8 Knots Management LLC Has $193.66 Million Holdings in Centene Corporation $CNC

8 Knots Management LLC reduced its position in Centene Corporation (NYSE:CNC) by 10.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,706,250 shares of the company’s stock after selling 525,300 shares during the period. Centene accounts for 22.3% of 8 Knots Management LLC’s portfolio, making the stock its 2nd biggest position. 8 Knots Management LLC’s holdings in Centene were worth $193,662,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Aptus Capital Advisors LLC raised its holdings in shares of Centene by 44.3% in the fourth quarter. Aptus Capital Advisors LLC now owns 28,361 shares of the company’s stock valued at $1,167,000 after acquiring an additional 8,704 shares in the last quarter. Kestra Advisory Services LLC raised its holdings in shares of Centene by 0.5% in the fourth quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock valued at $2,165,000 after acquiring an additional 264 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in Centene by 13.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 5,457 shares of the company’s stock worth $225,000 after purchasing an additional 626 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Centene by 8.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 393,254 shares of the company’s stock worth $16,186,000 after purchasing an additional 31,343 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Centene by 16.3% in the fourth quarter. UMB Bank n.a. now owns 4,607 shares of the company’s stock worth $190,000 after purchasing an additional 645 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Trading Up 2.6%

Centene stock opened at $65.18 on Friday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $66.55. The stock’s 50 day simple moving average is $51.43 and its two-hundred day simple moving average is $44.32. The firm has a market cap of $32.18 billion, a PE ratio of -4.96, a P/E/G ratio of 0.51 and a beta of 1.09.

Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, topping the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.90 EPS. Analysts anticipate that Centene Corporation will post 3.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CNC shares. Wall Street Zen upgraded shares of Centene from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. TD Cowen reiterated a “hold” rating and issued a $47.00 target price (up from $38.00) on shares of Centene in a report on Monday, May 4th. Jefferies Financial Group boosted their price target on Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price target on Centene from $52.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, June 8th. Finally, Raymond James Financial set a $60.00 price target on Centene in a research note on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $60.24.

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.