Centene Corporation $CNC Shares Sold by Alyeska Investment Group L.P.

Key Points

• Alyeska Investment Group cut its Centene position by 50% in the second quarter, selling 275,000 shares and retaining 275,000 shares valued at approximately $17.7 million.
• Institutional ownership remains high at 93.63%, with BlackRock taking a new $2.66 billion stake and Wellington Management and AQR Capital significantly increasing their holdings.
• Centene reported quarterly earnings of $2.51 per share, beating estimates of $1.09, while revenue rose 9.9% year over year to $53.58 billion. Analysts maintain a consensus “Hold” rating with an average price target of $70.05.

Alyeska Investment Group L.P. trimmed its position in Centene Corporation (NYSE:CNC - Free Report) by 50.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 275,000 shares of the company's stock after selling 275,000 shares during the period. Alyeska Investment Group L.P. owned approximately 0.06% of Centene worth $17,652,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Centene in the 2nd quarter valued at approximately $2,660,422,000. AQR Capital Management LLC raised its stake in shares of Centene by 117.0% during the 4th quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company's stock worth $1,308,518,000 after buying an additional 17,143,904 shares in the last quarter. 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. Norges Bank purchased a new stake in shares of Centene in the fourth quarter valued at approximately $332,044,000. Finally, Deerfield Management Company L.P. grew its holdings in Centene by 184.0% during the third quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company's stock worth $322,761,000 after acquiring an additional 5,860,630 shares during the period. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Trading Down 0.7%

Shares of Centene stock opened at $64.32 on Tuesday. Centene Corporation has a 1 year low of $28.24 and a 1 year high of $69.36. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The business has a 50 day moving average price of $65.35 and a 200 day moving average price of $53.53. The company has a market capitalization of $31.77 billion, a P/E ratio of -6.16, a P/E/G ratio of 0.35 and a beta of 1.08.

Centene (NYSE:CNC - Get Free Report) last announced 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. 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 for the quarter, compared to analysts' expectations of $47.64 billion. During the same quarter in the prior year, the firm earned ($0.16) EPS. Centene's quarterly revenue was up 9.9% on a year-over-year basis. Sell-side analysts anticipate that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Bank of America boosted their target price on shares of Centene from $72.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Wells Fargo & Company set a $69.00 price objective on shares of Centene and gave the company an "equal weight" rating in a research note on Monday, July 13th. Barclays reissued an "overweight" rating and set a $80.00 price objective (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Morgan Stanley set a $66.00 target price on shares of Centene in a report on Wednesday, July 29th. Finally, Royal Bank Of Canada lifted their price target on shares of Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Centene has a consensus rating of "Hold" and a consensus target price of $70.05.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction dated 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 in the company, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.37% of the company's stock.

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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