Cresset Asset Management LLC Sells 1,179,321 Shares of Centene Co. (NYSE:CNC)

Cresset Asset Management LLC trimmed its holdings in shares of Centene Co. (NYSE:CNC) by 55.2% during the fourth quarter, HoldingsChannel reports. The firm owned 956,354 shares of the company’s stock after selling 1,179,321 shares during the quarter. Cresset Asset Management LLC’s holdings in Centene were worth $57,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Capital Advisors Ltd. LLC boosted its stake in Centene by 75.3% in the fourth quarter. Capital Advisors Ltd. LLC now owns 412 shares of the company’s stock valued at $25,000 after acquiring an additional 177 shares during the last quarter. Hurley Capital LLC purchased a new position in Centene in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC bought a new position in Centene during the fourth quarter valued at $30,000. OFI Invest Asset Management purchased a new stake in Centene in the fourth quarter worth $33,000. Finally, SRS Capital Advisors Inc. raised its stake in shares of Centene by 73.4% in the fourth quarter. SRS Capital Advisors Inc. now owns 631 shares of the company’s stock valued at $38,000 after buying an additional 267 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Performance

NYSE:CNC opened at $59.79 on Tuesday. Centene Co. has a twelve month low of $55.03 and a twelve month high of $80.59. The company has a quick ratio of 1.10, a current ratio of 1.11 and a debt-to-equity ratio of 0.70. The stock has a market cap of $29.75 billion, a P/E ratio of 9.58, a PEG ratio of 0.80 and a beta of 0.48. The business’s 50-day moving average price is $60.23 and its two-hundred day moving average price is $60.46.

Centene (NYSE:CNC) last announced its earnings results on Friday, April 25th. The company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.38. The business had revenue of $46.62 billion during the quarter, compared to analyst estimates of $43.16 billion. Centene had a net margin of 2.03% and a return on equity of 13.85%. Centene’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the previous year, the business posted $2.26 earnings per share. As a group, equities analysts predict that Centene Co. will post 6.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CNC. StockNews.com lowered Centene from a “strong-buy” rating to a “buy” rating in a report on Monday, April 28th. Argus downgraded shares of Centene from a “buy” rating to a “hold” rating in a research note on Thursday, February 6th. Jefferies Financial Group dropped their price target on shares of Centene from $64.00 to $61.00 and set a “hold” rating on the stock in a research note on Tuesday, April 29th. Wells Fargo & Company reduced their price objective on shares of Centene from $76.00 to $72.00 and set an “overweight” rating for the company in a research note on Friday, February 14th. Finally, Robert W. Baird dropped their target price on Centene from $71.00 to $69.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $79.77.

Centene Company 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.