Centene Corporation $CNC Stock: Sterling Capital Management LLC Raises Holdings

Key Points

• Sterling Capital Management increased its Centene stake by 171.7% in the third quarter, bringing its holdings to 55,134 shares worth approximately $3.43 million. Institutional investors collectively own 93.63% of the company.
• Analyst sentiment remains mixed, with nine Buy, ten Hold, and two Sell ratings. Centene has an average rating of Hold and a consensus price target of $70.05.
• Centene reported quarterly EPS of $2.51, substantially exceeding the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. The stock opened at $70.20, near its 12-month high of $72.50.

Sterling Capital Management LLC raised its stake in Centene Corporation (NYSE:CNC - Free Report) by 171.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,134 shares of the company's stock after acquiring an additional 34,844 shares during the quarter. Sterling Capital Management LLC's holdings in Centene were worth $3,425,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Silicon Valley Capital Partners acquired a new stake in shares of Centene in the second quarter valued at approximately $25,000. North Point Portfolio Managers Corp OH acquired a new position in Centene during the 3rd quarter worth $25,000. Toth Financial Advisory Corp acquired a new position in Centene during the 3rd quarter worth $30,000. MidFirst Bank bought a new position in Centene in the 2nd quarter valued at $32,000. Finally, Fiduciary Financial Advisors bought a new position in Centene in the 2nd quarter valued at $34,000. 93.63% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CNC shares. JPMorgan Chase & Co. boosted 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. Morgan Stanley set a $66.00 price objective on Centene in a research report on Wednesday, July 29th. TD Cowen reissued a "hold" rating and set a $65.00 price objective (up from $47.00) on shares of Centene in a report on Tuesday, July 14th. Zacks Research downgraded shares of Centene from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 5th. Finally, HC Wainwright reaffirmed a "buy" rating on shares of Centene in a research note on Friday, September 11th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $70.05.

Centene Stock Down 1.5%

NYSE:CNC opened at $70.20 on Friday. Centene Corporation has a 12-month low of $31.63 and a 12-month high of $72.50. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $34.68 billion, a P/E ratio of -6.72, a P/E/G ratio of 0.44 and a beta of 1.13. The stock's fifty day simple moving average is $65.79 and its 200-day simple moving average is $60.95.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. During the same period in the previous year, the firm earned ($0.16) earnings per share. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. Equities research analysts expect that Centene Corporation will post 4.89 earnings per share for the current year.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of the company's stock in a transaction dated 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 directly owned 248,854 shares of the company's stock, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.37% of the company's stock.

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.

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