Wealthfront Advisers LLC Takes Position in Centene Corporation $CNC

Wealthfront Advisers LLC purchased a new position in Centene Corporation (NYSE:CNC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 284,760 shares of the company’s stock, valued at approximately $18,279,000. Wealthfront Advisers LLC owned about 0.06% of Centene at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CNC. Baird Financial Group Inc. acquired a new position in Centene during the first quarter worth about $236,000. Sivia Capital Partners LLC raised its holdings in Centene by 80.0% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company’s stock valued at $527,000 after acquiring an additional 4,315 shares during the last quarter. CW Advisors LLC lifted its stake in Centene by 20.3% in the 2nd quarter. CW Advisors LLC now owns 4,863 shares of the company’s stock worth $264,000 after purchasing an additional 820 shares in the last quarter. NewEdge Advisors LLC boosted its holdings 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 purchasing an additional 2,582 shares during the last quarter. Finally, Treasurer of the State of North Carolina grew its position in shares of Centene by 0.4% in the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company’s stock valued at $12,590,000 after purchasing an additional 967 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Stock Up 1.4%

Shares of NYSE CNC opened at $65.29 on Wednesday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. The business’s 50 day moving average is $64.96 and its two-hundred day moving average is $52.01. Centene Corporation has a 52-week low of $28.24 and a 52-week high of $69.36. The firm has a market cap of $32.25 billion, a price-to-earnings ratio of -6.25, a PEG ratio of 0.36 and a beta of 1.08.

Centene (NYSE:CNC) last released its quarterly earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The business had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. During the same period last year, the business posted ($0.16) earnings per share. The company’s quarterly revenue was up 9.9% on a year-over-year basis. Research analysts predict that Centene Corporation will post 4.89 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Stifel Nicolaus set a $79.00 price objective on Centene in a research report on Monday, August 3rd. TD Cowen reaffirmed a “hold” rating and issued a $65.00 target price (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Jefferies Financial Group lifted their price target on Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft raised shares of Centene from a “hold” rating to a “buy” rating and upped their price objective for the company from $53.00 to $80.00 in a report on Wednesday, May 20th. Finally, Wall Street Zen upgraded shares of Centene from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Centene presently has an average rating of “Hold” and a consensus target price of $70.05.

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.