Neo Ivy Capital Management Acquires New Shares in Centene Corporation $CNC

Neo Ivy Capital Management bought a new position in shares of Centene Corporation (NYSE:CNC) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 17,102 shares of the company’s stock, valued at approximately $928,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in CNC. Magnetar Financial LLC increased its holdings in shares of Centene by 34.1% during the 2nd quarter. Magnetar Financial LLC now owns 171,417 shares of the company’s stock valued at $9,305,000 after acquiring an additional 43,572 shares during the last quarter. Swiss National Bank boosted its position in Centene by 5.5% during the second quarter. Swiss National Bank now owns 1,501,724 shares of the company’s stock worth $81,514,000 after purchasing an additional 77,900 shares during the period. Handelsbanken Fonder AB grew its holdings in Centene by 2.3% during the second quarter. Handelsbanken Fonder AB now owns 146,416 shares of the company’s stock valued at $7,947,000 after purchasing an additional 3,227 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its stake in shares of Centene by 260.3% in the second quarter. Dynamic Technology Lab Private Ltd now owns 70,481 shares of the company’s stock worth $3,826,000 after buying an additional 50,920 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in shares of Centene by 3.8% during the 2nd quarter. Empirical Finance LLC now owns 27,561 shares of the company’s stock worth $1,496,000 after buying an additional 1,000 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on CNC shares. Robert W. Baird dropped their target price on shares of Centene from $68.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research note on Wednesday, October 8th. Jefferies Financial Group increased their target price on Centene from $25.00 to $32.00 in a research note on Monday, November 3rd. Deutsche Bank Aktiengesellschaft lifted their price target on Centene from $24.00 to $32.00 in a research report on Friday, October 31st. Finally, Cantor Fitzgerald increased their price objective on Centene from $38.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. Three research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $40.00.

Centene Stock Performance

Shares of NYSE CNC opened at $36.45 on Friday. Centene Corporation has a one year low of $25.08 and a one year high of $66.81. The company has a current ratio of 1.08, a quick ratio of 1.10 and a debt-to-equity ratio of 0.83. The business has a fifty day simple moving average of $35.43 and a 200 day simple moving average of $39.21. The firm has a market capitalization of $17.92 billion, a price-to-earnings ratio of -3.37, a PEG ratio of 1.24 and a beta of 0.49.

Centene (NYSE:CNC) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $49.69 billion during the quarter, compared to the consensus estimate of $47.50 billion. During the same period last year, the firm earned $1.62 EPS. The firm’s revenue for the quarter was up 18.2% compared to the same quarter last year. Sell-side analysts expect that Centene Corporation will post 6.86 EPS for the current year.

About Centene

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.