abrdn plc Reduces Stock Position in Centene Co. (NYSE:CNC)

abrdn plc decreased its stake in shares of Centene Co. (NYSE:CNC) by 3.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 194,472 shares of the company’s stock after selling 6,893 shares during the quarter. abrdn plc’s holdings in Centene were worth $14,488,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CNC. Swedbank AB purchased a new stake in Centene in the 1st quarter valued at about $914,080,000. Capital International Investors raised its stake in shares of Centene by 60.2% in the 1st quarter. Capital International Investors now owns 5,216,486 shares of the company’s stock valued at $409,390,000 after acquiring an additional 1,959,460 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Centene by 22.9% in the 2nd quarter. AQR Capital Management LLC now owns 4,461,517 shares of the company’s stock worth $295,799,000 after acquiring an additional 832,318 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Centene by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,113,759 shares of the company’s stock worth $339,042,000 after purchasing an additional 636,683 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ increased its holdings in Centene by 42.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 1,400,276 shares of the company’s stock valued at $92,838,000 after purchasing an additional 416,003 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Price Performance

Shares of NYSE:CNC opened at $63.52 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.17. Centene Co. has a 12 month low of $59.77 and a 12 month high of $81.42. The firm has a market capitalization of $33.41 billion, a P/E ratio of 11.03, a P/E/G ratio of 0.85 and a beta of 0.48. The company’s fifty day moving average price is $71.25 and its 200 day moving average price is $71.96.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. dropped their target price on Centene from $85.00 to $80.00 and set a “neutral” rating for the company in a research report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Centene from $82.00 to $87.00 and gave the stock a “hold” rating in a research note on Friday, August 2nd. Truist Financial dropped their price target on shares of Centene from $92.00 to $89.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Wells Fargo & Company cut their price objective on Centene from $93.00 to $91.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th. Finally, Oppenheimer lowered their target price on Centene from $110.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

Centene Company Profile

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.