BlackRock Inc. Takes $2.66 Billion Position in Centene Corporation $CNC

BlackRock Inc. purchased a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,446,046 shares of the company's stock, valued at approximately $2,660,422,000. BlackRock Inc. owned about 8.39% of Centene as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Pallas Capital Advisors LLC acquired a new stake in shares of Centene in the 2nd quarter valued at approximately $5,389,000. Deutsche Bank AG acquired a new position in Centene during the second quarter worth $257,279,000. Perigon Wealth Management LLC bought a new stake in Centene during the second quarter worth $956,000. Commerzbank Aktiengesellschaft FI acquired a new stake in Centene in the second quarter valued at $1,098,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Centene in the 2nd quarter valued at about $74,883,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Insider Activity

In other news, General Counsel Christopher Koster sold 47,603 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total value of $3,111,332.08. Following the completion of the sale, the general counsel owned 305,354 shares of the company's stock, valued at approximately $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.37% of the company's stock.

Centene Trading Down 0.9%

Shares of CNC stock opened at $64.66 on Thursday. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The company has a market capitalization of $31.94 billion, a PE ratio of -6.19, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. The firm has a 50 day moving average price of $64.95 and a two-hundred day moving average price of $52.16. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results 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. The company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) earnings per share. As a group, analysts predict that Centene Corporation will post 4.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of research analyst reports. Cantor Fitzgerald upped their target price on shares of Centene from $60.00 to $75.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Barclays reissued an "overweight" rating and set a $80.00 price target (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. TD Cowen restated a "hold" rating and issued a $65.00 price objective (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Oppenheimer lifted their target price on Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Finally, UBS Group set a $79.00 price target on Centene in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $70.05.

Centene Profile

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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