Maple Rock Capital Partners Inc. raised its position in shares of Centene Corporation (NYSE:CNC – Free Report) by 110.5% during the second quarter, HoldingsChannel reports. The fund owned 1,381,879 shares of the company’s stock after acquiring an additional 725,300 shares during the quarter. Centene accounts for approximately 1.8% of Maple Rock Capital Partners Inc.’s investment portfolio, making the stock its 16th largest holding. Maple Rock Capital Partners Inc.’s holdings in Centene were worth $88,703,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the company. Montanova Capital LLC bought a new position in Centene during the 2nd quarter valued at about $6,361,000. Benjamin Edwards Inc. bought a new stake in Centene in the second quarter worth about $515,000. Northwestern Mutual Wealth Management Co. boosted its position in shares of Centene by 10.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 46,730 shares of the company’s stock valued at $3,000,000 after buying an additional 4,594 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Centene by 12.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company’s stock valued at $354,173,000 after buying an additional 608,249 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its holdings in shares of Centene by 4.5% in the second quarter. New Mexico Educational Retirement Board now owns 23,232 shares of the company’s stock worth $1,491,000 after buying an additional 1,000 shares during the period. Institutional investors own 93.63% of the company’s stock.
Analyst Upgrades and Downgrades
CNC has been the topic of several research analyst reports. Zacks Research raised Centene from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Truist Financial upped their price target on shares of Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Mizuho set a $63.00 price objective on shares of Centene and gave the company a “neutral” rating in a research report on Monday, June 8th. Bank of America lifted their price target on shares of Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, Raymond James Financial set a $75.00 price objective on Centene in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $70.05.
Centene Stock Down 0.7%
NYSE:CNC opened at $64.32 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. Centene Corporation has a 1-year low of $28.24 and a 1-year high of $69.36. The company has a 50-day moving average of $65.35 and a 200 day moving average of $53.53. The firm has a market cap of $31.77 billion, a PE ratio of -6.16, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08.
Centene (NYSE:CNC – Get Free Report) last posted its quarterly 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. 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 quarter in the previous year, the business posted ($0.16) EPS. The company’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts anticipate that Centene Corporation will post 4.89 EPS for the current fiscal year.
Insider Buying and Selling
In related news, General Counsel Christopher Koster sold 56,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the transaction, the general counsel owned 248,854 shares of the company’s stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.37% of the stock is owned by company insiders.
Centene Company Profile
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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