Summit Global Investments Takes Position in Centene Corporation $CNC

Summit Global Investments bought a new position in shares of Centene Corporation (NYSE:CNC) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 12,153 shares of the company’s stock, valued at approximately $434,000.

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

Centene Price Performance

CNC stock opened at $43.31 on Friday. The company’s 50-day moving average price is $41.86 and its two-hundred day moving average price is $35.51. The firm has a market cap of $21.29 billion, a P/E ratio of -4.00, a P/E/G ratio of 1.01 and a beta of 0.48. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.83. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $66.81.

Centene (NYSE:CNC) last posted its quarterly earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.71. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The business had revenue of $49.69 billion for the quarter, compared to analyst estimates of $47.50 billion. During the same quarter last year, the business posted $1.62 EPS. The firm’s revenue for the quarter was up 18.2% on a year-over-year basis. On average, analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CNC has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft boosted their price target on Centene from $24.00 to $32.00 in a research note on Friday, October 31st. UBS Group set a $42.00 price target on shares of Centene and gave the company a “neutral” rating in a research note on Thursday, October 30th. Morgan Stanley lifted their price objective on shares of Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 14th. Zacks Research upgraded shares of Centene from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and set a $38.00 target price (up from $33.00) on shares of Centene in a report on Thursday, October 30th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $40.81.

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.