Corient Private Wealth LP Increases Stock Position in Centene Corporation $CNC

Key Points

• Corient Private Wealth increased its Centene position by 195.1% in the second quarter, owning 433,628 shares worth approximately $27.8 million. Institutional investors collectively hold 93.63% of the company.
• Analysts remain mixed, with Centene receiving a consensus “Hold” rating and an average price target of $70.05. Recent targets range from $65 to $69, while Oppenheimer raised its target to $67 and maintained an “outperform” rating.
• Centene reported strong quarterly results, posting $2.51 in EPS versus $1.09 expected and revenue of $53.58 billion, up 9.9% year over year. The stock opened at $66.43, near its 52-week high of $69.36.

Corient Private Wealth LP increased its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 195.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 433,628 shares of the company's stock after acquiring an additional 286,687 shares during the period. Corient Private Wealth LP owned approximately 0.09% of Centene worth $27,835,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Centene in the second quarter valued at about $41,512,000. California State Teachers Retirement System boosted its stake in shares of Centene by 5,937.7% during the 2nd quarter. California State Teachers Retirement System now owns 46,149,208 shares of the company's stock worth $2,962,318,000 after acquiring an additional 45,384,854 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of Centene in the 2nd quarter worth approximately $312,000. Wedmont Private Capital increased its stake in Centene by 18.7% in the 2nd quarter. Wedmont Private Capital now owns 12,162 shares of the company's stock valued at $819,000 after purchasing an additional 1,912 shares in the last quarter. Finally, HB Wealth Management LLC raised its holdings in Centene by 4.0% during the second quarter. HB Wealth Management LLC now owns 45,774 shares of the company's stock worth $2,938,000 after purchasing an additional 1,747 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on CNC shares. Oppenheimer upped their target price on Centene from $58.00 to $67.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Wells Fargo & Company set a $69.00 price objective on shares of Centene and gave the stock an "equal weight" rating in a research report on Monday, July 13th. Robert W. Baird increased their price objective on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. TD Cowen restated a "hold" rating and set a $65.00 target price (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, Morgan Stanley set a $66.00 price target on shares of Centene in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Centene currently has a consensus rating of "Hold" and a consensus target price of $70.05.

Centene Stock Up 0.0%

CNC opened at $66.43 on Monday. The firm has a market cap of $32.82 billion, a P/E ratio of -6.36, a PEG ratio of 0.42 and a beta of 1.10. The business's fifty day simple moving average is $65.45 and its 200 day simple moving average is $55.07. Centene Corporation has a 52 week low of $31.63 and a 52 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.

Centene (NYSE:CNC - Get Free Report) last released its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (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 company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same period in the prior year, the firm earned ($0.16) EPS. The firm's quarterly revenue was up 9.9% on a year-over-year basis. As a group, equities research analysts anticipate that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insider Activity

In related news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.37% of the company's stock.

About Centene

Centene Corporation NYSE: CNC is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.

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