Centene Corporation $CNC Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC cut its stake in Centene Corporation (NYSE:CNC) by 11.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 999,916 shares of the company’s stock after selling 124,863 shares during the period. Hsbc Holdings PLC owned approximately 0.20% of Centene worth $32,609,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in CNC. Kestra Advisory Services LLC grew its holdings in Centene by 0.5% in the 4th quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock valued at $2,165,000 after buying an additional 264 shares in the last quarter. Arkadios Wealth Advisors raised its holdings in shares of Centene by 4.2% during the 4th quarter. Arkadios Wealth Advisors now owns 7,465 shares of the company’s stock worth $307,000 after acquiring an additional 300 shares during the period. Affinity Investment Advisors LLC boosted its position in shares of Centene by 3.0% during the 4th quarter. Affinity Investment Advisors LLC now owns 10,927 shares of the company’s stock valued at $450,000 after acquiring an additional 316 shares during the last quarter. Prime Capital Investment Advisors LLC grew its stake in shares of Centene by 5.7% in the 4th quarter. Prime Capital Investment Advisors LLC now owns 5,975 shares of the company’s stock valued at $246,000 after buying an additional 324 shares during the period. Finally, AdvisorNet Financial Inc increased its holdings in shares of Centene by 5.5% during the 1st quarter. AdvisorNet Financial Inc now owns 6,308 shares of the company’s stock worth $207,000 after buying an additional 330 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Royal Bank Of Canada upped their price objective on Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a report on Thursday, July 9th. TD Cowen reiterated a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a report on Tuesday, July 14th. Zacks Research lowered shares of Centene from a “strong-buy” rating to a “hold” rating in a report on Monday, June 29th. Sanford C. Bernstein lifted their price objective on Centene from $48.00 to $68.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Finally, Jefferies Financial Group raised their price objective 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. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $64.61.

Centene Price Performance

Shares of NYSE CNC opened at $65.88 on Tuesday. The stock’s 50-day moving average is $62.95 and its two-hundred day moving average is $49.08. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market cap of $32.53 billion, a price-to-earnings ratio of -5.01, a price-to-earnings-growth ratio of 0.52 and a beta of 1.07. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $69.36.

Centene (NYSE:CNC) last released its 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 firm had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. During the same period in the prior year, the firm earned $2.90 earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. Analysts forecast that Centene Corporation will post 3.44 EPS for the current fiscal 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.