Andra AP fonden Makes New Investment in Centene Corporation $CNC

Key Points

• Andra AP-fonden initiated a Centene position in the second quarter, purchasing 33,500 shares worth approximately $2.15 million. Institutional investors collectively own 93.63% of Centene’s stock.
• Centene reported strong quarterly results, with EPS of $2.51 versus the $1.09 consensus and revenue of $53.58 billion, up 9.9% year over year. Analysts expect full-year EPS of $4.89.
• Centene shares opened at $61.97 after declining 2.1%; the stock has an average analyst rating of “Hold” and an average price target of $70.05, while General Counsel Christopher Koster sold 56,500 shares.

Andra AP fonden acquired a new position in Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 33,500 shares of the company's stock, valued at approximately $2,150,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Silicon Valley Capital Partners acquired a new position in shares of Centene during the second quarter valued at about $25,000. Sequoia Financial Advisors LLC grew its position in Centene by 11.1% during the second quarter. Sequoia Financial Advisors LLC now owns 37,577 shares of the company's stock valued at $2,412,000 after buying an additional 3,760 shares during the period. National Pension Service boosted its position in Centene by 353.0% during the second quarter. National Pension Service now owns 939,674 shares of the company's stock worth $60,318,000 after purchasing an additional 732,259 shares in the last quarter. Cidel Asset Management Inc. lifted its holdings in Centene by 9.1% during the second quarter. Cidel Asset Management Inc. now owns 27,321 shares of the company's stock valued at $1,754,000 after purchasing an additional 2,271 shares in the last quarter. Finally, NorthRock Partners LLC purchased a new stake in Centene during the 2nd quarter worth approximately $209,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Centene

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the sale, the general counsel directly owned 248,854 shares of the company's stock, valued at $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.37% of the company's stock.

Centene Trading Down 2.1%

Shares of CNC opened at $61.97 on Thursday. Centene Corporation has a 1-year low of $31.63 and a 1-year high of $69.63. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a 50 day simple moving average of $65.21 and a 200-day simple moving average of $56.31. The stock has a market cap of $30.61 billion, a price-to-earnings ratio of -5.94, a price-to-earnings-growth ratio of 0.40 and a beta of 1.10.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 18th. Raymond James Financial set a $75.00 target price on Centene in a research report on Tuesday, July 7th. Weiss Ratings reiterated a "sell (d)" rating on shares of Centene in a research note on Friday, July 17th. Bank of America upped their target price on shares of Centene from $72.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Finally, Zacks Research raised shares of Centene from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $70.05.

Centene Company Profile

Centene Corporation NYSE: CNC is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.

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