New York Life Investment Management LLC Increases Stake in Centene Corporation $CNC

New York Life Investment Management LLC raised its position in Centene Corporation (NYSE:CNC) by 2.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,179 shares of the company’s stock after purchasing an additional 1,514 shares during the period. New York Life Investment Management LLC’s holdings in Centene were worth $3,755,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Centene by 99.3% in the second quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 134,260 shares of the company’s stock valued at $7,288,000 after buying an additional 66,900 shares in the last quarter. AustralianSuper Pty Ltd raised its stake in Centene by 81.3% in the second quarter. AustralianSuper Pty Ltd now owns 1,279,287 shares of the company’s stock valued at $69,440,000 after buying an additional 573,736 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Centene by 7.8% in the second quarter. Teacher Retirement System of Texas now owns 618,167 shares of the company’s stock valued at $33,554,000 after buying an additional 44,536 shares in the last quarter. Transcend Capital Advisors LLC raised its stake in Centene by 15.1% in the second quarter. Transcend Capital Advisors LLC now owns 34,887 shares of the company’s stock valued at $1,894,000 after buying an additional 4,577 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Centene by 7.2% in the second quarter. Envestnet Asset Management Inc. now owns 759,423 shares of the company’s stock valued at $41,221,000 after buying an additional 50,706 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Insider Buying and Selling

In other Centene news, CEO Sarah London acquired 19,230 shares of the company’s stock in a transaction on Friday, August 8th. The shares were bought at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the purchase, the chief executive officer owned 845,275 shares in the company, valued at $21,554,512.50. This trade represents a 2.33% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.36% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Bank of America cut shares of Centene from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $52.00 to $30.00 in a report on Wednesday, July 16th. Sanford C. Bernstein restated an “outperform” rating on shares of Centene in a report on Wednesday. Cantor Fitzgerald upped their target price on shares of Centene from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday. Mizuho upped their target price on shares of Centene from $28.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Finally, Truist Financial restated a “buy” rating and issued a $45.00 target price (up previously from $42.00) on shares of Centene in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Centene Trading Down 6.1%

NYSE CNC opened at $35.06 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.10 and a current ratio of 1.08. The firm has a market cap of $17.22 billion, a PE ratio of -3.24, a P/E/G ratio of 1.24 and a beta of 0.48. Centene Corporation has a one year low of $25.08 and a one year high of $66.81. The firm’s fifty day moving average is $33.45 and its two-hundred day moving average is $41.92.

Centene (NYSE:CNC) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates 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 negative net margin of 2.85% and a positive return on equity of 7.82%. Centene’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period in the previous year, the business posted $1.62 earnings per share. Analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

About Centene

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.