Mackenzie Financial Corp Raises Stake in Centene Co. (NYSE:CNC)

Mackenzie Financial Corp lifted its holdings in shares of Centene Co. (NYSE:CNC) by 4.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 381,558 shares of the company’s stock after purchasing an additional 15,942 shares during the quarter. Mackenzie Financial Corp owned about 0.07% of Centene worth $28,315,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Coppell Advisory Solutions Corp. purchased a new position in shares of Centene during the 4th quarter worth $25,000. Turtle Creek Wealth Advisors LLC purchased a new position in Centene during the 4th quarter valued at about $25,000. Operose Advisors LLC purchased a new position in Centene during the 3rd quarter valued at about $25,000. OFI Invest Asset Management purchased a new position in Centene during the 3rd quarter valued at about $26,000. Finally, Headinvest LLC purchased a new position in Centene during the 3rd quarter valued at about $35,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Down 0.4 %

Shares of CNC stock opened at $71.98 on Thursday. The business’s 50 day moving average is $76.66 and its two-hundred day moving average is $74.53. Centene Co. has a twelve month low of $60.83 and a twelve month high of $81.42. The company has a market capitalization of $38.50 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 0.90 and a beta of 0.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.68.

Centene (NYSE:CNC) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. Centene had a return on equity of 14.26% and a net margin of 1.75%. The firm had revenue of $39.46 billion for the quarter, compared to the consensus estimate of $36.16 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The company’s revenue for the quarter was up 11.0% compared to the same quarter last year. Equities analysts forecast that Centene Co. will post 6.75 EPS for the current year.

Insider Activity at Centene

In related news, Director Lori Jean Robinson sold 10,000 shares of Centene stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total value of $774,100.00. Following the sale, the director now directly owns 11,455 shares in the company, valued at $886,731.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, President Kenneth J. Fasola sold 12,000 shares of Centene stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total transaction of $900,840.00. Following the completion of the transaction, the president now directly owns 235,365 shares of the company’s stock, valued at $17,668,850.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lori Jean Robinson sold 10,000 shares of Centene stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total value of $774,100.00. Following the transaction, the director now directly owns 11,455 shares of the company’s stock, valued at $886,731.55. The disclosure for this sale can be found here. Company insiders own 0.29% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CNC. Truist Financial raised their target price on Centene from $83.00 to $86.00 and gave the company a “buy” rating in a report on Thursday, December 21st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Centene in a research report on Thursday, April 4th. Stephens reaffirmed an “equal weight” rating and issued a $85.00 price target (down previously from $92.00) on shares of Centene in a research report on Thursday, March 21st. UBS Group increased their price target on Centene from $72.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, December 21st. Finally, Barclays initiated coverage on Centene in a research report on Wednesday, March 6th. They issued an “overweight” rating and a $101.00 price target on the stock. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.38.

Centene Company Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.