Clear Street Group Inc. Purchases Shares of 13,195 Centene Corporation $CNC

Clear Street Group Inc. acquired a new stake in shares of Centene Corporation (NYSE:CNC) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 13,195 shares of the company’s stock, valued at approximately $543,000.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Centene by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 56,978,753 shares of the company’s stock valued at $2,344,676,000 after acquiring an additional 190,334 shares during the period. AQR Capital Management LLC grew its stake in shares of Centene by 76.6% during the 3rd quarter. AQR Capital Management LLC now owns 14,654,834 shares of the company’s stock valued at $522,885,000 after acquiring an additional 6,356,152 shares during the period. Geode Capital Management LLC grew its stake in shares of Centene by 5.5% during the 4th quarter. Geode Capital Management LLC now owns 13,271,492 shares of the company’s stock valued at $554,338,000 after acquiring an additional 697,277 shares during the period. Deerfield Management Company L.P. grew its stake in shares of Centene by 184.0% during the 3rd quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company’s stock valued at $322,761,000 after acquiring an additional 5,860,630 shares during the period. Finally, Morgan Stanley grew its stake in shares of Centene by 7.2% during the 4th quarter. Morgan Stanley now owns 9,002,570 shares of the company’s stock valued at $370,456,000 after acquiring an additional 603,585 shares during the period. 93.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CNC. Bank of America boosted their price objective on Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Sanford C. Bernstein boosted their price target on Centene from $48.00 to $68.00 and gave the stock an “outperform” rating in a report on Tuesday, May 5th. Raymond James Financial set a $60.00 price target on Centene in a report on Wednesday, April 29th. Jefferies Financial Group boosted their price target on Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Finally, Truist Financial boosted their price target on Centene from $58.00 to $71.00 and gave the stock a “buy” rating in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $60.24.

Centene Stock Performance

NYSE:CNC opened at $63.34 on Tuesday. The stock’s fifty day moving average is $52.00 and its 200 day moving average is $44.53. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $66.55. The firm has a market capitalization of $31.28 billion, a PE ratio of -4.82, a PEG ratio of 0.51 and a beta of 1.09. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12.

Centene (NYSE:CNC) last released 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. 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 for the quarter, compared to analyst estimates of $47.53 billion. During the same quarter in the prior year, the firm posted $2.90 EPS. Centene’s quarterly revenue 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.

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.