Cibc World Market Inc. Purchases Shares of 77,519 Centene Corporation $CNC

Key Points

• CIBC World Market Inc. acquired 77,519 Centene shares during the second quarter, valued at approximately $4.98 million. Institutional investors collectively own 93.63% of Centene’s stock.
• Centene reported strong quarterly results, with earnings of $2.51 per share versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• CNC shares opened at $64.92, while analysts maintain an overall “Hold” rating with an average price target of $70.05. Centene’s general counsel also sold 47,603 shares worth about $3.11 million.

Cibc World Market Inc. acquired a new position in Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 77,519 shares of the company's stock, valued at approximately $4,976,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CNC. DV Equities LLC acquired a new position in shares of Centene during the fourth quarter worth $26,000. IFC & Insurance Marketing Inc. purchased a new position in Centene during the 4th quarter worth $28,000. SBI Securities Co. Ltd. increased its position in Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after buying an additional 406 shares in the last quarter. MidFirst Bank purchased a new stake in Centene in the second quarter valued at about $32,000. Finally, Bayban acquired a new stake in Centene in the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Stock Down 1.1%

CNC stock opened at $64.92 on Wednesday. The company has a market capitalization of $32.07 billion, a P/E ratio of -6.22, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. Centene Corporation has a 12 month low of $28.24 and a 12 month high of $69.36. The firm's fifty day simple moving average is $65.08 and its 200-day simple moving average is $52.80. 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 (NYSE:CNC - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. During the same quarter last year, the company posted ($0.16) earnings per share. The firm's revenue was up 9.9% compared to the same quarter last year. As a group, equities research analysts forecast that Centene Corporation will post 4.89 earnings per share for the current year.

Insider Activity

In other news, General Counsel Christopher Koster sold 47,603 shares of the company's stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total value of $3,111,332.08. Following the sale, the general counsel owned 305,354 shares in the company, valued at $19,957,937.44. This represents a 13.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.37% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on CNC shares. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Centene in a research report on Friday, July 17th. Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the company an "equal weight" rating in a research note on Monday, July 13th. Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Royal Bank Of Canada boosted their price objective on shares of Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a report on Thursday, July 9th. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $40.00 target price on shares of Centene in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $70.05.

About Centene

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

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