AIA Group Ltd Sells 21,727 Shares of Centene Corporation $CNC

Key Points

• AIA Group cut its Centene stake by 47.2% in the third quarter, selling 21,727 shares; it retained 24,304 shares valued at about $1.51 million.
• Centene reported quarterly EPS of $0.58, beating the $0.10 consensus estimate, while revenue of $50.65 billion also topped forecasts and rose 1.9% year over year.
• Analyst sentiment is mixed: nine analysts rate Centene Buy, 11 Hold and one Sell, resulting in a consensus Hold rating and an average price target of $73.80.

AIA Group Ltd lessened its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 47.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,304 shares of the company's stock after selling 21,727 shares during the period. AIA Group Ltd's holdings in Centene were worth $1,510,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Silicon Valley Capital Partners purchased a new stake in shares of Centene in the second quarter valued at approximately $25,000. North Point Portfolio Managers Corp OH purchased a new position in shares of Centene during the 3rd quarter worth $25,000. Toth Financial Advisory Corp acquired a new position in shares of Centene during the 3rd quarter valued at about $30,000. MidFirst Bank purchased a new stake in shares of Centene in the second quarter valued at about $32,000. Finally, Fiduciary Financial Advisors purchased a new stake in shares of Centene in the second quarter valued at about $34,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Performance

Shares of CNC stock opened at $73.96 on Friday. The firm has a 50 day moving average of $66.55 and a two-hundred day moving average of $55.76. The stock has a market capitalization of $36.61 billion, a PE ratio of 14.42, a P/E/G ratio of 0.45 and a beta of 1.07. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.69. Centene Corporation has a 52 week low of $31.63 and a 52 week high of $78.08.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Tuesday, October 27th. The company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.48. Centene had a return on equity of 12.15% and a net margin of 0.72%. The business had revenue of $50.65 billion during the quarter, compared to the consensus estimate of $47.12 billion. During the same period in the previous year, the company posted $0.50 earnings per share. The business's revenue for the quarter was up 1.9% on a year-over-year basis. On average, research analysts predict that Centene Corporation will post 5.26 EPS for the current fiscal year.

Insiders Place Their Bets

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction dated 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 of the company's stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.37% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Barclays lifted their price target on shares of Centene from $80.00 to $82.00 and gave the company an "overweight" rating in a research report on Wednesday, October 28th. UBS Group increased their price objective on Centene from $70.00 to $78.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 28th. Bank of America reiterated a "buy" rating and issued a $82.00 price objective (up from $80.00) on shares of Centene in a research report on Wednesday, October 28th. Cantor Fitzgerald raised their target price on Centene from $75.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 28th. Finally, Truist Financial restated a "buy" rating and issued a $82.00 target price (up from $80.00) on shares of Centene in a research report on Monday. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $73.80.

About Centene

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company's offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.

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