PNC Financial Services Group Inc. Has $3.79 Million Holdings in Centene Corporation $CNC

PNC Financial Services Group Inc. lifted its position in shares of Centene Corporation (NYSE:CNC) by 15.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 92,117 shares of the company’s stock after buying an additional 12,321 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Centene were worth $3,791,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CNC. AQR Capital Management LLC increased its position in shares of Centene by 76.6% during the third quarter. AQR Capital Management LLC now owns 14,654,834 shares of the company’s stock worth $522,885,000 after buying an additional 6,356,152 shares during the period. Deerfield Management Company L.P. increased its position in shares of Centene by 184.0% during the third quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company’s stock worth $322,761,000 after buying an additional 5,860,630 shares during the period. 8 Knots Management LLC acquired a new stake in shares of Centene during the third quarter worth $186,662,000. Arrowstreet Capital Limited Partnership increased its position in shares of Centene by 32.0% during the third quarter. Arrowstreet Capital Limited Partnership now owns 8,716,056 shares of the company’s stock worth $310,989,000 after buying an additional 2,111,674 shares during the period. Finally, Long Focus Capital Management LLC grew its holdings in Centene by 705.4% in the third quarter. Long Focus Capital Management LLC now owns 2,299,000 shares of the company’s stock worth $82,028,000 after purchasing an additional 2,013,560 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Up 0.0%

CNC opened at $59.15 on Tuesday. 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 company’s 50-day moving average is $43.55 and its 200 day moving average is $41.85. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $60.76. The firm has a market capitalization of $29.21 billion, a P/E ratio of -4.50, a PEG ratio of 1.14 and a beta of 1.06.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The company had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. During the same period last year, the firm earned $2.90 earnings per share. The firm’s revenue was up 7.1% on a year-over-year basis. Research analysts expect that Centene Corporation will post 3.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have commented on CNC shares. UBS Group restated a “neutral” rating and issued a $61.00 price target (up from $55.00) on shares of Centene in a report on Friday. Argus upgraded shares of Centene to a “hold” rating in a report on Monday, February 9th. Jefferies Financial Group raised their price target on shares of Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. TD Cowen restated a “hold” rating and issued a $47.00 price target (up from $38.00) on shares of Centene in a report on Monday, May 4th. Finally, Barclays restated an “overweight” rating and issued a $63.00 price target (up from $54.00) on shares of Centene in a report on Wednesday, April 29th. One research 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $56.94.

Centene 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.