Easterly Investment Partners LLC Trims Stock Holdings in Centene Corporation $CNC

Easterly Investment Partners LLC trimmed its position in Centene Corporation (NYSE:CNC) by 4.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 436,534 shares of the company’s stock after selling 19,508 shares during the period. Centene accounts for 1.1% of Easterly Investment Partners LLC’s portfolio, making the stock its 13th biggest position. Easterly Investment Partners LLC owned approximately 0.09% of Centene worth $17,963,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oracle Investment Management Inc. purchased a new stake in Centene in the third quarter worth $3,936,000. Capitolis Liquid Global Markets LLC grew its stake in Centene by 451.2% in the third quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock worth $6,490,000 after purchasing an additional 148,900 shares during the period. Alberta Investment Management Corp grew its stake in shares of Centene by 22.1% in the third quarter. Alberta Investment Management Corp now owns 1,075,000 shares of the company’s stock worth $38,356,000 after acquiring an additional 194,300 shares during the last quarter. Counterpoint Mutual Funds LLC grew its stake in shares of Centene by 161.1% in the third quarter. Counterpoint Mutual Funds LLC now owns 91,943 shares of the company’s stock worth $3,281,000 after acquiring an additional 56,730 shares during the last quarter. Finally, Cibc World Market Inc. grew its stake in shares of Centene by 909.0% in the third quarter. Cibc World Market Inc. now owns 421,168 shares of the company’s stock worth $15,027,000 after acquiring an additional 379,428 shares during the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CNC. TD Cowen reissued a “hold” rating and issued a $47.00 target price (up from $38.00) on shares of Centene in a research note on Monday, May 4th. Weiss Ratings reissued a “sell (d)” rating on shares of Centene in a research note on Monday, April 20th. Wall Street Zen raised Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Bank of America increased their target price on Centene from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Finally, Barclays increased their target price on Centene from $63.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $58.18.

Centene Trading Up 0.2%

Centene stock opened at $59.72 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. Centene Corporation has a one year low of $25.08 and a one year high of $60.76. The stock has a market capitalization of $29.49 billion, a PE ratio of -4.54, a price-to-earnings-growth ratio of 0.47 and a beta of 1.09. The business’s fifty day moving average is $45.44 and its 200 day moving average is $42.47.

Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating the consensus estimate of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The company had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. During the same period last year, the firm posted $2.90 earnings per share. Centene’s revenue was up 7.1% compared to the same quarter last year. On average, sell-side analysts predict that Centene Corporation will post 3.45 EPS for the current year.

About Centene

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.