opened at $40.52 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.08 and a current ratio of 1.08. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $66.81. The firm has a market cap of $19.92 billion, a P/E ratio of -3.75, a P/E/G ratio of 1.33 and a beta of 0.48. The business’s 50 day moving average price is $37.46 and its 200-day moving average price is $35.87.

Centene (NYSE:CNC) last announced its earnings results on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. The company had revenue of $49.69 billion during the quarter, compared to the consensus estimate of $47.50 billion. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. On average, equities research analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current year.

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.