Centene Corporation $CNC Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp cut its Centene stake by 40.1% in the first quarter, selling 27,608 shares and leaving it with 41,251 shares worth about $1.35 million.
• Centene shares were down 2.4% to $65.94, near their 52-week high of $69.36, with the stock still supported by heavy institutional ownership of 93.63%.
• The company recently reported better-than-expected quarterly results, earning $3.37 per share on revenue of $49.94 billion, while analysts currently have a Hold consensus with an average target price of $64.61.

Westpac Banking Corp trimmed its stake in Centene Corporation (NYSE:CNC - Free Report) by 40.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,251 shares of the company's stock after selling 27,608 shares during the period. Westpac Banking Corp's holdings in Centene were worth $1,351,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CNC. Baird Financial Group Inc. purchased a new stake in shares of Centene in the 1st quarter valued at about $236,000. Sivia Capital Partners LLC grew its stake in Centene by 80.0% during the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock worth $527,000 after buying an additional 4,315 shares during the last quarter. CW Advisors LLC increased its position in 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 lifted its stake in Centene by 6.1% in the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock valued at $2,440,000 after buying an additional 2,582 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Centene by 0.4% in the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock valued at $12,590,000 after acquiring an additional 967 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Down 2.4%

Shares of Centene stock opened at $65.94 on Thursday. Centene Corporation has a one year low of $25.08 and a one year high of $69.36. The company has a market cap of $32.56 billion, a P/E ratio of -5.02, a PEG ratio of 0.53 and a beta of 1.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.12 and a current ratio of 1.12. The firm has a fifty day moving average of $63.26 and a two-hundred day moving average of $49.44.

Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Tuesday, April 28th. The company reported $3.37 earnings per share for the quarter, beating the consensus estimate of $2.23 by $1.14. The business had revenue of $49.94 billion for the quarter, compared to the consensus estimate of $47.53 billion. Centene had a negative net margin of 3.25% and a positive return on equity of 5.57%. The business's quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.90 earnings per share. On average, analysts forecast that Centene Corporation will post 3.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CNC. Cantor Fitzgerald lifted their target price on shares of Centene from $60.00 to $75.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Zacks Research cut shares of Centene from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 29th. Morgan Stanley lifted their price objective on shares of Centene from $50.00 to $57.00 and gave the company an "equal weight" rating in a research note on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on shares of Centene from $52.00 to $60.00 and gave the company a "neutral" rating in a report on Monday, June 8th. Finally, Barclays reissued an "overweight" rating on shares of Centene in a report on Tuesday, June 16th. Seven analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $64.61.

About Centene

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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