ProShare Advisors LLC Buys 10,121 Shares of Centene Corporation $CNC

ProShare Advisors LLC raised its stake in Centene Corporation (NYSE:CNC) by 9.7% during the second quarter, Holdings Channel reports. The fund owned 114,266 shares of the company’s stock after buying an additional 10,121 shares during the period. ProShare Advisors LLC’s holdings in Centene were worth $6,202,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of CNC. Ballentine Partners LLC grew its holdings in Centene by 8.4% during the first quarter. Ballentine Partners LLC now owns 4,561 shares of the company’s stock valued at $277,000 after purchasing an additional 354 shares during the period. Mutual of America Capital Management LLC grew its stake in shares of Centene by 3.7% during the 1st quarter. Mutual of America Capital Management LLC now owns 99,490 shares of the company’s stock worth $6,040,000 after acquiring an additional 3,574 shares during the period. Schechter Investment Advisors LLC purchased a new stake in Centene in the 1st quarter worth about $205,000. Apollon Wealth Management LLC purchased a new stake in Centene during the first quarter valued at about $407,000. Finally, Wealthfront Advisers LLC boosted its position in Centene by 38.3% during the first quarter. Wealthfront Advisers LLC now owns 23,195 shares of the company’s stock worth $1,408,000 after purchasing an additional 6,419 shares during the period. Institutional investors own 93.63% of the company’s stock.

Centene Price Performance

Centene stock opened at $36.09 on Friday. The business has a 50-day simple moving average of $34.82 and a 200 day simple moving average of $40.19. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $66.81. The stock has a market cap of $17.74 billion, a price-to-earnings ratio of -3.34, a PEG ratio of 1.24 and a beta of 0.49. The company has a quick ratio of 1.10, a current ratio of 1.08 and a debt-to-equity ratio of 0.83.

Centene (NYSE:CNC) last issued its quarterly 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 the consensus estimate 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 for the quarter was up 18.2% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. On average, research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

CNC has been the topic of several research reports. Cowen reissued a “hold” rating on shares of Centene in a research report on Friday, October 31st. UBS Group set a $42.00 target price on Centene and gave the stock a “neutral” rating in a research report on Thursday, October 30th. Morgan Stanley raised their price target on Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. Robert W. Baird dropped their price objective on Centene from $68.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Finally, The Goldman Sachs Group restated a “sell” rating and issued a $38.00 target price (up previously from $33.00) on shares of Centene in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, Centene has an average rating of “Hold” and a consensus target price of $39.47.

Centene 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.