NewEdge Wealth LLC Invests $391,000 in Centene Corporation $CNC

NewEdge Wealth LLC purchased a new position in shares of Centene Corporation (NYSE:CNC) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 9,498 shares of the company’s stock, valued at approximately $391,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. WPG Advisers LLC increased its holdings in Centene by 44.5% during the 3rd quarter. WPG Advisers LLC now owns 915 shares of the company’s stock worth $33,000 after purchasing an additional 282 shares during the period. Prime Capital Investment Advisors LLC increased its holdings in Centene by 5.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 5,975 shares of the company’s stock worth $246,000 after purchasing an additional 324 shares during the period. Burney Co. increased its holdings in shares of Centene by 3.8% in the 4th quarter. Burney Co. now owns 9,053 shares of the company’s stock valued at $373,000 after acquiring an additional 331 shares during the period. Versant Capital Management Inc increased its holdings in shares of Centene by 11.6% in the 3rd quarter. Versant Capital Management Inc now owns 3,421 shares of the company’s stock valued at $122,000 after acquiring an additional 355 shares during the period. Finally, Snowden Capital Advisors LLC increased its holdings in shares of Centene by 8.0% in the 2nd quarter. Snowden Capital Advisors LLC now owns 5,073 shares of the company’s stock valued at $275,000 after acquiring an additional 374 shares during the period. Institutional investors own 93.63% of the company’s stock.

Centene Stock Down 0.8%

Shares of CNC stock opened at $58.25 on Friday. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $62.21. The stock’s fifty day moving average price is $41.26 and its 200 day moving average price is $40.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. The company has a market cap of $28.76 billion, a price-to-earnings ratio of -4.43, a price-to-earnings-growth ratio of 1.13 and a beta of 1.06.

Centene (NYSE:CNC) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the previous year, the firm posted $2.90 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, research analysts expect that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CNC shares. The Goldman Sachs Group reiterated a “sell” rating and issued a $40.00 price target on shares of Centene in a report on Wednesday, April 29th. Zacks Research upgraded Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Morgan Stanley lifted their price target on Centene from $45.00 to $50.00 and gave the company an “equal weight” rating in a report on Wednesday, April 29th. Robert W. Baird boosted their target price on Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Finally, JPMorgan Chase & Co. boosted their target price on Centene from $41.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $53.82.

Centene Company 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.