Neuberger Berman Group LLC Sells 3,823 Shares of Centene Co. (NYSE:CNC)

by · The Markets Daily

Neuberger Berman Group LLC cut its holdings in shares of Centene Co. (NYSE:CNC – Free Report) by 2.9% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 126,267 shares of the company’s stock after selling 3,823 shares during the period. Neuberger Berman Group LLC’s holdings in Centene were worth $7,649,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. MML Investors Services LLC increased its holdings in shares of Centene by 69.4% during the third quarter. MML Investors Services LLC now owns 35,585 shares of the company’s stock valued at $2,679,000 after acquiring an additional 14,581 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its position in Centene by 4.7% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 166,328 shares of the company’s stock worth $12,521,000 after purchasing an additional 7,521 shares during the last quarter. M&T Bank Corp raised its holdings in shares of Centene by 6.9% in the third quarter. M&T Bank Corp now owns 30,118 shares of the company’s stock worth $2,267,000 after buying an additional 1,946 shares during the last quarter. Vestcor Inc lifted its stake in shares of Centene by 9.3% during the third quarter. Vestcor Inc now owns 13,515 shares of the company’s stock worth $1,017,000 after buying an additional 1,150 shares during the period. Finally, TD Private Client Wealth LLC grew its holdings in shares of Centene by 5.7% during the third quarter. TD Private Client Wealth LLC now owns 9,229 shares of the company’s stock valued at $695,000 after buying an additional 501 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Price Performance

Centene stock opened at $62.46 on Friday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.10 and a current ratio of 1.11. The company’s fifty day moving average price is $59.44 and its 200 day moving average price is $61.80. The stock has a market capitalization of $30.98 billion, a P/E ratio of 10.01, a P/E/G ratio of 0.80 and a beta of 0.53. Centene Co. has a 1 year low of $55.03 and a 1 year high of $80.59.

Centene (NYSE:CNC – Get Free Report) last released its quarterly earnings results on Tuesday, February 4th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.31. Centene had a net margin of 2.03% and a return on equity of 13.85%. The firm had revenue of $40.81 billion during the quarter, compared to the consensus estimate of $38.78 billion. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. As a group, equities research analysts anticipate that Centene Co. will post 6.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CNC. UBS Group raised Centene from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $79.00 to $80.00 in a research report on Friday, December 13th. Stephens cut their price target on shares of Centene from $75.00 to $73.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. Guggenheim began coverage on shares of Centene in a research note on Wednesday. They set a “neutral” rating for the company. Truist Financial reduced their target price on shares of Centene from $89.00 to $84.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Oppenheimer lowered their price target on shares of Centene from $95.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $80.85.

View Our Latest Stock Report on Centene

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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