826,395 Shares in Centene Corporation $CNC Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 826,395 Centene shares worth approximately $53.0 million, giving it a 0.17% stake. Institutional investors collectively own 93.63% of the company.
• 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.
• CNC shares opened at $64.94, while analysts’ average rating remained “Hold” with a consensus price target of $70.05; ratings ranged from Goldman Sachs’ $40 sell target to Deutsche Bank’s $80 buy target.

Bank of Nova Scotia acquired a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 826,395 shares of the company's stock, valued at approximately $53,046,000. Bank of Nova Scotia owned approximately 0.17% of Centene as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CNC. Baird Financial Group Inc. acquired a new stake in shares of Centene during the 1st quarter valued at about $236,000. Sivia Capital Partners LLC raised its position in Centene by 80.0% during the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock valued at $527,000 after acquiring an additional 4,315 shares in the last quarter. CW Advisors LLC lifted its stake in Centene by 20.3% in the second quarter. CW Advisors LLC now owns 4,863 shares of the company's stock valued at $264,000 after acquiring an additional 820 shares during the last quarter. NewEdge Advisors LLC grew its position in Centene by 6.1% in the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock worth $2,440,000 after acquiring an additional 2,582 shares in the last quarter. Finally, Treasurer of the State of North Carolina increased its stake in shares of Centene by 0.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock worth $12,590,000 after purchasing an additional 967 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Trading Up 1.2%

CNC stock opened at $64.94 on Friday. The business has a fifty day moving average of $64.96 and a 200-day moving average of $52.40. The company has a market cap of $32.08 billion, a P/E ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08. Centene Corporation has a twelve month low of $28.24 and a twelve 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 announced 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. 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 previous year, the business posted ($0.16) EPS. The company's quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities research analysts expect that Centene Corporation will post 4.89 EPS for the current year.

Insider Transactions at Centene

In other Centene news, General Counsel Christopher Koster sold 47,603 shares of the firm's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total value of $3,111,332.08. Following the transaction, the general counsel directly owned 305,354 shares of the company's stock, valued at approximately $19,957,937.44. This trade represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.37% of the company's stock.

Analyst Upgrades and Downgrades

CNC has been the subject of several analyst reports. Deutsche Bank Aktiengesellschaft raised shares of Centene from a "hold" rating to a "buy" rating and lifted their price objective for the company from $53.00 to $80.00 in a research note on Wednesday, May 20th. TD Cowen reiterated a "hold" rating and set a $65.00 price target (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 research note on Monday, August 3rd. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 18th. Finally, The Goldman Sachs Group reiterated a "sell" rating and set a $40.00 price target on shares of Centene in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average 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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