Centene Corporation $CNC Shares Sold by Carmignac Gestion

Key Points

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Carmignac Gestion lessened its stake in Centene Corporation (NYSE:CNC - Free Report) by 9.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,495,928 shares of the company's stock after selling 452,600 shares during the quarter. Centene makes up approximately 4.4% of Carmignac Gestion's portfolio, making the stock its 5th biggest holding. Carmignac Gestion owned 0.90% of Centene worth $272,948,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Ameriflex Group Inc. purchased a new stake in Centene during the fourth quarter valued at about $26,000. Pinney & Scofield Inc. purchased a new stake in Centene in the fourth quarter worth approximately $25,000. Studio Investment Management LLC bought a new position in Centene in the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC raised its position in shares of Centene by 203.1% during the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after purchasing an additional 388 shares during the period. Finally, Bruce G. Allen Investments LLC increased its holdings in Centene by 273.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock valued at $56,000 after acquiring an additional 679 shares during the last quarter. Institutional investors own 93.63% of the company's stock.

Insider Buying and Selling at Centene

In other Centene news, Director Theodore R. Samuels II acquired 9,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average cost of $27.62 per share, with a total value of $248,580.00. Following the transaction, the director owned 32,000 shares of the company's stock, valued at $883,840. The trade was a 39.13% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sarah London purchased 19,230 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the acquisition, the chief executive officer directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

Centene Price Performance

Shares of CNC stock opened at $28.99 on Tuesday. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $80.59. The business has a fifty day simple moving average of $36.94 and a 200 day simple moving average of $51.59. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. The company has a market cap of $14.24 billion, a P/E ratio of 7.18, a P/E/G ratio of 1.16 and a beta of 0.40.

Centene (NYSE:CNC - Get Free Report) last posted its earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The company had revenue of $48.74 billion during the quarter, compared to the consensus estimate of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.42 EPS. On average, sell-side analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on CNC shares. Bank of America cut shares of Centene from a "neutral" rating to an "underperform" rating and dropped their price target for the stock from $52.00 to $30.00 in a research note on Wednesday, July 16th. Robert W. Baird dropped their target price on shares of Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Wells Fargo & Company cut shares of Centene from an "overweight" rating to an "equal weight" rating and cut their price objective for the company from $72.00 to $30.00 in a report on Wednesday, July 23rd. JPMorgan Chase & Co. decreased their price objective on shares of Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, July 29th. Finally, UBS Group reduced their target price on shares of Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $42.20.

About Centene

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.

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