Centene Corporation $CNC Stock: Farther Finance Advisors LLC Raises Stake

Key Points

• Farther Finance Advisors nearly doubled its Centene stake in the third quarter, increasing holdings by 94.6% to 62,736 shares valued at approximately $3.9 million. Institutional investors collectively own 93.63% of the company.
• Analyst sentiment is mixed but centers on a “Hold” rating, with nine Buy, ten Hold, and two Sell ratings and an average price target of $70.05. Price targets range from $66 at Morgan Stanley to $80 at Argus.
• Centene reported strong quarterly results, posting $2.51 in adjusted earnings per share versus a $1.09 consensus estimate and $53.58 billion in revenue, up 9.9% year over year. Shares opened at $65.32, near the company’s 52-week high of $69.63.

Farther Finance Advisors LLC boosted its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 94.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,736 shares of the company's stock after buying an additional 30,491 shares during the quarter. Farther Finance Advisors LLC's holdings in Centene were worth $3,897,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in Centene in the 2nd quarter worth about $2,660,422,000. Wellington Management Group LLP boosted its position in shares of Centene by 423.0% during the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after buying an additional 10,757,914 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Centene by 12.4% during the second 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 buying an additional 608,249 shares during the period. Bank of America Corp DE bought a new position in shares of Centene during the second quarter valued at approximately $285,713,000. Finally, Deutsche Bank AG bought a new position in shares of Centene during the second quarter valued at approximately $257,279,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Weiss Ratings upgraded Centene from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday. Morgan Stanley set a $66.00 price target on shares of Centene in a report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on shares of Centene from $60.00 to $67.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. Argus upgraded shares of Centene from a "hold" rating to a "buy" rating and set a $80.00 price objective for the company in a report on Tuesday, August 11th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Centene in a research report on Friday. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Centene has an average rating of "Hold" and an average target price of $70.05.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction that occurred on 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 trade represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.37% of the company's stock.

Centene Stock Performance

Shares of Centene stock opened at $65.32 on Monday. The firm has a market cap of $32.27 billion, a P/E ratio of -6.26, a P/E/G ratio of 0.41 and a beta of 1.13. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a 12 month low of $31.63 and a 12 month high of $69.63. The stock's fifty day moving average price is $64.99 and its 200-day moving average price is $58.58.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%. The firm had revenue of $53.58 billion during the quarter, compared to the consensus estimate of $47.64 billion. During the same period in the previous year, the company posted ($0.16) earnings per share. The firm's quarterly revenue was up 9.9% on a year-over-year basis. On average, equities research analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Centene Company Profile

Centene Corporation NYSE: CNC is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.

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