Tobam Decreases Stake in Centene Corporation $CNC

Tobam cut its stake in Centene Corporation (NYSE:CNC) by 14.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 103,595 shares of the company’s stock after selling 17,781 shares during the period. Tobam’s holdings in Centene were worth $4,263,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. DV Equities LLC purchased a new stake in shares of Centene during the fourth quarter valued at $26,000. IFC & Insurance Marketing Inc. acquired a new stake in Centene during the 4th quarter worth about $28,000. SBI Securities Co. Ltd. grew its stake in Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after purchasing an additional 406 shares during the last quarter. MV Capital Management Inc. acquired a new position in shares of Centene in the fourth quarter valued at about $34,000. Finally, Ameriflex Group Inc. raised its stake in shares of Centene by 152.5% in the third quarter. Ameriflex Group Inc. now owns 1,010 shares of the company’s stock worth $36,000 after purchasing an additional 610 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Trading Up 0.1%

Centene stock opened at $61.06 on Friday. The firm has a market cap of $30.15 billion, a PE ratio of -4.65, a P/E/G ratio of 0.48 and a beta of 1.09. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $66.55. The stock’s 50 day simple moving average is $54.00 and its two-hundred day simple moving average is $45.10. 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 (NYSE:CNC) last posted its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.23 by $1.14. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The firm had revenue of $49.94 billion during the quarter, compared to analyst estimates of $47.53 billion. During the same period in the previous year, the firm earned $2.90 EPS. The business’s quarterly revenue was up 7.1% on a year-over-year basis. Analysts anticipate that Centene Corporation will post 3.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CNC. Bank of America increased their price target on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Centene in a report on Thursday, June 11th. Wells Fargo & Company increased their price objective on shares of Centene from $44.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Oppenheimer boosted their target price on shares of Centene from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $61.00 price target (up from $55.00) on shares of Centene in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $60.24.

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.