SteelPeak Wealth LLC purchased a new position in Centene Corporation (NYSE:CNC – Free Report) during the third quarter, HoldingsChannel.com reports. The fund purchased 10,491 shares of the company’s stock, valued at approximately $652,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Silicon Valley Capital Partners bought a new stake in shares of Centene during the 2nd quarter valued at about $25,000. North Point Portfolio Managers Corp OH bought a new position in Centene in the third quarter worth about $25,000. Toth Financial Advisory Corp bought a new position in Centene in the third quarter worth about $30,000. MidFirst Bank acquired a new position in Centene in the second quarter valued at approximately $32,000. Finally, Fiduciary Financial Advisors acquired a new position in Centene in the second quarter valued at approximately $34,000. 93.63% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on CNC shares. Raymond James Financial set a $75.00 price target on Centene in a research report on Tuesday, July 7th. UBS Group set a $79.00 price target on Centene in a report on Tuesday, August 18th. Weiss Ratings upgraded Centene from a “sell (d)” rating to a “sell (d+)” rating in a research report on Thursday, October 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Centene in a research note on Friday, October 9th. Finally, Wells Fargo & Company set a $69.00 target price on Centene and gave the stock an “equal weight” rating in a research report on Monday, July 13th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.05.
Check Out Our Latest Research Report on CNC
Centene Stock Performance
Shares of NYSE CNC opened at $68.59 on Tuesday. Centene Corporation has a 12-month low of $31.63 and a 12-month high of $71.21. The company has a market cap of $33.88 billion, a PE ratio of -6.57, a P/E/G ratio of 0.44 and a beta of 1.13. The stock has a 50 day simple moving average of $65.46 and a 200-day simple moving average of $60.12. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71.
Centene (NYSE:CNC – Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $1.09 by $1.42. The firm had revenue of $53.58 billion for the quarter, compared to analysts’ expectations 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 revenue was up 9.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.16) EPS. On average, equities research analysts forecast that Centene Corporation will post 4.89 EPS for the current year.
Insider Activity at Centene
In other news, General Counsel Christopher Koster sold 56,500 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel directly owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.37% of the company’s stock.
Centene Profile
Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company’s offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.
Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.
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