Pictet Asset Management Holding SA Lowers Position in Centene Corporation $CNC

Pictet Asset Management Holding SA decreased its holdings in shares of Centene Corporation (NYSE:CNC) by 30.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 432,698 shares of the company’s stock after selling 188,574 shares during the period. Pictet Asset Management Holding SA owned 0.09% of Centene worth $14,152,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CNC. Oracle Investment Management Inc. bought a new stake in Centene during the 3rd quarter valued at $3,936,000. Capitolis Liquid Global Markets LLC lifted its stake in shares of Centene by 451.2% during the 3rd quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock worth $6,490,000 after purchasing an additional 148,900 shares during the last quarter. Delta Global Management LP boosted its position in Centene by 96.5% during the third quarter. Delta Global Management LP now owns 78,691 shares of the company’s stock valued at $2,808,000 after purchasing an additional 38,640 shares in the last quarter. Numerai GP LLC grew its stake in Centene by 401.4% in the third quarter. Numerai GP LLC now owns 64,487 shares of the company’s stock valued at $2,301,000 after purchasing an additional 51,625 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Centene by 83.7% in the third quarter. Russell Investments Group Ltd. now owns 1,001,316 shares of the company’s stock valued at $35,628,000 after purchasing an additional 456,350 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on CNC shares. Sanford C. Bernstein increased their price target on shares of Centene from $48.00 to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Barclays reiterated an “overweight” rating on shares of Centene in a research note on Tuesday, June 16th. Zacks Research downgraded shares of Centene from a “strong-buy” rating to a “hold” rating in a research note on Monday. Oppenheimer lifted their price target on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Morgan Stanley upped their price target on Centene from $50.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, June 4th. Seven investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $60.78.

Centene Stock Down 0.8%

Centene stock opened at $67.80 on Friday. The business’s 50-day simple moving average is $58.88 and its two-hundred day simple moving average is $46.80. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The company has a market cap of $33.48 billion, a PE ratio of -5.16, a PEG ratio of 0.53 and a beta of 1.07. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $69.29.

Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $1.14. The firm had revenue of $49.94 billion during the quarter, compared to analysts’ expectations of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the business posted $2.90 earnings per share. Equities analysts anticipate that Centene Corporation will post 3.44 EPS for the current year.

About Centene

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.