Centene Corporation $CNC Position Lifted by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue increased its Centene stake by 56.7% in the third quarter, bringing its holdings to 92,651 shares valued at approximately $5.8 million.
• Institutional investors own 93.63% of Centene, with several funds—including Deutsche Bank—initiating or adding significant positions. However, Centene’s general counsel sold 56,500 shares, reducing his ownership by 18.5%.
• Centene reported quarterly EPS of $2.51, well above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. Despite mostly positive analyst ratings, the stock has a consensus “Hold” rating and a $70.05 price target.

State of Alaska Department of Revenue boosted its stake in Centene Corporation (NYSE:CNC - Free Report) by 56.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 92,651 shares of the company's stock after purchasing an additional 33,511 shares during the quarter. State of Alaska Department of Revenue's holdings in Centene were worth $5,755,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Deutsche Bank AG bought a new stake in shares of Centene during the 2nd quarter worth $257,279,000. Hara Capital LLC purchased a new stake in Centene during the second quarter valued at about $5,222,000. Paralel Advisors LLC purchased a new stake in Centene during the second quarter valued at about $4,531,000. Roberts Glore & Co. Inc. IL bought a new stake in Centene during the second quarter worth about $1,659,000. Finally, Heartland Advisors Inc. bought a new position in shares of Centene during the 2nd quarter valued at about $9,764,000. 93.63% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction 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. This represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.37% of the company's stock.

Centene Trading Down 1.8%

Shares of NYSE CNC traded down $1.24 during midday trading on Friday, reaching $69.27. The company had a trading volume of 3,336,077 shares, compared to its average volume of 4,808,065. The stock has a market cap of $34.22 billion, a PE ratio of -6.64, a price-to-earnings-growth ratio of 0.44 and a beta of 1.13. Centene Corporation has a one year low of $31.63 and a one year high of $71.21. The firm's fifty day moving average price is $65.41 and its 200-day moving average price is $59.67. 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 posted its quarterly 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. The business 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%. Centene's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned ($0.16) EPS. On average, equities research analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current year.

Analyst Upgrades and Downgrades

CNC has been the subject of a number of recent research reports. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Cantor Fitzgerald reissued an "overweight" rating on shares of Centene in a research note on Friday, October 9th. Barclays restated an "overweight" rating and issued a $80.00 price objective (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Robert W. Baird upped their price objective on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Finally, Wells Fargo & Company set a $69.00 target price on shares of Centene and gave the company an "equal weight" rating in a report on Monday, July 13th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Centene has a consensus rating of "Hold" and a consensus price target of $70.05.

Centene Profile

Centene Corporation NYSE: CNC is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.

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