Centene Corporation $CNC Shares Sold by SVB Wealth LLC

Key Points

• SVB Wealth reduced its Centene stake by 28.9% in the second quarter, selling 16,252 shares and retaining 39,907 shares valued at approximately $2.56 million. Institutional investors collectively own 93.63% of the company.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $70.05. Recent targets range from $65 to $79, while ratings include one Strong Buy, eight Buys, nine Holds, and two Sells.
• Centene reported stronger-than-expected quarterly results, posting $2.51 in EPS versus the $1.09 estimate and $53.58 billion in revenue. However, the stock was trading down 3.7%, and the company reported a negative net margin of 2.51%.

SVB Wealth LLC lessened its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 28.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 39,907 shares of the company's stock after selling 16,252 shares during the quarter. SVB Wealth LLC's holdings in Centene were worth $2,562,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNC. Baird Financial Group Inc. purchased a new stake in Centene in the 1st quarter valued at $236,000. Sivia Capital Partners LLC raised its holdings in shares of Centene by 80.0% in the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock valued at $527,000 after buying an additional 4,315 shares during the last quarter. CW Advisors LLC boosted its stake in shares of Centene by 20.3% during the second quarter. CW Advisors LLC now owns 4,863 shares of the company's stock worth $264,000 after buying an additional 820 shares during the period. NewEdge Advisors LLC boosted its stake in shares of Centene by 6.1% during the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock worth $2,440,000 after buying an additional 2,582 shares during the period. Finally, Treasurer of the State of North Carolina grew its holdings in shares of Centene by 0.4% during the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock worth $12,590,000 after buying an additional 967 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Analyst Ratings Changes

Several analysts have commented on CNC shares. TD Cowen reaffirmed a "hold" rating and set a $65.00 price objective (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Weiss Ratings reissued a "sell (d)" rating on shares of Centene in a report on Friday, July 17th. Raymond James Financial set a $75.00 price target on Centene in a research note on Tuesday, July 7th. Stifel Nicolaus set a $79.00 price target on Centene in a report on Monday, August 3rd. Finally, Sanford C. Bernstein reissued an "outperform" rating and issued a $79.00 price objective (up from $68.00) on shares of Centene in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $70.05.

Centene Trading Down 3.7%

NYSE:CNC opened at $64.56 on Wednesday. Centene Corporation has a 1 year low of $28.84 and a 1 year high of $69.36. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a fifty day moving average price of $65.61 and a two-hundred day moving average price of $54.61. The stock has a market capitalization of $31.89 billion, a price-to-earnings ratio of -6.18, a PEG ratio of 0.42 and a beta of 1.10.

Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business's revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.16) EPS. As a group, sell-side analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the company's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel directly owned 248,854 shares in the company, valued at approximately $16,648,332.60. This represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.37% of the company's stock.

Centene Company 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.

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Corporation (NYSE:CNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.