Summit Global Investments Decreases Stock Position in Centene Co. (NYSE:CNC)

Summit Global Investments lessened its position in Centene Co. (NYSE:CNC) by 8.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 68,809 shares of the company’s stock after selling 6,199 shares during the quarter. Summit Global Investments’ holdings in Centene were worth $4,562,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new position in shares of Centene in the first quarter valued at approximately $25,000. Riggs Asset Managment Co. Inc. acquired a new stake in shares of Centene in the fourth quarter valued at approximately $32,000. Riverview Trust Co increased its holdings in shares of Centene by 154.6% in the second quarter. Riverview Trust Co now owns 527 shares of the company’s stock valued at $35,000 after purchasing an additional 320 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Centene in the second quarter valued at approximately $36,000. Finally, Neo Ivy Capital Management acquired a new stake in Centene during the fourth quarter worth $40,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Performance

Shares of NYSE CNC traded down $0.14 during trading hours on Tuesday, reaching $78.16. The stock had a trading volume of 2,484,890 shares, compared to its average volume of 3,477,580. The firm has a 50-day moving average of $70.43 and a 200-day moving average of $73.78. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.64. The firm has a market cap of $41.71 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 1.00 and a beta of 0.50. Centene Co. has a fifty-two week low of $60.83 and a fifty-two week high of $81.42.

Centene (NYSE:CNC) last posted its quarterly earnings data on Friday, July 26th. The company reported $2.42 EPS for the quarter, missing the consensus estimate of $2.44 by ($0.02). The company had revenue of $39.84 billion for the quarter, compared to analysts’ expectations of $36.83 billion. Centene had a net margin of 1.79% and a return on equity of 14.45%. The firm’s revenue was up 5.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.10 earnings per share. Equities research analysts predict that Centene Co. will post 6.84 earnings per share for the current year.

Wall Street Analyst Weigh In

CNC has been the subject of several recent analyst reports. JPMorgan Chase & Co. cut their target price on Centene from $85.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Baird R W raised Centene to a “hold” rating in a research note on Thursday, May 30th. Truist Financial dropped their price objective on Centene from $92.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Robert W. Baird assumed coverage on Centene in a research note on Thursday, May 30th. They set a “neutral” rating and a $83.00 target price for the company. Finally, TD Cowen boosted their target price on Centene from $80.00 to $89.00 and gave the stock a “buy” rating in a research note on Wednesday, July 31st. Nine analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $84.36.

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.