West Family Investments Inc. bought a new position in Centene Corporation (NYSE:CNC – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 9,373 shares of the company’s stock, valued at approximately $602,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DV Equities LLC acquired a new stake in shares of Centene in the fourth quarter worth $26,000. IFC & Insurance Marketing Inc. bought a new stake in shares of Centene during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. raised its stake in shares of Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after purchasing an additional 406 shares in the last quarter. MidFirst Bank bought a new position in Centene in the second quarter worth $32,000. Finally, Bayban acquired a new stake in Centene during the fourth quarter worth $33,000. Institutional investors and hedge funds own 93.63% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on the company. Barclays reaffirmed an “overweight” rating and set a $80.00 price objective (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Mizuho set a $63.00 price objective on shares of Centene and gave the stock a “neutral” rating in a report on Monday, June 8th. TD Cowen reissued a “hold” rating and issued a $65.00 target price (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Stifel Nicolaus set a $79.00 price objective on Centene in a report on Monday, August 3rd. Finally, Morgan Stanley set a $66.00 price target on Centene in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $70.05.
Insider Buying and Selling at Centene
In other news, General Counsel Christopher Koster sold 56,500 shares of Centene 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 sale, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is owned by corporate insiders.
Centene Trading Down 3.7%
Shares of NYSE:CNC opened at $64.56 on Wednesday. The firm has a market cap of $31.89 billion, a price-to-earnings ratio of -6.18, a PEG ratio of 0.42 and a beta of 1.10. The company’s fifty day simple moving average is $65.61 and its 200 day simple moving average is $54.61. Centene Corporation has a 12 month low of $28.84 and a 12 month high of $69.36. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.
Centene (NYSE:CNC – Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion during 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%.Centene’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.16) earnings per share. As a group, research analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.
Centene 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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