Centene Corporation $CNC Holdings Lessened by Private Management Group Inc.

Key Points

• Private Management Group cut its Centene stake by 97.7% in the third quarter, selling 403,505 shares and retaining 9,669 shares worth about $601,000.
• Centene reported quarterly EPS of $0.58, beating the $0.10 consensus estimate, while revenue of $50.65 billion also topped expectations; revenue rose 1.9% year over year.
• Analysts’ consensus rating was Hold, with an average price target of $73.80; nine analysts rated the stock Buy, 11 Hold, and one Sell.

Private Management Group Inc. decreased its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 97.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,669 shares of the company's stock after selling 403,505 shares during the quarter. Private Management Group Inc.'s holdings in Centene were worth $601,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Centene during the 2nd quarter valued at about $2,660,422,000. Wellington Management Group LLP lifted its holdings in shares of Centene by 423.0% in the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after buying an additional 10,757,914 shares during the period. Bank of America Corp DE purchased a new stake in shares of Centene in the second quarter worth about $285,713,000. Deutsche Bank AG acquired a new stake in Centene during the second quarter worth about $257,279,000. Finally, Legal & General Group Plc acquired a new stake in Centene during the second quarter worth about $244,463,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Insider Activity at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction that occurred on Wednesday, August 26th. The stock was 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 directly owned 248,854 shares in the company, valued at $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.37% of the stock is owned by company insiders.

Analyst Ratings Changes

CNC has been the subject of several recent research reports. Jefferies Financial Group reiterated a "hold" rating and set a $69.00 price target on shares of Centene in a research report on Thursday, October 29th. Bank of America restated a "buy" rating and issued a $82.00 price objective (up from $80.00) on shares of Centene in a research report on Wednesday, October 28th. Raymond James Financial set a $79.00 price objective on shares of Centene in a research note on Wednesday, October 28th. Robert W. Baird lifted their target price on shares of Centene from $66.00 to $71.00 and gave the company a "neutral" rating in a report on Wednesday, October 28th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Centene from $67.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, October 29th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Centene currently has a consensus rating of "Hold" and an average price target of $73.80.

Centene Price Performance

NYSE:CNC opened at $70.17 on Wednesday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.69. Centene Corporation has a 52 week low of $31.63 and a 52 week high of $78.08. The stock's 50-day moving average price is $66.83 and its 200-day moving average price is $56.12. The stock has a market capitalization of $34.74 billion, a PE ratio of 24.03, a price-to-earnings-growth ratio of 0.40 and a beta of 1.07.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates of $0.10 by $0.48. The company had revenue of $50.65 billion during the quarter, compared to analysts' expectations of $47.12 billion. Centene had a return on equity of 12.15% and a net margin of 0.72%. Centene's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 EPS. As a group, equities analysts expect that Centene Corporation will post 5.27 EPS for the current fiscal year.

About Centene

Centene Corporation is a U.S. health care company that provides managed care and related services, primarily for people enrolled in government-sponsored health programs. Its offerings include Medicaid and Medicare plans, as well as health insurance sold through the Affordable Care Act marketplace. Centene serves members through health plans and a network of health care providers. Its businesses include Ambetter, which offers marketplace health plans, and Wellcare, which provides Medicare-related coverage.

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