Wealthfront Advisers LLC Trims Holdings in Centene Corporation $CNC

Wealthfront Advisers LLC lowered its holdings in shares of Centene Corporation (NYSE:CNC) by 11.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 290,225 shares of the company’s stock after selling 36,716 shares during the period. Wealthfront Advisers LLC owned 0.06% of Centene worth $9,502,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Baird Financial Group Inc. purchased a new position in shares of Centene during the first quarter worth about $236,000. Sivia Capital Partners LLC lifted its position in Centene by 80.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock worth $527,000 after acquiring an additional 4,315 shares during the period. CW Advisors LLC lifted its position in Centene by 20.3% during the 2nd 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 period. NewEdge Advisors LLC grew its stake in shares of Centene by 6.1% in the 2nd quarter. NewEdge Advisors LLC now owns 44,945 shares of the company’s stock valued at $2,440,000 after purchasing an additional 2,582 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in shares of Centene by 0.4% in the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company’s stock valued at $12,590,000 after purchasing an additional 967 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Up 3.8%

Centene stock opened at $66.29 on Friday. The stock’s 50 day moving average price is $62.76 and its 200 day moving average price is $48.85. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $69.36. The company has a market cap of $32.73 billion, a PE ratio of -5.04, a price-to-earnings-growth ratio of 0.50 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12.

Centene (NYSE:CNC) last posted its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. During the same period in the prior year, the company posted $2.90 EPS. The business’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, sell-side analysts predict that Centene Corporation will post 3.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Jefferies Financial Group increased their price target on Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. UBS Group reissued a “neutral” rating and issued a $61.00 price objective (up from $55.00) on shares of Centene in a research note on Friday, May 22nd. Mizuho set a $63.00 target price on shares of Centene and gave the stock a “neutral” rating in a research note on Monday, June 8th. Wall Street Zen raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Sanford C. Bernstein boosted their price target on shares of Centene from $48.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Centene presently has an average rating of “Hold” and a consensus target price of $64.61.

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.