Envestnet Asset Management Inc. Boosts Stock Holdings in Centene Co. (NYSE:CNC)

Envestnet Asset Management Inc. grew its position in shares of Centene Co. (NYSE:CNC) by 2.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 456,454 shares of the company’s stock after acquiring an additional 12,607 shares during the quarter. Envestnet Asset Management Inc. owned 0.09% of Centene worth $30,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of CNC. Swedbank AB purchased a new position in Centene during the 1st quarter worth $914,080,000. Harris Associates L P raised its stake in shares of Centene by 172.8% during the 4th quarter. Harris Associates L P now owns 10,863,367 shares of the company’s stock worth $806,170,000 after purchasing an additional 6,881,450 shares during the period. Capital International Investors raised its stake in shares of Centene by 60.2% during the 1st quarter. Capital International Investors now owns 5,216,486 shares of the company’s stock worth $409,390,000 after purchasing an additional 1,959,460 shares during the period. KBC Group NV raised its stake in shares of Centene by 75.4% during the 4th quarter. KBC Group NV now owns 898,943 shares of the company’s stock worth $66,710,000 after purchasing an additional 386,379 shares during the period. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of Centene during the 1st quarter worth $29,800,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Performance

Shares of CNC opened at $75.63 on Friday. The business’s 50-day moving average price is $74.48 and its 200-day moving average price is $73.51. Centene Co. has a twelve month low of $63.45 and a twelve month high of $81.42. The stock has a market cap of $40.36 billion, a PE ratio of 15.04, a P/E/G ratio of 0.99 and a beta of 0.48. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC) last announced its quarterly earnings results on Friday, July 26th. The company reported $2.42 earnings per share for the quarter, missing the consensus estimate of $2.44 by ($0.02). Centene had a net margin of 1.79% and a return on equity of 14.45%. The company had revenue of $39.84 billion for the quarter, compared to the consensus estimate of $36.83 billion. During the same quarter in the prior year, the company earned $2.10 earnings per share. The company’s quarterly revenue was up 5.9% on a year-over-year basis. On average, equities analysts forecast that Centene Co. will post 6.82 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. TD Cowen lifted their target price on Centene from $80.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $90.00 target price on shares of Centene in a research note on Friday. Truist Financial lowered their price objective on Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Baird R W upgraded Centene to a “hold” rating in a research note on Thursday, May 30th. Finally, Jefferies Financial Group cut Centene from a “buy” rating to a “hold” rating and lowered their price objective for the company from $83.00 to $69.00 in a research note on Wednesday, July 24th. Seven investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $85.58.

About Centene

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.