Qsemble Capital Management LP Invests $7.60 Million in Centene Corporation $CNC

Qsemble Capital Management LP bought a new position in Centene Corporation (NYSE:CNC) in the fourth quarter, HoldingsChannel.com reports. The fund bought 184,700 shares of the company’s stock, valued at approximately $7,600,000.

Other hedge funds have also modified their holdings of the company. UniSuper Management Pty Ltd raised its holdings in shares of Centene by 66.0% in the 3rd quarter. UniSuper Management Pty Ltd now owns 85,232 shares of the company’s stock worth $3,041,000 after buying an additional 33,875 shares in the last quarter. Oracle Investment Management Inc. bought a new stake in Centene during the 3rd quarter worth approximately $3,936,000. First Citizens Bank & Trust Co. increased its holdings in Centene by 122.5% during the 3rd quarter. First Citizens Bank & Trust Co. now owns 223,157 shares of the company’s stock valued at $7,962,000 after purchasing an additional 122,870 shares in the last quarter. ARGA Investment Management LP bought a new position in Centene in the 3rd quarter valued at $21,485,000. Finally, Capitolis Liquid Global Markets LLC boosted its stake in Centene by 451.2% in the third quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock worth $6,490,000 after purchasing an additional 148,900 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Stock Performance

Shares of NYSE:CNC opened at $58.25 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $62.21. The stock has a market capitalization of $28.76 billion, a P/E ratio of -4.43, a P/E/G ratio of 1.13 and a beta of 1.06. The business has a 50-day moving average price of $41.26 and a two-hundred day moving average price of $40.81.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on CNC shares. Bank of America upgraded Centene from an “underperform” rating to a “buy” rating and raised their target price for the company from $34.00 to $60.00 in a research note on Wednesday, April 29th. UBS Group increased their price objective on shares of Centene from $42.00 to $55.00 and gave the stock a “neutral” rating in a report on Wednesday, April 29th. Morgan Stanley boosted their target price on shares of Centene from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. Jefferies Financial Group increased their price target on shares of Centene from $39.00 to $48.00 and gave the company a “hold” rating in a research note on Wednesday, April 29th. Finally, JPMorgan Chase & Co. raised their price target on shares of Centene from $41.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Centene currently has a consensus rating of “Hold” and an average price target of $53.82.

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.