Kentucky Retirement Systems Sells 1,692 Shares of Centene Corporation (NYSE:CNC)

Kentucky Retirement Systems lessened its holdings in shares of Centene Corporation (NYSE:CNC) by 4.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,456 shares of the company’s stock after selling 1,692 shares during the period. Kentucky Retirement Systems’ holdings in Centene were worth $2,092,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CNC. Capital Advisors Ltd. LLC lifted its position in shares of Centene by 75.3% during the 4th quarter. Capital Advisors Ltd. LLC now owns 412 shares of the company’s stock valued at $25,000 after acquiring an additional 177 shares during the period. Pinney & Scofield Inc. bought a new stake in Centene during the fourth quarter worth about $25,000. Hurley Capital LLC bought a new position in Centene in the 4th quarter valued at about $26,000. Ameriflex Group Inc. acquired a new position in shares of Centene in the 4th quarter valued at approximately $26,000. Finally, Rialto Wealth Management LLC acquired a new stake in shares of Centene during the 4th quarter worth approximately $30,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Down 1.8%

Shares of NYSE:CNC opened at $53.44 on Tuesday. The business’s 50-day moving average is $58.30 and its 200-day moving average is $59.73. Centene Corporation has a 1 year low of $52.93 and a 1 year high of $80.59. The company has a market capitalization of $26.59 billion, a price-to-earnings ratio of 7.96, a P/E/G ratio of 0.65 and a beta of 0.45. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.11 and a quick ratio of 1.11.

Centene (NYSE:CNC) last issued its quarterly earnings results on Friday, April 25th. The company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.38. The firm had revenue of $46.62 billion for the quarter, compared to analyst estimates of $43.16 billion. Centene had a return on equity of 14.56% and a net margin of 2.04%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.26 earnings per share. Equities research analysts predict that Centene Corporation will post 6.86 earnings per share for the current year.

Analyst Ratings Changes

CNC has been the subject of several recent analyst reports. Wall Street Zen cut Centene from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 28th. Jefferies Financial Group reduced their price objective on Centene from $64.00 to $61.00 and set a “hold” rating on the stock in a research note on Tuesday, April 29th. Barclays reissued an “equal weight” rating and issued a $65.00 target price (down previously from $84.00) on shares of Centene in a report on Monday, June 2nd. Robert W. Baird decreased their price target on shares of Centene from $71.00 to $69.00 and set a “neutral” rating on the stock in a report on Tuesday, April 15th. Finally, Morgan Stanley began coverage on shares of Centene in a research note on Monday, June 9th. They issued an “overweight” rating and a $70.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.71.

Centene Profile

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.