Centene Corporation $CNC Stock Purchased by Citizens Financial Group Inc. RI

Key Points

• Citizens Financial Group increased its Centene stake by 71.5% in the third quarter, bringing its holdings to 41,815 shares valued at approximately $2.6 million. Institutional investors collectively own 93.63% of Centene.
• Centene reported quarterly EPS of $2.51, well above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. The stock opened at $67.84, near its 52-week high of $72.50.
• Analysts maintain a consensus “Hold” rating with an average price target of $70.05; targets range from $65 to $80. Separately, Centene’s general counsel sold 56,500 shares at an average price of $66.90.

Citizens Financial Group Inc. RI grew its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 71.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,815 shares of the company's stock after purchasing an additional 17,429 shares during the quarter. Citizens Financial Group Inc. RI's holdings in Centene were worth $2,598,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Simplicity Wealth LLC boosted its stake in Centene by 17.7% during the 3rd quarter. Simplicity Wealth LLC now owns 6,733 shares of the company's stock valued at $418,000 after purchasing an additional 1,013 shares during the period. Sterling Capital Management LLC increased its position in Centene by 171.7% in the 3rd quarter. Sterling Capital Management LLC now owns 55,134 shares of the company's stock valued at $3,425,000 after acquiring an additional 34,844 shares during the period. Yousif Capital Management LLC raised its stake in Centene by 2.0% during the 3rd quarter. Yousif Capital Management LLC now owns 65,354 shares of the company's stock valued at $4,060,000 after acquiring an additional 1,302 shares in the last quarter. MBL Wealth LLC grew its position in Centene by 135.1% in the 3rd quarter. MBL Wealth LLC now owns 15,955 shares of the company's stock valued at $991,000 after buying an additional 9,169 shares in the last quarter. Finally, Cogent Strategic Wealth LLC bought a new stake in shares of Centene during the 3rd quarter worth about $208,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Down 3.3%

Centene stock opened at $67.84 on Tuesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. Centene Corporation has a fifty-two week low of $31.63 and a fifty-two week high of $72.50. The firm has a fifty day moving average price of $65.81 and a two-hundred day moving average price of $54.72. The firm has a market cap of $33.51 billion, a price-to-earnings ratio of 13.52, a P/E/G ratio of 0.44 and a beta of 1.13.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CNC shares. JPMorgan Chase & Co. upped their target price on Centene from $60.00 to $67.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. TD Cowen reaffirmed a "hold" rating and issued a $65.00 price objective (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Barclays restated an "overweight" rating and set a $80.00 target price (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Royal Bank Of Canada increased their price objective on Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research report on Thursday, July 9th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Centene in a research report on Friday, October 9th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $70.05.

Insiders Place Their Bets

In related news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction dated 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.37% of the stock is currently owned by company insiders.

Centene 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.

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