Assenagon Asset Management S.A. Acquires 802,756 Shares of Centene Corporation $CNC

Key Points

• Assenagon Asset Management increased its Centene stake by 21.6%, acquiring 802,756 shares to hold 4.52 million shares worth approximately $302.8 million. Institutional investors and hedge funds collectively own 93.63% of the stock.
• Centene shares rose 0.6% to $70.62, near their 52-week high of $71.01. The company recently reported quarterly EPS of $2.51, well above the $1.09 analyst consensus, while revenue increased 9.9% year over year to $53.58 billion.
• Analyst sentiment is mixed, with nine Buy ratings, ten Holds and two Sells; the average rating is Hold with an average price target of $70.05. Separately, Centene’s general counsel sold 56,500 shares at an average price of $66.90.

Assenagon Asset Management S.A. lifted its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 21.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,518,785 shares of the company's stock after acquiring an additional 802,756 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.91% of Centene worth $302,818,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Silicon Valley Capital Partners bought a new stake in shares of Centene during the 2nd quarter worth about $25,000. North Point Portfolio Managers Corp OH acquired a new position in Centene in the 3rd quarter valued at about $25,000. Toth Financial Advisory Corp bought a new position in Centene in the 3rd quarter valued at about $30,000. MidFirst Bank bought a new position in Centene in the 2nd quarter valued at about $32,000. Finally, Bayban acquired a new stake in Centene during the fourth quarter worth approximately $33,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Stock Up 0.6%

NYSE CNC opened at $70.62 on Friday. 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 Corporation has a 1-year low of $31.63 and a 1-year high of $71.01. The company has a 50 day moving average of $65.34 and a 200-day moving average of $59.60. The company has a market cap of $34.88 billion, a price-to-earnings ratio of -6.76, a PEG ratio of 0.44 and a beta of 1.13.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) 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 business had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. During the same quarter in the prior year, the business posted ($0.16) earnings per share. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. On average, equities research analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CNC has been the subject of a number of research analyst reports. 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 note on Tuesday, July 7th. JPMorgan Chase & Co. increased their target price on Centene from $60.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Barclays reissued an "overweight" rating and set a $80.00 price target (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Finally, Zacks Research downgraded Centene from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Centene has an average rating of "Hold" and an average target price of $70.05.

Insider Buying and Selling

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 value of $3,779,850.00. Following the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.37% of the stock is currently owned by corporate insiders.

Centene Profile

Centene Corporation NYSE: CNC is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Corporation (NYSE:CNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.