Geode Capital Management LLC Boosts Stock Holdings in Centene Corporation $CNC

by · The Markets Daily

Geode Capital Management LLC increased its position in Centene Corporation (NYSE:CNC – Free Report) by 2.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 13,208,639 shares of the company’s stock after acquiring an additional 279,637 shares during the period. Geode Capital Management LLC owned about 2.69% of Centene worth $718,547,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Invesco Ltd. boosted its position in shares of Centene by 5.1% during the first quarter. Invesco Ltd. now owns 11,091,964 shares of the company’s stock valued at $673,393,000 after buying an additional 536,508 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Centene by 42.7% during the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company’s stock valued at $669,820,000 after acquiring an additional 3,306,796 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Centene by 3.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company’s stock valued at $292,045,000 after purchasing an additional 143,573 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Centene by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 4,433,451 shares of the company’s stock valued at $269,134,000 after purchasing an additional 28,462 shares during the period. Finally, LSV Asset Management grew its position in Centene by 23.7% in the 1st quarter. LSV Asset Management now owns 4,055,764 shares of the company’s stock worth $246,225,000 after purchasing an additional 776,331 shares during the period. Institutional investors own 93.63% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CNC shares. Sanford C. Bernstein restated an “outperform” rating on shares of Centene in a research note on Wednesday, October 29th. The Goldman Sachs Group reissued a “sell” rating and issued a $38.00 price objective (up previously from $33.00) on shares of Centene in a report on Thursday, October 30th. Barclays set a $44.00 target price on shares of Centene and gave the company an “equal weight” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. lifted their price target on shares of Centene from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Finally, Cantor Fitzgerald upped their price objective on Centene from $38.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $39.47.

Read Our Latest Report on Centene

Centene Stock Up 0.9%

Shares of CNC opened at $36.40 on Friday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.81. The company has a current ratio of 1.08, a quick ratio of 1.10 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $17.89 billion, a PE ratio of -3.36, a price-to-earnings-growth ratio of 1.24 and a beta of 0.49. The business’s 50 day moving average is $34.97 and its 200 day moving average is $40.03.

Centene (NYSE:CNC – Get Free Report) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The business had revenue of $49.69 billion during the quarter, compared to analyst estimates of $47.50 billion. During the same period last year, the firm posted $1.62 EPS. The company’s revenue was up 18.2% on a year-over-year basis. Research analysts expect that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Centene Company Profile

(Free Report)

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.

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