Tobam Has $1.96 Million Holdings in Centene Corporation $CNC

Tobam increased its position in Centene Corporation (NYSE:CNC) by 1,686.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 36,096 shares of the company’s stock after purchasing an additional 34,075 shares during the period. Tobam’s holdings in Centene were worth $1,959,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Quadcap Wealth Management LLC increased its holdings in shares of Centene by 3.2% in the 1st quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company’s stock valued at $341,000 after purchasing an additional 172 shares during the period. Carnegie Investment Counsel lifted its position in Centene by 6.0% in the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company’s stock worth $234,000 after buying an additional 215 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Centene by 6.1% during the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company’s stock valued at $270,000 after buying an additional 254 shares during the period. Grove Bank & Trust increased its stake in shares of Centene by 2.8% in the second quarter. Grove Bank & Trust now owns 11,632 shares of the company’s stock worth $631,000 after acquiring an additional 313 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its holdings in shares of Centene by 5.1% during the second quarter. Farther Finance Advisors LLC now owns 6,658 shares of the company’s stock worth $361,000 after acquiring an additional 325 shares in the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CNC. Bank of America lowered Centene from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $52.00 to $30.00 in a research report on Wednesday, July 16th. Mizuho raised their price objective on shares of Centene from $28.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Centene in a research report on Wednesday, October 8th. Truist Financial reaffirmed a “buy” rating and issued a $45.00 price objective (up previously from $42.00) on shares of Centene in a research note on Thursday, October 30th. Finally, Morgan Stanley increased their target price on shares of Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 14th. Three research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $39.82.

Centene Stock Performance

Shares of NYSE CNC opened at $35.40 on Wednesday. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $66.81. The company has a market cap of $17.40 billion, a P/E ratio of -3.27, a P/E/G ratio of 1.24 and a beta of 0.49. The business’s 50 day moving average is $34.55 and its two-hundred day moving average is $40.25. 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 released its earnings results on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, beating the consensus estimate of ($0.21) by $0.71. Centene had a negative net margin of 2.85% and a positive return on equity of 7.82%. The firm had revenue of $49.69 billion during the quarter, compared to analysts’ expectations of $47.50 billion. During the same period in the prior year, the company earned $1.62 EPS. The business’s quarterly revenue was up 18.2% compared to the same quarter last year. On average, equities analysts expect that Centene Corporation will post 6.86 EPS for the current year.

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.