Counterpoint Mutual Funds LLC Raises Stock Holdings in Centene Corporation $CNC

Counterpoint Mutual Funds LLC lifted its stake in shares of Centene Corporation (NYSE:CNC) by 62.5% during the first quarter, Holdings Channel reports. The fund owned 144,965 shares of the company’s stock after purchasing an additional 55,768 shares during the quarter. Centene comprises 0.7% of Counterpoint Mutual Funds LLC’s portfolio, making the stock its 27th biggest holding. Counterpoint Mutual Funds LLC’s holdings in Centene were worth $4,746,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Baird Financial Group Inc. purchased a new stake in shares of Centene during the first quarter worth about $236,000. Sivia Capital Partners LLC lifted its stake in shares of Centene by 80.0% during the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock valued at $527,000 after buying an additional 4,315 shares during the period. CW Advisors LLC boosted its position in Centene by 20.3% during the second quarter. CW Advisors LLC now owns 4,863 shares of the company’s stock worth $264,000 after acquiring an additional 820 shares during the last quarter. NewEdge Advisors LLC grew its stake in Centene by 6.1% in the 2nd quarter. NewEdge Advisors LLC now owns 44,945 shares of the company’s stock worth $2,440,000 after acquiring an additional 2,582 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in Centene by 0.4% in the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company’s stock valued at $12,590,000 after acquiring an additional 967 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Royal Bank Of Canada began coverage on Centene in a report on Tuesday, June 23rd. They set a “sector perform” rating and a $70.00 price objective on the stock. Wall Street Zen upgraded Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Mizuho set a $63.00 price target on Centene and gave the stock a “neutral” rating in a research note on Monday, June 8th. Zacks Research cut Centene from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Finally, UBS Group reaffirmed a “neutral” rating and set a $61.00 price objective (up from $55.00) on shares of Centene in a research note on Friday, May 22nd. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $60.78.

Centene Trading Down 0.1%

Shares of CNC stock opened at $67.80 on Friday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $69.29. The firm’s 50 day moving average price is $59.46 and its two-hundred day moving average price is $46.95. The stock has a market cap of $33.48 billion, a price-to-earnings ratio of -5.16, a price-to-earnings-growth ratio of 0.53 and a beta of 1.07.

Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping 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 company had revenue of $49.94 billion during the quarter, compared to analyst estimates of $47.53 billion. During the same quarter in the prior year, the business earned $2.90 earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, analysts anticipate that Centene Corporation will post 3.44 EPS 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.