Nordea Investment Management AB Decreases Stock Holdings in Centene Corporation $CNC

Nordea Investment Management AB trimmed its stake in shares of Centene Corporation (NYSE:CNC) by 90.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 201,735 shares of the company’s stock after selling 1,923,533 shares during the period. Nordea Investment Management AB’s holdings in Centene were worth $7,168,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of CNC. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Centene during the third quarter worth $27,000. Cromwell Holdings LLC purchased a new position in shares of Centene in the third quarter valued at $62,000. Assetmark Inc. raised its stake in shares of Centene by 248.2% during the 2nd quarter. Assetmark Inc. now owns 1,156 shares of the company’s stock worth $63,000 after buying an additional 824 shares during the last quarter. GHP Investment Advisors Inc. grew its stake in Centene by 265.8% in the 2nd quarter. GHP Investment Advisors Inc. now owns 1,178 shares of the company’s stock valued at $64,000 after acquiring an additional 856 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in Centene during the 2nd quarter valued at about $76,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Performance

Shares of CNC opened at $45.75 on Friday. The firm has a market capitalization of $22.49 billion, a P/E ratio of -4.23, a PEG ratio of 1.07 and a beta of 0.48. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.08 and a quick ratio of 1.08. Centene Corporation has a one year low of $25.08 and a one year high of $66.81. The business has a fifty day moving average of $40.16 and a 200 day moving average of $34.82.

Centene (NYSE:CNC) last announced its earnings results on Wednesday, October 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.71. Centene had a positive return on equity of 7.82% and a negative net margin of 2.85%.The business had revenue of $49.69 billion for the quarter, compared to analysts’ expectations of $47.50 billion. During the same period last year, the firm posted $1.62 earnings per share. The business’s revenue for the quarter was up 18.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Centene Corporation will post 6.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $45.00 price target on shares of Centene in a research report on Thursday, October 30th. Cantor Fitzgerald increased their target price on Centene from $38.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. TD Cowen boosted their price target on Centene from $30.00 to $34.00 and gave the stock a “hold” rating in a report on Friday, October 31st. Zacks Research raised Centene from a “strong sell” rating to a “hold” rating in a research note on Wednesday, October 29th. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $38.00 price objective (up previously from $33.00) on shares of Centene in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $40.38.

Centene Company Profile

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.