SVB Wealth LLC Boosts Stock Position in Centene Corporation $CNC

SVB Wealth LLC grew its holdings in Centene Corporation (NYSE:CNC) by 32.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,159 shares of the company’s stock after purchasing an additional 13,764 shares during the period. SVB Wealth LLC’s holdings in Centene were worth $1,839,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in CNC. Kestra Advisory Services LLC grew its holdings in shares of Centene by 0.5% in the fourth quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock worth $2,165,000 after purchasing an additional 264 shares during the last quarter. Arkadios Wealth Advisors boosted its position in Centene by 4.2% in the 4th quarter. Arkadios Wealth Advisors now owns 7,465 shares of the company’s stock valued at $307,000 after buying an additional 300 shares during the period. Affinity Investment Advisors LLC grew its stake in Centene by 3.0% in the 4th quarter. Affinity Investment Advisors LLC now owns 10,927 shares of the company’s stock worth $450,000 after acquiring an additional 316 shares in the last quarter. Prime Capital Investment Advisors LLC increased its position in shares of Centene by 5.7% during the fourth quarter. Prime Capital Investment Advisors LLC now owns 5,975 shares of the company’s stock worth $246,000 after acquiring an additional 324 shares during the period. Finally, Burney Co. raised its stake in shares of Centene by 3.8% during the fourth quarter. Burney Co. now owns 9,053 shares of the company’s stock valued at $373,000 after acquiring an additional 331 shares in the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene News Roundup

Here are the key news stories impacting Centene this week:

• Positive Sentiment: RBC started coverage on Centene with a “sector perform” rating and a $70 price target, implying upside from current levels and reinforcing investor confidence in the stock. RBC coverage on Centene
• Positive Sentiment: Zacks highlighted Centene as a Strong Buy growth stock and also called it a strong value and strong momentum name, suggesting improving market sentiment around the shares. Zacks growth stocks list
• Positive Sentiment: Centene announced the appointment of Lauren M. Tyler to its Board of Directors, a governance move that can be viewed as a sign of continued board refreshment and strategic oversight. Centene appoints Lauren M. Tyler to board
• Neutral Sentiment: Health Net said it is providing special assistance to members and providers affected by the Palos warehouse fire in Los Angeles; this is operationally supportive but not likely to materially change Centene’s fundamentals on its own. Health Net wildfire assistance
• Neutral Sentiment: Commentary pieces on Centene’s governance, efficiency, and style scores mainly reinforce the investment case rather than introduce a new catalyst. Centene governance and efficiency article

Centene Stock Performance

Shares of NYSE:CNC opened at $63.36 on Wednesday. The firm has a 50 day moving average of $55.04 and a 200 day moving average of $45.50. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $31.29 billion, a price-to-earnings ratio of -4.82, a price-to-earnings-growth ratio of 0.50 and a beta of 1.09. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $66.55.

Centene (NYSE:CNC) last announced its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) 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 analysts’ expectations of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The business’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.90 EPS. On average, sell-side analysts predict that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CNC shares. UBS Group reissued a “neutral” rating and issued a $61.00 price objective (up from $55.00) on shares of Centene in a research note on Friday, May 22nd. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a report on Monday, April 20th. The Goldman Sachs Group reissued a “sell” rating and set a $40.00 price target on shares of Centene in a research report on Wednesday, April 29th. Wall Street Zen upgraded Centene from a “hold” rating to a “buy” rating in a report on Saturday, May 2nd. Finally, Oppenheimer upped their price objective on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Centene has a consensus rating of “Hold” and a consensus target price of $60.78.

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.