Pinnacle Associates Ltd. Invests $662,000 in Centene Corporation $CNC

Pinnacle Associates Ltd. acquired a new position in shares of Centene Corporation (NYSE:CNC) in the 4th quarter, Holdings Channel.com reports. The fund acquired 16,083 shares of the company’s stock, valued at approximately $662,000.

Other large investors also recently made changes to their positions in the company. Addison Advisors LLC increased its position in shares of Centene by 455.6% during the third quarter. Addison Advisors LLC now owns 739 shares of the company’s stock worth $26,000 after acquiring an additional 606 shares in the last quarter. SBI Securities Co. Ltd. increased its position in shares of Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after acquiring an additional 406 shares in the last quarter. WPG Advisers LLC increased its position in shares of Centene by 44.5% during the third quarter. WPG Advisers LLC now owns 915 shares of the company’s stock worth $33,000 after acquiring an additional 282 shares in the last quarter. Ameriflex Group Inc. lifted its stake in Centene by 152.5% in the 3rd quarter. Ameriflex Group Inc. now owns 1,010 shares of the company’s stock valued at $36,000 after acquiring an additional 610 shares in the last quarter. Finally, GoalVest Advisory LLC acquired a new position in Centene during the 4th quarter worth approximately $37,000. Institutional investors own 93.63% of the company’s stock.

Centene Trading Down 0.0%

Shares of Centene stock opened at $58.25 on Monday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $62.21. The stock has a market cap of $28.76 billion, a P/E ratio of -4.43, a P/E/G ratio of 1.13 and a beta of 1.06. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $41.26 and its 200-day moving average is $40.86.

Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, April 28th. The company reported $3.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.23 by $1.14. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The company had revenue of $49.94 billion for the quarter, compared to analysts’ expectations of $47.53 billion. During the same quarter in the prior year, the business posted $2.90 EPS. The business’s revenue was up 7.1% compared to the same quarter last year. Equities research analysts predict that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CNC has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft upped their price target on Centene from $39.00 to $53.00 and gave the stock a “hold” rating in a research report on Wednesday, April 29th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $40.00 price target on shares of Centene in a research report on Wednesday, April 29th. Raymond James Financial set a $60.00 price target on Centene in a research report on Wednesday, April 29th. Morgan Stanley upped their price target on Centene from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 29th. Finally, Argus raised Centene to a “hold” rating in a research report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $53.82.

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.