SEB Asset Management AB Acquires New Shares in Centene Corporation $CNC

SEB Asset Management AB bought a new stake in shares of Centene Corporation (NYSE:CNC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 110,185 shares of the company’s stock, valued at approximately $3,607,000.

Several other hedge funds have also recently modified their holdings of CNC. Baird Financial Group Inc. purchased a new position in Centene in the 1st quarter worth about $236,000. Sivia Capital Partners LLC grew its stake in shares of Centene by 80.0% in the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock worth $527,000 after acquiring an additional 4,315 shares during the period. CW Advisors LLC raised its holdings in shares of Centene by 20.3% during the second quarter. CW Advisors LLC now owns 4,863 shares of the company’s stock valued at $264,000 after purchasing an additional 820 shares during the last quarter. NewEdge Advisors LLC lifted its position in Centene by 6.1% during the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company’s stock valued at $2,440,000 after purchasing an additional 2,582 shares during the period. Finally, Treasurer of the State of North Carolina lifted its position in Centene by 0.4% during the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company’s stock valued at $12,590,000 after purchasing an additional 967 shares during the period. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Trading Down 2.4%

Centene stock opened at $65.94 on Thursday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $69.36. The firm has a market capitalization of $32.56 billion, a price-to-earnings ratio of -5.02, a P/E/G 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. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76.

Centene (NYSE:CNC) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion for the quarter, compared to the consensus estimate of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.90 earnings per share. As a group, research analysts predict that Centene Corporation will post 3.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Raymond James Financial set a $75.00 target price on shares of Centene in a research report on Tuesday, July 7th. Bank of America upped their price objective on Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Cantor Fitzgerald raised their target price on Centene from $60.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada boosted their price target on Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a research note on Thursday, July 9th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research note on Friday, July 17th. Seven investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $64.61.

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.