AXQ Capital LP Sells 18,476 Shares of Centene Corporation $CNC

Key Points

• AXQ Capital LP reduced its Centene stake by 28% in the second quarter, selling 18,476 shares and retaining 47,494 shares valued at approximately $3.05 million. Institutional investors collectively own 93.63% of Centene.
• Centene reported strong quarterly results, with earnings per share of $2.51 versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment remains mixed: Centene has a consensus “Hold” rating and an average price target of $70.05, compared with a recent share price of $68.02. Separately, General Counsel Christopher Koster sold 56,500 shares for approximately $3.78 million.

AXQ Capital LP lowered its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 28.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,494 shares of the company's stock after selling 18,476 shares during the quarter. AXQ Capital LP's holdings in Centene were worth $3,049,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of CNC. Baird Financial Group Inc. acquired a new stake in shares of Centene in the first quarter valued at approximately $236,000. Sivia Capital Partners LLC boosted its holdings in Centene by 80.0% during the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock worth $527,000 after purchasing an additional 4,315 shares during the last quarter. CW Advisors LLC grew its position 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 purchasing an additional 820 shares in the last quarter. NewEdge Advisors LLC increased its stake in Centene by 6.1% in the 2nd quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock valued at $2,440,000 after buying an additional 2,582 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its position 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. Institutional investors and hedge funds own 93.63% of the company's stock.

Insider Activity

In related news, General Counsel Christopher Koster sold 56,500 shares of the company's stock in a transaction that occurred on 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 completion of the transaction, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.37% of the company's stock.

Centene Stock Performance

NYSE CNC opened at $68.02 on Friday. The firm's 50 day simple moving average is $65.53 and its 200 day simple moving average is $54.09. The firm has a market capitalization of $33.60 billion, a price-to-earnings ratio of -6.52, a P/E/G ratio of 0.42 and a beta of 1.10. 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 $28.24 and a 1 year high of $69.36.

Centene (NYSE:CNC - Get Free Report) last released its earnings results 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. The firm had revenue of $53.58 billion during 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%.The company's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.16) earnings per share. As a group, research analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on CNC shares. Robert W. Baird boosted their target price on shares of Centene from $46.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Wells Fargo & Company set a $69.00 price objective on shares of Centene and gave the stock an "equal weight" rating in a research report on Monday, July 13th. Argus raised shares of Centene from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Tuesday, August 11th. Finally, Mizuho set a $63.00 target price on Centene and gave the company a "neutral" rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $70.05.

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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