Commerce Bank Invests $2.94 Million in Centene Corporation $CNC

Commerce Bank bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 45,812 shares of the company's stock, valued at approximately $2,941,000.

Other hedge funds also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Centene during the 2nd quarter worth approximately $3,000,000. Quantbot Technologies LP purchased a new position in shares of Centene in the 2nd quarter valued at $8,123,000. Evolve Private Wealth LLC acquired a new stake in Centene during the 2nd quarter worth $2,741,000. Westpac Banking Corp purchased a new stake in Centene in the second quarter valued at $803,000. Finally, Korea Investment CORP acquired a new position in Centene in the second quarter valued at $64,395,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Mizuho set a $63.00 target price on Centene and gave the stock a "neutral" rating in a research report on Monday, June 8th. Argus upgraded Centene from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research note on Tuesday, August 11th. TD Cowen reiterated 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. 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 report on Thursday, July 9th. Finally, The Goldman Sachs Group restated a "sell" rating and set a $40.00 target price on shares of Centene in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $70.05.

Insider Activity at Centene

In related news, General Counsel Christopher Koster sold 47,603 shares of Centene stock in a transaction that occurred on 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 directly owned 305,354 shares in the company, valued at $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.37% of the stock is owned by corporate insiders.

Centene Stock Up 1.0%

Shares of NYSE:CNC opened at $65.64 on Tuesday. Centene Corporation has a fifty-two week low of $28.24 and a fifty-two week high of $69.36. 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's 50-day simple moving average is $65.00 and its 200-day simple moving average is $52.63. The company has a market cap of $32.43 billion, a price-to-earnings ratio of -6.29, a PEG ratio of 0.35 and a beta of 1.08.

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, beating analysts' consensus estimates 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 the consensus estimate of $47.64 billion. During the same quarter last year, the firm earned ($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 predict that Centene Corporation will post 4.89 earnings per share for the current year.

Centene Company Profile

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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