Centene Corporation $CNC Shares Sold by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP cut its Centene stake by 69.2% in the second quarter, selling 507,557 shares and retaining 225,393 shares valued at approximately $14.5 million. Institutional investors collectively own 93.63% of the company.
• Centene reported quarterly adjusted EPS of $2.51, well above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. Shares opened at $64.17, down 0.6%.
• Analyst sentiment is mixed, with Centene carrying an average “Hold” rating and a $70.05 price target; targets recently ranged from $66 to $80. Separately, General Counsel Christopher Koster sold 56,500 shares for about $3.8 million.

Engineers Gate Manager LP lessened its holdings in Centene Corporation (NYSE:CNC - Free Report) by 69.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 225,393 shares of the company's stock after selling 507,557 shares during the period. Engineers Gate Manager LP's holdings in Centene were worth $14,468,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Cidel Asset Management Inc. boosted its position in shares of Centene by 9.1% during the 2nd quarter. Cidel Asset Management Inc. now owns 27,321 shares of the company's stock worth $1,754,000 after acquiring an additional 2,271 shares in the last quarter. NorthRock Partners LLC purchased a new stake in Centene during the second quarter worth approximately $209,000. Arizona State Retirement System increased its stake in Centene by 5.6% in the second quarter. Arizona State Retirement System now owns 140,997 shares of the company's stock valued at $9,051,000 after purchasing an additional 7,471 shares during the last quarter. West Family Investments Inc. acquired a new stake in Centene during the second quarter worth approximately $602,000. Finally, Empirical Finance LLC lifted its position in shares of Centene by 2.7% during the 2nd quarter. Empirical Finance LLC now owns 18,994 shares of the company's stock worth $1,219,000 after buying an additional 503 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Down 0.6%

Shares of CNC stock opened at $64.17 on Thursday. The business's fifty day moving average price is $65.53 and its 200 day moving average price is $54.76. The firm has a market capitalization of $31.70 billion, a PE ratio of -6.15, a P/E/G ratio of 0.41 and a beta of 1.10. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. Centene Corporation has a 1-year low of $29.98 and a 1-year high of $69.36.

Centene (NYSE:CNC - Get Free Report) last released 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 company had revenue of $53.58 billion during 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%.Centene's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) earnings per share. As a group, sell-side analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CNC shares. JPMorgan Chase & Co. raised their price target on Centene from $60.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Stifel Nicolaus set a $79.00 target price on shares of Centene in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a "hold" rating to a "buy" rating and increased their target price for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Morgan Stanley set a $66.00 price objective on shares of Centene in a research report on Wednesday, July 29th. Finally, Barclays reissued an "overweight" rating and issued a $80.00 price objective (up from $75.00) on shares of Centene in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Centene currently has an average rating of "Hold" and an average target price of $70.05.

Insider Activity

In related news, General Counsel Christopher Koster sold 56,500 shares of the company'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 sale, the general counsel owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.37% of the company's stock.

About Centene

Centene Corporation NYSE: CNC is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.

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