Centene Corporation $CNC Stock: Bank Julius Baer & Co. Ltd Zurich Grows Holdings

Key Points

• Institutional ownership increased: Bank Julius Baer & Co. Zurich raised its Centene stake by 264.8% in the third quarter to 19,370 shares worth about $1.2 million. Institutional investors and hedge funds collectively own 93.63% of the stock.
• Quarterly results beat estimates: Centene reported EPS of $0.58 versus analysts’ $0.10 forecast and revenue of $50.65 billion, above the $47.12 billion consensus; revenue grew 1.9% year over year.
• Shares and analyst views: The stock was reported up 12.7%, while analysts’ consensus rating was “Hold” with an average price target of $73.80. One company insider also sold 56,500 shares in August.

Bank Julius Baer & Co. Ltd Zurich raised its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 264.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,370 shares of the company's stock after purchasing an additional 14,060 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich's holdings in Centene were worth $1,205,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. BlackRock Inc. bought a new stake in Centene in the second quarter worth about $2,660,422,000. Wellington Management Group LLP lifted its holdings in 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 acquiring an additional 10,757,914 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Centene by 12.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company's stock valued at $354,173,000 after purchasing an additional 608,249 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Centene by 21.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company's stock valued at $302,818,000 after purchasing an additional 802,756 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Centene in the 2nd quarter worth approximately $285,713,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Trading Up 12.7%

NYSE CNC opened at $76.03 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.69. Centene Corporation has a 1-year low of $31.63 and a 1-year high of $77.05. The firm's fifty day simple moving average is $66.38 and its 200-day simple moving average is $55.62. The company has a market capitalization of $37.64 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 0.40 and a beta of 1.07.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings data on Tuesday, October 27th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.10 by $0.48. Centene had a return on equity of 12.15% and a net margin of 0.72%. The firm had revenue of $50.65 billion during the quarter, compared to analysts' expectations of $47.12 billion. During the same quarter last year, the firm earned $0.50 earnings per share. The business's revenue for the quarter was up 1.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Centene Corporation will post 5.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

CNC has been the topic of several recent research reports. Royal Bank Of Canada lifted their price target on shares of Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. increased their price objective on Centene from $67.00 to $75.00 and gave the company a "neutral" rating in a research report on Thursday, October 29th. Argus raised Centene from a "hold" rating to a "buy" rating and set a $80.00 price objective for the company in a research note on Tuesday, August 11th. Stifel Nicolaus set a $79.00 price target on Centene in a research note on Monday, August 3rd. Finally, Zacks Research downgraded Centene from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Nine equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $73.80.

Insider Activity

In related news, General Counsel Christopher Koster sold 56,500 shares of the business'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 completion of the sale, the general counsel owned 248,854 shares of the company's stock, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.37% of the stock is currently owned by corporate insiders.

Centene Company Profile

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company's offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.

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.