State Street Corp Acquires 514,600 Shares of Centene Corporation $CNC

State Street Corp grew its holdings in Centene Corporation (NYSE:CNC) by 2.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,186,927 shares of the company’s stock after acquiring an additional 514,600 shares during the quarter. State Street Corp’s holdings in Centene were worth $1,258,586,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Polianta Ltd acquired a new position in shares of Centene during the second quarter valued at about $1,253,000. Oliver Luxxe Assets LLC bought a new position in Centene during the second quarter valued at about $4,033,000. Focus Partners Wealth raised its holdings in 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 in the last quarter. Focused Investors LLC lifted its position in shares of Centene by 19.9% in the 2nd quarter. Focused Investors LLC now owns 1,250,000 shares of the company’s stock worth $67,850,000 after acquiring an additional 207,600 shares during the period. Finally, Amundi grew its holdings in shares of Centene by 6.2% during the 2nd quarter. Amundi now owns 3,384,752 shares of the company’s stock worth $183,724,000 after purchasing an additional 199,016 shares in the last quarter. Institutional investors own 93.63% of the company’s stock.

Centene Trading Up 1.6%

Shares of CNC stock opened at $38.71 on Thursday. The company has a market capitalization of $19.03 billion, a P/E ratio of -3.58, a P/E/G ratio of 1.27 and a beta of 0.48. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $66.81. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 0.83. The firm has a 50-day moving average price of $36.76 and a 200 day moving average price of $37.07.

Centene (NYSE:CNC) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.71. The company had revenue of $49.69 billion during 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%. The company’s revenue was up 18.2% on a year-over-year basis. During the same quarter last year, the business posted $1.62 earnings per share. Research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CNC shares. 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. Zacks Research raised shares of Centene from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 29th. Cowen reissued a “hold” rating on shares of Centene in a research note on Friday, October 31st. Mizuho increased their price target on shares of Centene from $28.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Finally, TD Cowen lifted their price objective on Centene from $30.00 to $34.00 and gave the company a “hold” rating in a report on Friday, October 31st. Three research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $40.00.

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.