California Public Employees Retirement System Sells 220,718 Shares of Centene Corporation $CNC

California Public Employees Retirement System decreased its holdings in Centene Corporation (NYSE:CNC) by 26.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 627,549 shares of the company’s stock after selling 220,718 shares during the period. California Public Employees Retirement System’s holdings in Centene were worth $20,546,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Daytona Street Capital LLC bought a new position in Centene during the fourth quarter worth $2,566,000. Assenagon Asset Management S.A. raised its position in shares of Centene by 29.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,878,973 shares of the company’s stock valued at $77,320,000 after purchasing an additional 428,503 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of Centene by 114.1% during the 4th quarter. Chicago Partners Investment Group LLC now owns 45,798 shares of the company’s stock worth $1,885,000 after buying an additional 24,411 shares during the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Centene by 426.8% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 2,318,075 shares of the company’s stock worth $95,389,000 after buying an additional 1,878,064 shares during the period. Finally, Ninety One UK Ltd grew its stake in Centene by 162.6% in the 4th quarter. Ninety One UK Ltd now owns 1,720,422 shares of the company’s stock valued at $70,795,000 after buying an additional 1,065,223 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Price Performance

Shares of NYSE:CNC opened at $65.94 on Thursday. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $32.56 billion, a PE ratio of -5.02, a PEG ratio of 0.53 and a beta of 1.07. The firm has a 50 day moving average of $63.26 and a 200-day moving average 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 released its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, topping the consensus estimate of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. During the same period in the prior year, the company earned $2.90 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities research analysts predict that Centene Corporation will post 3.44 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CNC shares. The Goldman Sachs Group restated a “sell” rating and set a $40.00 price objective on shares of Centene in a report on Wednesday, April 29th. Truist Financial upped their price target on shares of Centene from $71.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. TD Cowen reaffirmed 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. Royal Bank Of Canada boosted their price objective on shares of Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a report on Thursday, July 9th. Finally, UBS Group restated a “neutral” rating and set a $61.00 target price (up from $55.00) on shares of Centene in a research report on Friday, May 22nd. Seven analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $64.61.

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.