Commerzbank Aktiengesellschaft FI Sells 8,382 Shares of Centene Corporation $CNC

Commerzbank Aktiengesellschaft FI lowered its stake in shares of Centene Corporation (NYSE:CNC) by 36.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,303 shares of the company’s stock after selling 8,382 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Centene were worth $468,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CNC. Meeder Asset Management Inc. lifted its holdings in Centene by 25.8% during the 1st quarter. Meeder Asset Management Inc. now owns 2,159 shares of the company’s stock worth $71,000 after purchasing an additional 443 shares in the last quarter. KBC Group NV grew its holdings in Centene by 35.7% during the 1st quarter. KBC Group NV now owns 365,464 shares of the company’s stock valued at $11,965,000 after buying an additional 96,238 shares in the last quarter. SEB Asset Management AB purchased a new stake in shares of Centene in the first quarter worth about $3,607,000. Swiss National Bank boosted its position in shares of Centene by 7.2% in the first quarter. Swiss National Bank now owns 1,442,524 shares of the company’s stock valued at $47,228,000 after acquiring an additional 96,700 shares during the period. Finally, Mediolanum International Funds Ltd purchased a new position in Centene during the first quarter valued at approximately $727,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Down 2.4%

Shares of CNC stock opened at $65.94 on Thursday. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The firm has a market cap of $32.56 billion, a P/E ratio of -5.02, a price-to-earnings-growth ratio of 0.53 and a beta of 1.07. The business has a 50-day moving average price of $63.26 and a two-hundred day moving average price of $49.44. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $69.36.

Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The company had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.Centene’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $2.90 EPS. Equities analysts anticipate that Centene Corporation will post 3.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Cantor Fitzgerald increased their target price on shares of Centene from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Truist Financial upped their price target on shares of Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Raymond James Financial set a $75.00 price objective on Centene in a research note on Tuesday, July 7th. Morgan Stanley upped their target price on Centene from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 4th. Finally, Mizuho set a $63.00 price target on Centene and gave the company a “neutral” rating in a report on Monday, June 8th. Seven analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $64.61.

Centene Company 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.