Cantor Fitzgerald Investment Advisors L.P. Makes New $8.70 Million Investment in Centene Corporation $CNC

Key Points

• Cantor Fitzgerald Investment Advisors initiated an approximately $8.7 million position in Centene, purchasing 139,967 shares during the third quarter. Institutional investors collectively own 93.63% of Centene’s stock.
• Centene reported quarterly earnings of $2.51 per share, well above the $1.09 analyst consensus, while revenue rose 9.9% year over year to $53.58 billion.
• Analyst sentiment remains mixed: the stock has an average “Hold” rating and a $70.05 price target, despite several firms maintaining Buy or Overweight ratings. Centene shares opened at $70.27, near their 52-week high of $71.71.

Cantor Fitzgerald Investment Advisors L.P. purchased a new position in Centene Corporation (NYSE:CNC - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 139,967 shares of the company's stock, valued at approximately $8,695,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of CNC. Crossmark Global Holdings Inc. raised its holdings in shares of Centene by 132.6% during the third quarter. Crossmark Global Holdings Inc. now owns 133,261 shares of the company's stock valued at $8,278,000 after acquiring an additional 75,967 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Centene by 1.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 223,633 shares of the company's stock valued at $13,892,000 after acquiring an additional 2,490 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its stake in Centene by 21.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 3,328,930 shares of the company's stock worth $206,793,000 after purchasing an additional 580,221 shares during the period. Revisor Wealth Management LLC boosted its stake in Centene by 62.5% in the 3rd quarter. Revisor Wealth Management LLC now owns 6,379 shares of the company's stock worth $419,000 after purchasing an additional 2,453 shares during the period. Finally, 55 North Private Wealth LLC acquired a new position in Centene in the 3rd quarter worth approximately $208,000. 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 Centene stock in a transaction on 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 completion of the sale, the general counsel owned 248,854 shares of the company's stock, valued at approximately $16,648,332.60. The trade was 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. Insiders own 0.37% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Royal Bank Of Canada lifted their price target on Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a report on Thursday, July 9th. Raymond James Financial set a $75.00 price target on Centene in a research 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. Finally, HC Wainwright reissued a "buy" rating on shares of Centene in a research note on Friday, September 11th. Nine research 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's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $70.05.

Centene Price Performance

Shares of NYSE:CNC opened at $70.27 on Thursday. The firm has a market cap of $34.71 billion, a price-to-earnings ratio of -6.73, a P/E/G ratio of 0.45 and a beta of 1.13. Centene Corporation has a 1 year low of $31.63 and a 1 year high of $71.71. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The business has a fifty day simple moving average of $65.64 and a 200 day simple moving average of $60.63.

Centene (NYSE:CNC - Get Free Report) last issued 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 the consensus estimate of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%. The business's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.16) earnings per share. As a group, sell-side analysts predict that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Centene Profile

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company's offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.

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