Bank of New York Mellon Corp Has $81.98 Million Position in Centene Corporation $CNC

Bank of New York Mellon Corp trimmed its position in Centene Corporation (NYSE:CNC) by 4.2% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,503,994 shares of the company’s stock after selling 110,418 shares during the period. Bank of New York Mellon Corp’s holdings in Centene were worth $81,981,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. SouthState Bank Corp boosted its stake in shares of Centene by 1.3% in the first quarter. SouthState Bank Corp now owns 24,013 shares of the company’s stock valued at $786,000 after buying an additional 317 shares during the period. Calamos Wealth Management LLC bought a new position in Centene during the 1st quarter worth $338,000. Calamos Advisors LLC raised its holdings in Centene by 9.2% in the 1st quarter. Calamos Advisors LLC now owns 122,805 shares of the company’s stock valued at $4,021,000 after acquiring an additional 10,312 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in Centene by 19.9% in the 1st quarter. Bleakley Financial Group LLC now owns 13,537 shares of the company’s stock valued at $443,000 after acquiring an additional 2,245 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Centene by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 520,999 shares of the company’s stock valued at $17,058,000 after acquiring an additional 5,088 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Barclays reaffirmed an “overweight” rating on shares of Centene in a research report on Tuesday, June 16th. Robert W. Baird boosted their target price on shares of Centene from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. TD Cowen reiterated a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Morgan Stanley lifted their price objective on shares of Centene from $50.00 to $57.00 and gave the company an “equal weight” rating in a research note on Thursday, June 4th. Finally, Sanford C. Bernstein upped their target price on Centene from $48.00 to $68.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $64.61.

Centene Trading Up 2.6%

Shares of NYSE CNC opened at $67.58 on Wednesday. The firm has a 50 day moving average price of $63.11 and a two-hundred day moving average price of $49.26. The stock has a market cap of $33.37 billion, a P/E ratio of -5.14, a price-to-earnings-growth ratio of 0.52 and a beta of 1.07. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $69.36. 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 (NYSE:CNC) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 positive return on equity of 5.57% and a negative net margin of 3.25%.The firm’s revenue was up 7.1% compared to the same quarter last year. During the same period last year, the company earned $2.90 earnings per share. As a group, equities analysts forecast that Centene Corporation will post 3.44 EPS for the current year.

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.