Mackenzie Financial Corp Raises Position in Centene Co. (NYSE:CNC)

Mackenzie Financial Corp raised its position in shares of Centene Co. (NYSE:CNC) by 3.5% in the second quarter, Holdings Channel.com reports. The fund owned 434,903 shares of the company’s stock after acquiring an additional 14,638 shares during the quarter. Mackenzie Financial Corp’s holdings in Centene were worth $28,834,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Pinebridge Investments L.P. lifted its holdings in Centene by 52.4% in the 4th quarter. Pinebridge Investments L.P. now owns 327,442 shares of the company’s stock valued at $24,298,000 after purchasing an additional 112,605 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Centene by 18.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 624,944 shares of the company’s stock worth $49,046,000 after buying an additional 98,298 shares in the last quarter. GSA Capital Partners LLP grew its stake in Centene by 435.0% during the 1st quarter. GSA Capital Partners LLP now owns 20,052 shares of the company’s stock valued at $1,574,000 after acquiring an additional 16,304 shares in the last quarter. Diversified Trust Co raised its holdings in Centene by 35.8% in the 2nd quarter. Diversified Trust Co now owns 28,009 shares of the company’s stock valued at $1,857,000 after acquiring an additional 7,385 shares during the last quarter. Finally, Bessemer Group Inc. boosted its holdings in shares of Centene by 189.6% during the 1st quarter. Bessemer Group Inc. now owns 24,162 shares of the company’s stock worth $1,895,000 after purchasing an additional 15,819 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft lifted their price objective on Centene from $82.00 to $87.00 and gave the stock a “hold” rating in a research report on Friday, August 2nd. StockNews.com raised shares of Centene from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 29th. Oppenheimer cut their price objective on shares of Centene from $110.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. Jefferies Financial Group lowered shares of Centene from a “buy” rating to a “hold” rating and decreased their target price for the company from $83.00 to $69.00 in a report on Wednesday, July 24th. Finally, Truist Financial reduced their price target on shares of Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Seven research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Centene currently has a consensus rating of “Moderate Buy” and a consensus target price of $85.58.

Centene Stock Up 1.2 %

NYSE:CNC opened at $74.58 on Friday. Centene Co. has a 52 week low of $63.45 and a 52 week high of $81.42. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.64. The stock’s fifty day moving average is $75.23 and its two-hundred day moving average is $73.39. The stock has a market capitalization of $39.80 billion, a price-to-earnings ratio of 14.83, a price-to-earnings-growth ratio of 1.02 and a beta of 0.48.

Centene (NYSE:CNC) last announced its earnings results on Friday, July 26th. The company reported $2.42 EPS for the quarter, missing analysts’ consensus estimates of $2.44 by ($0.02). The firm 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 business’s revenue was up 5.9% compared to the same quarter last year. During the same quarter last year, the business earned $2.10 earnings per share. Research analysts anticipate that Centene Co. will post 6.8 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.