Connor Clark & Lunn Investment Management Ltd. Makes New $1.18 Million Investment in Centene Corporation $CNC

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 18,393 shares of the company's stock, valued at approximately $1,181,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Globeflex Capital L P purchased a new position in Centene during the second quarter valued at $782,000. Bank of Nova Scotia purchased a new stake in Centene in the second quarter worth about $53,046,000. Commerce Bank bought a new position in shares of Centene in the second quarter worth about $2,941,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Centene during the 2nd quarter valued at about $3,000,000. Finally, Quantbot Technologies LP bought a new position in shares of Centene during the 2nd quarter valued at approximately $8,123,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Up 0.2%

CNC stock opened at $64.91 on Monday. 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 1-year low of $28.24 and a 1-year high of $69.36. The business has a 50 day simple moving average of $65.33 and a two-hundred day simple moving average of $53.35. The company has a market capitalization of $32.06 billion, a price-to-earnings ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share (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 firm had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. During the same quarter last year, the business posted ($0.16) earnings per share. The company's revenue for the quarter was up 9.9% compared to the same quarter last year. Research analysts anticipate that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

CNC has been the topic of a number of recent analyst reports. Argus upgraded shares of Centene from a "hold" rating to a "buy" rating and set a $80.00 target price on the stock in a research note on Tuesday, August 11th. Morgan Stanley set a $66.00 price objective on shares of Centene in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a "hold" rating to a "buy" rating and raised their price objective for the company from $53.00 to $80.00 in a research report on Wednesday, May 20th. Raymond James Financial set a $75.00 target price on shares of Centene in a report on Tuesday, July 7th. Finally, UBS Group set a $79.00 price target on Centene in a research note on Tuesday, August 18th. One equities research 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's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $70.05.

Insider Transactions at Centene

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction 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 sale, the general counsel owned 248,854 shares in the company, valued at $16,648,332.60. The trade was a 18.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.37% of the company's stock.

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.

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Corporation (NYSE:CNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source