Tobam Buys 34,075 Shares of Centene Corporation $CNC

Tobam increased its stake in shares of Centene Corporation (NYSE:CNC) by 1,686.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,096 shares of the company’s stock after buying an additional 34,075 shares during the quarter. Tobam’s holdings in Centene were worth $1,959,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CNC. Invesco Ltd. increased its holdings in shares of Centene by 5.1% during the first quarter. Invesco Ltd. now owns 11,091,964 shares of the company’s stock worth $673,393,000 after buying an additional 536,508 shares in the last quarter. AQR Capital Management LLC boosted its stake in Centene by 42.7% in the first quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company’s stock worth $669,820,000 after purchasing an additional 3,306,796 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Centene by 3.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company’s stock valued at $292,045,000 after buying an additional 143,573 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Centene by 0.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,433,451 shares of the company’s stock worth $269,134,000 after buying an additional 28,462 shares in the last quarter. Finally, LSV Asset Management grew its holdings in Centene by 23.7% during the 1st quarter. LSV Asset Management now owns 4,055,764 shares of the company’s stock worth $246,225,000 after acquiring an additional 776,331 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Morgan Stanley increased their price target on shares of Centene from $28.00 to $38.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 14th. UBS Group set a $42.00 target price on Centene and gave the company a “neutral” rating in a research note on Thursday, October 30th. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research report on Wednesday, October 8th. Truist Financial reaffirmed a “buy” rating and issued a $45.00 target price (up previously from $42.00) on shares of Centene in a research note on Thursday, October 30th. Finally, Cantor Fitzgerald upped their target price on shares of Centene from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Centene presently has an average rating of “Hold” and an average price target of $39.82.

Centene Price Performance

Shares of CNC stock opened at $35.40 on Wednesday. The firm has a market capitalization of $17.40 billion, a price-to-earnings ratio of -3.27, a price-to-earnings-growth ratio of 1.24 and a beta of 0.49. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.81. The company has a quick ratio of 1.10, a current ratio of 1.08 and a debt-to-equity ratio of 0.83. The firm has a fifty day moving average of $34.55 and a 200-day moving average of $40.25.

Centene (NYSE:CNC) last posted its earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.71. The firm had revenue of $49.69 billion during the quarter, compared to analysts’ expectations of $47.50 billion. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The company’s revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 earnings per share. On average, equities research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Centene Company Profile

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.