Canada Pension Plan Investment Board Acquires New Position in Centene Corporation $CNC

Canada Pension Plan Investment Board bought a new position in shares of Centene Corporation (NYSE:CNC – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,371,519 shares of the company’s stock, valued at approximately $88,038,000.

Several other large investors have also recently modified their holdings of the business. DV Equities LLC purchased a new stake in shares of Centene during the 4th quarter valued at approximately $26,000. IFC & Insurance Marketing Inc. bought a new position in Centene in the 4th quarter worth approximately $28,000. SBI Securities Co. Ltd. grew its stake in Centene by 118.4% in the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after buying an additional 406 shares in the last quarter. MidFirst Bank bought a new stake in Centene during the 2nd quarter valued at $32,000. Finally, Bayban purchased a new stake in shares of Centene during the fourth quarter worth $33,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

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Centene Trading Up 0.5%

Centene stock opened at $65.35 on Thursday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. Centene Corporation has a fifty-two week low of $28.24 and a fifty-two week high of $69.36. The stock has a market cap of $32.28 billion, a P/E ratio of -6.26, a PEG ratio of 0.35 and a beta of 1.08. The firm’s fifty day moving average price is $65.17 and its 200-day moving average price is $52.98.

Centene (NYSE:CNC – Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.16) earnings per share. Equities research analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Christopher Koster sold 47,603 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the completion of the transaction, the general counsel owned 305,354 shares of the company’s stock, valued at approximately $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.37% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. UBS Group set a $79.00 price target on Centene in a research report on Tuesday, August 18th. Truist Financial increased their price objective on Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. lifted their target price on Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. TD Cowen reiterated a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the stock an “equal weight” rating in a report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $70.05.

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Centene Profile

(Free Report)

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.

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