Monument Capital Management bought a new position in Centene Corporation (NYSE:CNC – Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 36,895 shares of the company’s stock, valued at approximately $2,292,000.
Several other large investors have also recently bought and sold shares of CNC. BlackRock Inc. acquired a new position in shares of Centene during the second quarter worth $2,660,422,000. Wellington Management Group LLP lifted its holdings in Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock worth $853,805,000 after buying an additional 10,757,914 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Centene by 12.4% in the 2nd 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. Bank of America Corp DE acquired a new position in shares of Centene in the second quarter worth approximately $285,713,000. Finally, Deutsche Bank AG acquired a new position in shares of Centene in the second quarter worth approximately $257,279,000. 93.63% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
CNC has been the subject of a number of recent analyst reports. Barclays reissued an “overweight” rating and set a $80.00 target price (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. Wells Fargo & Company set a $69.00 price objective on shares of Centene and gave the company an “equal weight” rating in a research note on Monday, July 13th. Morgan Stanley set a $66.00 target price on shares of Centene in a research note on Wednesday, July 29th. Raymond James Financial set a $75.00 target price on shares of Centene in a report on Tuesday, July 7th. Finally, Truist Financial increased their price target on Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $70.05.
Centene Price Performance
Centene stock opened at $64.49 on Friday. The stock has a market capitalization of $31.86 billion, a price-to-earnings ratio of -6.18, a PEG ratio of 0.41 and a beta of 1.13. Centene Corporation has a 52-week low of $31.63 and a 52-week high of $69.63. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The stock’s 50 day moving average price is $64.92 and its two-hundred day moving average price is $58.35.
Centene (NYSE:CNC – Get Free Report) last released its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $1.42. The company had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. Centene’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.16) EPS. On average, equities analysts predict that Centene Corporation will post 4.89 earnings per share for the current year.
Insider Buying and Selling at Centene
In other news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel owned 248,854 shares of the company’s stock, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.37% of the company’s stock.
About Centene
Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.
The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.
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