18,057 Shares in Centene Corporation $CNC Acquired by Callan Family Office LLC

Key Points

• Callan Family Office LLC acquired 18,057 Centene shares worth approximately $1.16 million in the second quarter. Several other institutional investors also initiated positions, and institutions and hedge funds now own 93.63% of the stock.
• Centene reported quarterly revenue of $53.58 billion, up 9.9% year over year, while adjusted earnings of $2.51 per share exceeded analyst expectations of $1.09. Analysts expect full-year earnings of $4.89 per share.
• Centene shares opened at $65.64, near their 12-month high of $69.36. Analyst sentiment is mixed but improving, with a consensus “Hold” rating and an average price target of $70.05.

Callan Family Office LLC acquired a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 18,057 shares of the company's stock, valued at approximately $1,159,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Heartland Advisors Inc. bought a new stake in Centene in the second quarter valued at $9,764,000. Blue Capital Inc. bought a new position in shares of Centene during the second quarter worth about $2,799,000. Paralel Advisors LLC acquired a new stake in shares of Centene in the 2nd quarter worth about $4,531,000. Allworth Financial LP bought a new stake in Centene in the 2nd quarter valued at about $2,476,000. Finally, B. Metzler seel. Sohn & Co. AG acquired a new position in Centene during the 2nd quarter valued at about $1,018,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Price Performance

Shares of NYSE:CNC opened at $65.64 on Tuesday. The stock has a market cap of $32.43 billion, a price-to-earnings ratio of -6.29, a PEG ratio of 0.35 and a beta of 1.08. 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 12 month low of $28.24 and a 12 month high of $69.36. The stock's 50 day moving average price is $65.00 and its 200 day moving average price is $52.63.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The company had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. During the same period last year, the firm earned ($0.16) EPS. The firm's revenue for the quarter was up 9.9% on a year-over-year basis. Equities research analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insider Transactions at Centene

In related news, General Counsel Christopher Koster sold 47,603 shares of Centene 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 transaction, the general counsel directly owned 305,354 shares of the company's stock, valued at $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CNC shares. Jefferies Financial Group raised their price target on shares of Centene from $39.00 to $48.00 and gave the company a "hold" rating in a research note on Wednesday, April 29th. Zacks Research raised Centene from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Bank of America raised their target price on Centene from $72.00 to $74.00 and gave the company a "buy" rating in a research report on Thursday, June 4th. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Finally, Argus raised Centene from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Centene has an average rating of "Hold" and an average price target of $70.05.

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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