Lyrical Asset Management LP Decreases Stock Holdings in Centene Corporation $CNC

Lyrical Asset Management LP trimmed its position in shares of Centene Corporation (NYSE:CNC) by 3.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,459,471 shares of the company’s stock after selling 100,603 shares during the quarter. Centene comprises about 1.4% of Lyrical Asset Management LP’s investment portfolio, making the stock its 29th largest holding. Lyrical Asset Management LP’s holdings in Centene were worth $101,207,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Oracle Investment Management Inc. purchased a new position in Centene during the 3rd quarter worth approximately $3,936,000. Capitolis Liquid Global Markets LLC raised its position in 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 buying an additional 148,900 shares during the last quarter. Alberta Investment Management Corp raised its position in Centene by 22.1% during the 3rd quarter. Alberta Investment Management Corp now owns 1,075,000 shares of the company’s stock worth $38,356,000 after buying an additional 194,300 shares during the last quarter. Counterpoint Mutual Funds LLC increased its holdings in shares of Centene by 161.1% during the 3rd quarter. Counterpoint Mutual Funds LLC now owns 91,943 shares of the company’s stock valued at $3,281,000 after purchasing an additional 56,730 shares in the last quarter. Finally, Kennondale Capital Management LLC increased its holdings in shares of Centene by 500.0% during the 3rd quarter. Kennondale Capital Management LLC now owns 48,978 shares of the company’s stock valued at $1,748,000 after purchasing an additional 40,815 shares in the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Trading Up 0.0%

NYSE CNC opened at $62.35 on Monday. The firm’s 50-day moving average is $48.20 and its two-hundred day moving average is $43.36. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $63.50. 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 stock has a market capitalization of $30.79 billion, a P/E ratio of -4.75, a PEG ratio of 0.49 and a beta of 1.09.

Centene (NYSE:CNC) last posted its earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the prior year, the company posted $2.90 earnings per share. Centene’s revenue for the quarter was up 7.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Centene Corporation will post 3.45 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on CNC. Truist Financial boosted their price target on shares of Centene from $58.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Wall Street Zen raised shares of Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Deutsche Bank Aktiengesellschaft raised shares of Centene from a “hold” rating to a “buy” rating and lifted their target price for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Raymond James Financial set a $60.00 target price on shares of Centene in a research note on Wednesday, April 29th. Finally, Zacks Research raised shares of Centene from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $59.47.

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.