11,057 Shares in Centene Corporation $CNC Bought by Essex Financial Services Inc.

Essex Financial Services Inc. bought a new stake in Centene Corporation (NYSE:CNC) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 11,057 shares of the company’s stock, valued at approximately $455,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oracle Investment Management Inc. acquired a new stake in shares of Centene during the 3rd quarter worth about $3,936,000. Capitolis Liquid Global Markets LLC raised its position in shares of Centene by 451.2% in the third quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock valued at $6,490,000 after buying an additional 148,900 shares during the last quarter. Alberta Investment Management Corp lifted its stake in shares of Centene by 22.1% during the third quarter. Alberta Investment Management Corp now owns 1,075,000 shares of the company’s stock valued at $38,356,000 after buying an additional 194,300 shares during the period. Counterpoint Mutual Funds LLC boosted its position in Centene by 161.1% during 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 Centene by 909.0% in the 3rd 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 period. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Trading Down 3.4%

NYSE CNC opened at $59.90 on Wednesday. The firm has a market capitalization of $29.58 billion, a price-to-earnings ratio of -4.56, a PEG ratio of 0.48 and a beta of 1.09. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. Centene Corporation has a one year low of $25.08 and a one year high of $62.10. The company’s 50 day moving average price is $45.97 and its 200 day moving average price is $42.66.

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

Analyst Ratings Changes

A number of brokerages have weighed in on CNC. Bank of America increased their price target on Centene from $60.00 to $72.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. The Goldman Sachs Group reiterated a “sell” rating and issued a $40.00 target price on shares of Centene in a research note on Wednesday, April 29th. JPMorgan Chase & Co. raised their price target on Centene from $41.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. Truist Financial lifted their price target on Centene from $58.00 to $71.00 and gave the company a “buy” rating in a report on Monday. Finally, UBS Group reiterated a “neutral” rating and set a $61.00 price objective (up from $55.00) on shares of Centene in a report on Friday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Centene currently has a consensus rating of “Hold” and a consensus price target of $58.94.

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.