Geode Capital Management LLC Has $554.34 Million Position in Centene Corporation $CNC

Geode Capital Management LLC boosted its stake in shares of Centene Corporation (NYSE:CNC) by 5.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 13,271,492 shares of the company’s stock after buying an additional 697,277 shares during the quarter. Geode Capital Management LLC’s holdings in Centene were worth $554,338,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CNC. Addison Advisors LLC raised its position in shares of Centene by 455.6% in the 3rd quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after acquiring an additional 606 shares in the last quarter. SBI Securities Co. Ltd. raised its position in shares of Centene by 118.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after acquiring an additional 406 shares in the last quarter. Ameriflex Group Inc. raised its position in shares of Centene by 152.5% in the 3rd quarter. Ameriflex Group Inc. now owns 1,010 shares of the company’s stock worth $36,000 after acquiring an additional 610 shares in the last quarter. GoalVest Advisory LLC bought a new position in shares of Centene in the 4th quarter worth about $37,000. Finally, Union Bancaire Privee UBP SA bought a new position in shares of Centene in the 4th quarter worth about $37,000. 93.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CNC has been the subject of several research analyst reports. UBS Group reissued a “neutral” rating and issued a $61.00 price objective (up from $55.00) on shares of Centene in a research report on Friday, May 22nd. Robert W. Baird lifted their price objective on Centene from $36.00 to $37.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Bank of America lifted their price objective on Centene from $60.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Raymond James Financial set a $60.00 target price on Centene in a research report on Wednesday, April 29th. Finally, Mizuho set a $58.00 target price on Centene and gave the company a “neutral” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $58.18.

Centene Stock Performance

Shares of Centene stock opened at $59.72 on Friday. Centene Corporation has a one year low of $25.08 and a one year high of $60.76. The firm has a market capitalization of $29.49 billion, a price-to-earnings ratio of -4.54, a PEG ratio of 0.47 and a beta of 1.06. The business has a 50-day simple moving average of $45.44 and a 200 day simple moving average of $42.41. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12.

Centene (NYSE:CNC) last issued 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 positive return on equity of 5.57% and a negative net margin of 3.25%.The business had revenue of $49.94 billion during the quarter, compared to analyst estimates of $47.53 billion. During the same period in the previous year, the company posted $2.90 EPS. The firm’s revenue was up 7.1% compared to the same quarter last year. On average, research analysts anticipate that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Centene 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.