Quantbot Technologies LP purchased a new stake in Centene Corporation (NYSE:CNC – Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 126,545 shares of the company’s stock, valued at approximately $8,123,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Evolve Private Wealth LLC purchased a new position in shares of Centene in the 2nd quarter worth $2,741,000. Westpac Banking Corp purchased a new stake in Centene during the second quarter valued at about $803,000. Korea Investment CORP purchased a new stake in Centene during the second quarter valued at about $64,395,000. EP Wealth Advisors LLC acquired a new stake in Centene during the second quarter worth about $1,668,000. Finally, Ieq Capital LLC purchased a new position in shares of Centene in the 2nd quarter worth about $94,667,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a report on Friday, July 17th. Stifel Nicolaus set a $79.00 price target on shares of Centene in a research report on Monday, August 3rd. Robert W. Baird boosted their price objective on shares of Centene from $46.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Barclays reissued an “overweight” rating and issued a $80.00 price objective (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. Finally, Truist Financial lifted their target price on shares of Centene from $71.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $70.05.
Centene Trading Up 1.2%
NYSE CNC opened at $64.94 on Friday. The company’s fifty day simple moving average is $64.96 and its 200-day simple moving average is $52.40. Centene Corporation has a 52 week low of $28.24 and a 52 week high of $69.36. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The stock has a market cap of $32.08 billion, a P/E ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08.
Centene (NYSE:CNC – Get Free Report) last released its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $1.42. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. During the same period last year, the business earned ($0.16) EPS. The business’s revenue was up 9.9% on a year-over-year basis. Equities research analysts predict that Centene Corporation will post 4.89 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, General Counsel Christopher Koster sold 47,603 shares of the firm’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 sale, the general counsel directly owned 305,354 shares in the company, valued at $19,957,937.44. This trade represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.37% of the stock is currently owned by insiders.
About Centene
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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