Cibc World Market Inc. lowered its holdings in Centene Co. (NYSE:CNC – Get Rating) by 94.8% in the second quarter, Holdings Channel reports. The firm owned 2,407 shares of the company’s stock after selling 43,926 shares during the quarter. Cibc World Market Inc.’s holdings in Centene were worth $204,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Baker Tilly Wealth Management LLC grew its holdings in shares of Centene by 1.4% in the 2nd quarter. Baker Tilly Wealth Management LLC now owns 8,219 shares of the company’s stock valued at $695,000 after acquiring an additional 110 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in Centene by 0.5% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 25,928 shares of the company’s stock valued at $2,194,000 after purchasing an additional 119 shares in the last quarter. Clayton Partners LLC increased its position in shares of Centene by 0.4% during the 1st quarter. Clayton Partners LLC now owns 32,688 shares of the company’s stock worth $2,752,000 after purchasing an additional 127 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its stake in shares of Centene by 3.9% during the 2nd quarter. Vestmark Advisory Solutions Inc. now owns 3,478 shares of the company’s stock worth $294,000 after purchasing an additional 130 shares in the last quarter. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Centene by 18.1% in the 1st quarter. First Horizon Advisors Inc. now owns 855 shares of the company’s stock valued at $72,000 after buying an additional 131 shares during the last quarter. 94.74% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts have issued reports on CNC shares. Cowen dropped their price target on shares of Centene from $108.00 to $101.00 in a research report on Thursday, September 22nd. Wells Fargo & Company downgraded shares of Centene from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $103.00 to $99.00 in a research note on Friday, August 26th. Deutsche Bank Aktiengesellschaft lowered their price target on Centene from $99.00 to $94.00 in a research report on Wednesday, October 26th. Cowen cut their price objective on Centene from $108.00 to $101.00 in a research report on Thursday, September 22nd. Finally, Barclays decreased their target price on Centene from $107.00 to $100.00 and set an “overweight” rating on the stock in a report on Monday, October 3rd. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.68.
Centene Trading Up 0.8 %
Centene (NYSE:CNC – Get Rating) last announced its earnings results on Tuesday, October 25th. The company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.08. The firm had revenue of $35.84 billion for the quarter, compared to analyst estimates of $35.45 billion. Centene had a net margin of 1.42% and a return on equity of 13.08%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 EPS. As a group, sell-side analysts anticipate that Centene Co. will post 5.71 earnings per share for the current year.
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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