Phoenix Financial Ltd. Takes Position in Centene Corporation $CNC

Phoenix Financial Ltd. acquired a new position in Centene Corporation (NYSE:CNC) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 34,363 shares of the company’s stock, valued at approximately $1,226,000.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Centene by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 58,396,605 shares of the company’s stock worth $3,169,768,000 after purchasing an additional 869,706 shares during the period. Norges Bank purchased a new stake in shares of Centene in the 2nd quarter valued at approximately $1,435,997,000. State Street Corp boosted its position in shares of Centene by 2.3% during the 2nd quarter. State Street Corp now owns 23,186,927 shares of the company’s stock worth $1,258,586,000 after purchasing an additional 514,600 shares during the period. Geode Capital Management LLC increased its holdings in Centene by 2.2% in the 2nd quarter. Geode Capital Management LLC now owns 13,208,639 shares of the company’s stock valued at $718,547,000 after purchasing an additional 279,637 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in Centene by 5.7% during the second quarter. Invesco Ltd. now owns 11,725,910 shares of the company’s stock worth $636,482,000 after purchasing an additional 633,946 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Trading Down 10.3%

Shares of Centene stock opened at $41.50 on Wednesday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.81. The stock has a market cap of $20.40 billion, a price-to-earnings ratio of -3.84, a PEG ratio of 1.05 and a beta of 0.48. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 0.83. The company has a fifty day simple moving average of $41.43 and a 200-day simple moving average of $35.28.

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

Analyst Ratings Changes

CNC has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a report on Wednesday, January 21st. UBS Group set a $42.00 target price on shares of Centene and gave the stock a “neutral” rating in a report on Thursday, October 30th. Truist Financial boosted their target price on Centene from $45.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, January 5th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $59.00 price target on shares of Centene in a research report on Tuesday, January 6th. Finally, The Goldman Sachs Group restated a “sell” rating and set a $38.00 target price (up from $33.00) on shares of Centene in a research note on Thursday, October 30th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Centene currently has an average rating of “Hold” and an average price target of $40.81.

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.