B. Metzler seel. Sohn & Co. AG purchased a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 15,863 shares of the company's stock, valued at approximately $1,018,000.
Other hedge funds have also recently made changes to their positions in the company. Baird Financial Group Inc. purchased a new stake in Centene during the 1st quarter valued at $236,000. Sivia Capital Partners LLC grew its holdings in shares of Centene by 80.0% in the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock worth $527,000 after acquiring an additional 4,315 shares during the period. CW Advisors LLC increased its position in Centene by 20.3% during the second quarter. CW Advisors LLC now owns 4,863 shares of the company's stock valued at $264,000 after acquiring an additional 820 shares during the last quarter. NewEdge Advisors LLC increased its position in Centene by 6.1% during the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock valued at $2,440,000 after acquiring an additional 2,582 shares during the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in Centene by 0.4% in the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock valued at $12,590,000 after acquiring an additional 967 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Centene
In related news, General Counsel Christopher Koster sold 47,603 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the completion of the transaction, the general counsel directly owned 305,354 shares of the company's stock, valued at approximately $19,957,937.44. This represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.37% of the company's stock.
Wall Street Analyst Weigh In
CNC has been the subject of a number of recent research reports. Mizuho set a $63.00 price target on Centene and gave the company a "neutral" rating in a research note on Monday, June 8th. Weiss Ratings reissued a "sell (d)" rating on shares of Centene in a research report on Friday, July 17th. Truist Financial upped their price objective on Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a research note on Tuesday, July 14th. Cantor Fitzgerald upped their price target on Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. Finally, Wells Fargo & Company set a $69.00 target price on shares of Centene and gave the stock an "equal weight" rating in a report on Monday, July 13th. 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $70.05.
Check Out Our Latest Analysis on CNC
Centene Price Performance
Shares of Centene stock opened at $64.94 on Monday. The company has a market capitalization of $32.08 billion, a price-to-earnings ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. The stock's 50-day simple moving average is $64.96 and its 200-day simple moving average is $52.46. Centene Corporation has a 52 week low of $28.24 and a 52 week 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 (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. During the same quarter last year, the business posted ($0.16) earnings per share. The firm's revenue was up 9.9% on a year-over-year basis. As a group, analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.
Centene Profile
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Free Report)
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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