Envestnet Portfolio Solutions Inc. Reduces Stock Position in Centene Corporation $CNC

Envestnet Portfolio Solutions Inc. decreased its holdings in Centene Corporation (NYSE:CNC) by 4.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 199,607 shares of the company’s stock after selling 10,036 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Centene were worth $8,214,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Baird Financial Group Inc. acquired a new position in shares of Centene in the first quarter worth $236,000. Sivia Capital Partners LLC grew its stake in Centene by 80.0% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock valued at $527,000 after acquiring an additional 4,315 shares during the last quarter. CW Advisors LLC raised its position in shares of Centene by 20.3% in the second quarter. CW Advisors LLC now owns 4,863 shares of the company’s stock valued at $264,000 after buying an additional 820 shares during the last quarter. NewEdge Advisors LLC boosted its holdings 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 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 purchasing an additional 967 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Robert W. Baird increased their target price on Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Zacks Research upgraded Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Mizuho set a $58.00 price objective on Centene and gave the stock a “neutral” rating in a report on Wednesday. Sanford C. Bernstein increased their price objective on shares of Centene from $48.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Finally, Morgan Stanley lifted their price objective on Centene from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Centene has an average rating of “Hold” and a consensus price target of $55.88.

Centene Trading Down 1.5%

NYSE:CNC opened at $58.28 on Thursday. The stock has a market cap of $28.78 billion, a price-to-earnings ratio of -4.44, a PEG ratio of 1.14 and a beta of 1.06. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The company’s 50 day moving average price is $42.17 and its 200-day moving average price is $41.35. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $61.63.

Centene (NYSE:CNC) last announced its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The business had revenue of $49.94 billion during 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 quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.90 EPS. On average, equities research analysts forecast that Centene Corporation will post 3.45 earnings per share 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.