Centene Corporation $CNC Shares Purchased by Gibbs Wealth Management

Gibbs Wealth Management raised its position in Centene Corporation (NYSE:CNC) by 106.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,881 shares of the company’s stock after purchasing an additional 15,441 shares during the period. Gibbs Wealth Management’s holdings in Centene were worth $978,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CNC. DV Equities LLC acquired a new stake in Centene during the fourth quarter worth approximately $26,000. IFC & Insurance Marketing Inc. acquired a new position in Centene in the 4th quarter valued at $28,000. SBI Securities Co. Ltd. lifted its stake in shares of Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock worth $31,000 after purchasing an additional 406 shares during the period. Bayban acquired a new stake in shares of Centene during the fourth quarter worth $33,000. Finally, MV Capital Management Inc. purchased a new stake in shares of Centene in the fourth quarter valued at $34,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Sanford C. Bernstein increased their target price on Centene from $48.00 to $68.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded Centene from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. Mizuho set a $63.00 price objective on shares of Centene and gave the company a “neutral” rating in a research note on Monday, June 8th. Wells Fargo & Company set a $69.00 target price on shares of Centene and gave the stock an “equal weight” rating in a research report on Monday, July 13th. Finally, Morgan Stanley boosted their target price on shares of Centene from $50.00 to $57.00 and gave the company an “equal weight” rating in a report on Thursday, June 4th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Centene currently has a consensus rating of “Hold” and a consensus price target of $64.61.

Centene Price Performance

Shares of Centene stock opened at $63.35 on Friday. The business’s fifty day moving average price is $63.46 and its 200 day moving average price is $49.69. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $69.36. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $31.28 billion, a P/E ratio of -4.82, a PEG ratio of 0.50 and a beta of 1.07.

Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, topping the consensus estimate of $2.23 by $1.14. The company had revenue of $49.94 billion during the quarter, compared to analyst estimates of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The firm’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm posted $2.90 earnings per share. As a group, research analysts anticipate that Centene Corporation will post 3.44 earnings per share for the current year.

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.