KLP Kapitalforvaltning AS Trims Holdings in Centene Corporation $CNC

KLP Kapitalforvaltning AS decreased its position in Centene Corporation (NYSE:CNC) by 34.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 175,090 shares of the company’s stock after selling 91,500 shares during the period. KLP Kapitalforvaltning AS’s holdings in Centene were worth $6,247,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Baird Financial Group Inc. acquired a new stake in shares of Centene during the first quarter worth about $236,000. Caxton Associates LLP purchased a new position in Centene during the 1st quarter worth approximately $365,000. Focus Partners Wealth increased its holdings in shares of Centene by 83.1% in the 1st quarter. Focus Partners Wealth now owns 42,270 shares of the company’s stock valued at $2,566,000 after acquiring an additional 19,181 shares during the period. Belpointe Asset Management LLC raised its holdings in shares of Centene by 18.2% in the first quarter. Belpointe Asset Management LLC now owns 17,770 shares of the company’s stock valued at $1,079,000 after buying an additional 2,741 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in Centene by 78.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company’s stock worth $89,000 after acquiring an additional 641 shares during the period. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CNC has been the topic of a number of recent analyst reports. Cowen reaffirmed a “hold” rating on shares of Centene in a report on Friday, October 31st. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a report on Wednesday, October 8th. Wells Fargo & Company set a $43.00 price objective on shares of Centene and gave the company an “equal weight” rating in a research report on Wednesday. Zacks Research upgraded Centene from a “strong sell” rating to a “hold” rating in a research report on Wednesday, October 29th. Finally, Mizuho set a $47.00 target price on shares of Centene in a research report on Friday. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Centene currently has an average rating of “Hold” and a consensus target price of $40.38.

Centene Stock Down 0.7%

Shares of NYSE CNC opened at $46.58 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.08 and a current ratio of 1.08. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $66.81. The stock’s 50-day simple moving average is $39.17 and its 200-day simple moving average is $35.08. The firm has a market cap of $22.90 billion, a price-to-earnings ratio of -4.31, a PEG ratio of 1.07 and a beta of 0.48.

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