Allworth Financial LP Buys New Holdings in Centene Corporation $CNC

Key Points

• Allworth Financial initiated a Centene position in the second quarter, buying 38,574 shares valued at approximately $2.48 million. Institutional investors and hedge funds collectively own 93.63% of Centene’s stock.
• Centene reported quarterly earnings of $2.51 per share, well above the $1.09 analyst consensus, while revenue rose 9.9% year over year to $53.58 billion.
• Centene shares opened at $64.94, near the analyst consensus price target of $70.05. Ratings are mixed but lean positive, with one Strong Buy, eight Buys, nine Holds, and two Sells.

Allworth Financial LP purchased a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 38,574 shares of the company's stock, valued at approximately $2,476,000.

Several other institutional investors and hedge funds have also bought and sold shares of CNC. DV Equities LLC acquired a new position in shares of Centene in the 4th quarter valued at about $26,000. IFC & Insurance Marketing Inc. acquired a new stake in Centene during the fourth quarter worth about $28,000. SBI Securities Co. Ltd. raised its position in Centene by 118.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after acquiring an additional 406 shares in the last quarter. MidFirst Bank acquired a new position in Centene in the second quarter valued at approximately $32,000. Finally, Bayban purchased a new stake in Centene in the 4th quarter worth approximately $33,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Price Performance

NYSE:CNC opened at $64.94 on Friday. Centene Corporation has a one year low of $28.24 and a one year high of $69.36. The stock has a market cap of $32.08 billion, a PE ratio of -6.22, a P/E/G ratio of 0.34 and a beta of 1.08. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a 50 day moving average price of $64.96 and a 200 day moving average price of $52.40.

Centene (NYSE:CNC - Get Free Report) last released 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 company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. Equities research analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on CNC shares. Oppenheimer upped their price objective on shares of Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Morgan Stanley set a $66.00 target price on Centene in a research report on Wednesday, July 29th. Bank of America upped their price target on Centene from $72.00 to $74.00 and gave the stock a "buy" rating in a report on Thursday, June 4th. Jefferies Financial Group raised their price objective on Centene from $39.00 to $48.00 and gave the company a "hold" rating in a report on Wednesday, April 29th. Finally, Stifel Nicolaus set a $79.00 price objective on Centene in a research report on Monday, August 3rd. One equities research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $70.05.

Insiders Place Their Bets

In other 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 transaction of $3,111,332.08. Following the completion of the sale, the general counsel owned 305,354 shares in the company, valued at $19,957,937.44. This trade represents a 13.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.37% of the stock is owned by insiders.

About Centene

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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