81,352 Shares in Centene Corporation $CNC Purchased by Hara Capital LLC

Key Points

• Hara Capital acquired 81,352 Centene shares worth approximately $5.22 million in the second quarter, making Centene its fifth-largest holding. Institutional investors collectively own 93.63% of the stock.
• Centene reported strong quarterly results, with earnings of $2.51 per share versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Centene shares opened at $64.24, while analysts maintained a consensus “Hold” rating and an average price target of $70.05. General Counsel Christopher Koster separately sold 47,603 shares for about $3.11 million.

Hara Capital 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 filing with the SEC. The firm acquired 81,352 shares of the company's stock, valued at approximately $5,222,000. Centene makes up 2.8% of Hara Capital LLC's holdings, making the stock its 5th biggest position.

Other hedge funds have also added to or reduced their stakes in the company. 180 Wealth Advisors LLC increased its position in shares of Centene by 3.1% during the first quarter. 180 Wealth Advisors LLC now owns 6,683 shares of the company's stock worth $219,000 after acquiring an additional 199 shares during the period. Summitry LLC boosted its holdings in shares of Centene by 1.1% in the first quarter. Summitry LLC now owns 23,925 shares of the company's stock valued at $783,000 after purchasing an additional 253 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Centene by 2.4% in the second quarter. GAMMA Investing LLC now owns 10,674 shares of the company's stock valued at $685,000 after purchasing an additional 253 shares during the period. Kestra Advisory Services LLC grew its stake in Centene by 0.5% in the fourth quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company's stock worth $2,165,000 after purchasing an additional 264 shares in the last quarter. Finally, CX Institutional increased its holdings in Centene by 3.1% during the 2nd quarter. CX Institutional now owns 8,999 shares of the company's stock worth $578,000 after purchasing an additional 269 shares during the period. 93.63% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 47,603 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the completion of the sale, the general counsel directly owned 305,354 shares of the company's stock, valued at approximately $19,957,937.44. This represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.37% of the company's stock.

Centene Trading Down 0.7%

Shares of NYSE:CNC opened at $64.24 on Friday. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The business's fifty day simple moving average is $64.96 and its 200-day simple moving average is $52.31. The company has a market capitalization of $31.73 billion, a PE ratio of -6.15, a P/E/G ratio of 0.35 and a beta of 1.08. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings data 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. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. During the same period in the prior year, the business posted ($0.16) EPS. The firm's quarterly revenue was up 9.9% on a year-over-year basis. As a group, equities research analysts predict that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on CNC shares. Morgan Stanley set a $66.00 target price on Centene in a report on Wednesday, July 29th. Zacks Research upgraded Centene from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. Raymond James Financial set a $75.00 price objective on shares of Centene in a research note on Tuesday, July 7th. UBS Group set a $79.00 target price on shares of Centene in a report on Tuesday. Finally, Jefferies Financial Group raised their target price on shares of Centene from $39.00 to $48.00 and gave the company a "hold" rating in a research report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price 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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