First Citizens Bank & Trust Co. Purchases 122,870 Shares of Centene Corporation $CNC

First Citizens Bank & Trust Co. grew its position in Centene Corporation (NYSE:CNC) by 122.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 223,157 shares of the company’s stock after acquiring an additional 122,870 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Centene were worth $7,962,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CNC. Mowery & Schoenfeld Wealth Management LLC bought a new stake in Centene in the third quarter worth about $27,000. WPG Advisers LLC raised its holdings in shares of Centene by 44.5% in the third quarter. WPG Advisers LLC now owns 915 shares of the company’s stock worth $33,000 after buying an additional 282 shares during the period. Bogart Wealth LLC lifted its stake in shares of Centene by 11,011.1% during the 3rd quarter. Bogart Wealth LLC now owns 1,000 shares of the company’s stock worth $36,000 after acquiring an additional 991 shares during the last quarter. Financial Network Wealth Advisors LLC grew its position in Centene by 54.9% in the 3rd quarter. Financial Network Wealth Advisors LLC now owns 1,100 shares of the company’s stock valued at $39,000 after acquiring an additional 390 shares during the last quarter. Finally, Quent Capital LLC purchased a new stake in Centene in the third quarter worth $45,000. 93.63% of the stock is currently owned by institutional investors.

Centene Stock Performance

Shares of NYSE:CNC opened at $46.07 on Friday. The firm has a 50 day moving average of $41.15 and a 200 day moving average of $35.10. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $22.65 billion, a price-to-earnings ratio of -4.26, a price-to-earnings-growth ratio of 1.05 and a beta of 0.48. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $66.81.

Centene (NYSE:CNC) last announced its quarterly earnings results 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. The business had revenue of $49.69 billion for the quarter, compared to the consensus estimate of $47.50 billion. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The business’s revenue was up 18.2% compared to the same quarter last year. During the same period last year, the business posted $1.62 EPS. On average, sell-side analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Zacks Research upgraded shares of Centene from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Centene from $24.00 to $32.00 in a research report on Friday, October 31st. Morgan Stanley boosted their price target on Centene from $28.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday, October 14th. Truist Financial raised their price objective on Centene from $45.00 to $47.00 and gave the stock a “buy” rating in a report on Monday, January 5th. Finally, TD Cowen reiterated a “hold” rating on shares of Centene in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $40.81.

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.