Allstate Corp Buys 18,473 Shares of Centene Corporation $CNC

Allstate Corp raised its stake in Centene Corporation (NYSE:CNC) by 106.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,823 shares of the company’s stock after purchasing an additional 18,473 shares during the quarter. Allstate Corp’s holdings in Centene were worth $1,474,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CNC. Baird Financial Group Inc. bought a new position in Centene in the first quarter valued at approximately $236,000. Sivia Capital Partners LLC boosted its stake in shares of Centene by 80.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock worth $527,000 after acquiring an additional 4,315 shares during the period. CW Advisors LLC boosted its stake in shares of Centene by 20.3% during the 2nd quarter. CW Advisors LLC now owns 4,863 shares of the company’s stock worth $264,000 after acquiring an additional 820 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Centene by 6.1% during the 2nd quarter. NewEdge Advisors LLC now owns 44,945 shares of the company’s stock worth $2,440,000 after acquiring an additional 2,582 shares during the period. Finally, Treasurer of the State of North Carolina boosted its stake in shares of Centene by 0.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company’s stock worth $12,590,000 after acquiring an additional 967 shares during the period. 93.63% of the stock is currently owned by institutional investors.

Centene Stock Up 1.4%

Shares of NYSE:CNC opened at $59.72 on Friday. The company has a market capitalization of $29.49 billion, a price-to-earnings ratio of -4.54, a P/E/G ratio of 0.46 and a beta of 1.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.12 and a quick ratio of 1.12. The business’s 50-day moving average is $45.44 and its 200-day moving average is $42.41. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $60.76.

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, beating 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 the consensus estimate of $47.53 billion. During the same period in the previous year, the business earned $2.90 EPS. The firm’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 year.

Analyst Ratings Changes

Several analysts recently weighed in on CNC shares. Oppenheimer lifted their price target on Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft raised Centene from a “hold” rating to a “buy” rating and lifted their price target for the stock from $53.00 to $80.00 in a report on Wednesday, May 20th. Zacks Research raised Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Raymond James Financial set a $60.00 price target on Centene in a report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. boosted their price target on Centene from $41.00 to $52.00 and gave the stock a “neutral” rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Centene currently has an average rating of “Hold” and an average target price of $58.18.

About Centene

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.