Centene Corporation $CNC Stock: Mn Services Vermogensbeheer B.V. Raises Position

Key Points

• Mn Services Vermogensbeheer B.V. increased its Centene stake by 71.1% in the third quarter, bringing its holdings to 243,815 shares valued at approximately $15.1 million. Institutional investors overall own 93.63% of Centene.
• Centene reported stronger-than-expected quarterly results, with EPS of $2.51 versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment is mixed: nine analysts rate the stock a Buy, ten a Hold, and two a Sell, producing an overall “Hold” rating and an average price target of $70.05 versus a recent price of $65.32.

Mn Services Vermogensbeheer B.V. boosted its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 71.1% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 243,815 shares of the company's stock after acquiring an additional 101,334 shares during the quarter. Mn Services Vermogensbeheer B.V.'s holdings in Centene were worth $15,146,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Centene during the 2nd quarter valued at about $2,660,422,000. Wellington Management Group LLP boosted its holdings in shares of Centene by 423.0% in the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after purchasing an additional 10,757,914 shares during the period. Bank of America Corp DE purchased a new position in Centene during the 2nd quarter worth $285,713,000. Deutsche Bank AG bought a new stake in Centene during the 2nd quarter valued at $257,279,000. Finally, Legal & General Group Plc bought a new position in shares of Centene during the 2nd quarter worth $244,463,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Insiders Place Their Bets

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were 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 directly owned 248,854 shares in the company, valued at $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by company insiders.

Centene Price Performance

CNC opened at $65.32 on Friday. The firm has a market capitalization of $32.27 billion, a PE ratio of -6.26, a price-to-earnings-growth ratio of 0.41 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The business's 50-day moving average is $64.99 and its two-hundred day moving average is $58.40. Centene Corporation has a 1 year low of $31.63 and a 1 year high of $69.63.

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

Analyst Ratings Changes

CNC has been the subject of several recent research reports. Raymond James Financial set a $75.00 price objective on Centene in a report on Tuesday, July 7th. Royal Bank Of Canada raised their target price on shares of Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research report on Thursday, July 9th. TD Cowen reaffirmed a "hold" rating and issued a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Weiss Ratings upgraded shares of Centene from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday. Finally, HC Wainwright reissued a "buy" rating on shares of Centene in a research note on Friday, September 11th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Centene currently has an average rating of "Hold" and an average target price of $70.05.

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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