139,967 Shares of Centene Corporation $CNC Bought by Cantor Fitzgerald Investment Advisors L.P.

Key Points

• Cantor Fitzgerald Investment Advisors initiated a Centene stake of 139,967 shares worth approximately $8.7 million during the third quarter. Institutional investors collectively own 93.63% of Centene’s outstanding stock.
• Centene reported quarterly EPS of $2.51, exceeding the $1.09 analyst consensus, while revenue rose 9.9% year over year to $53.58 billion. The company is projected to earn $4.89 per share for the current fiscal year.
• Centene shares opened at $70.62, near their 52-week high, while analysts maintained a consensus “Hold” rating with an average price target of $70.05; price targets ranged from $66 to $78.

Cantor Fitzgerald Investment Advisors L.P. bought a new stake in Centene Corporation (NYSE:CNC - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 139,967 shares of the company's stock, valued at approximately $8,695,000.

Several other large investors also recently made changes to their positions in CNC. BlackRock Inc. acquired a new position in Centene during the second quarter worth $2,660,422,000. Wellington Management Group LLP grew its position in shares of Centene by 423.0% in the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after acquiring an additional 10,757,914 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Centene by 12.4% during 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 worth $354,173,000 after purchasing an additional 608,249 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Centene by 21.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company's stock worth $302,818,000 after purchasing an additional 802,756 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in Centene during the second quarter worth about $285,713,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Trading Up 0.6%

CNC opened at $70.62 on Friday. The stock has a market capitalization of $34.88 billion, a price-to-earnings ratio of -6.76, a P/E/G ratio of 0.44 and a beta of 1.13. 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 Corporation has a twelve month low of $31.63 and a twelve month high of $71.01. The company has a 50-day simple moving average of $65.34 and a 200 day simple moving average of $59.60.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $1.42. The company had revenue of $53.58 billion during 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%. The firm's quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.16) EPS. Analysts predict that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the company'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 completion of the sale, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This 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 currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Truist Financial lifted their price objective on shares of Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Cantor Fitzgerald reissued an "overweight" rating on shares of Centene in a research report on Friday, October 9th. Robert W. Baird increased their price objective on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Weiss Ratings upgraded shares of Centene from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, October 8th. Finally, Raymond James Financial set a $75.00 target price on Centene in a research report on Tuesday, July 7th. Nine investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $70.05.

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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