Corient Private Wealth LP Purchases New Position in Centene Corporation $CNC

Key Points

• Corient Private Wealth LP purchased 371,227 Centene shares worth approximately $23.8 million, while other institutions also initiated positions; institutional investors now own 93.63% of the company.
• Centene reported quarterly EPS of $2.51, beating estimates of $1.09, while revenue rose 9.9% year over year to $53.58 billion.
• Analysts maintain a consensus “Hold” rating with an average price target of $70.05, compared with the stock’s recent price of $64.91.

Corient Private Wealth LP purchased a new stake in Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 371,227 shares of the company's stock, valued at approximately $23,829,000. Corient Private Wealth LP owned approximately 0.08% of Centene as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CNC. Deutsche Bank AG acquired a new position in Centene during the second quarter worth approximately $257,279,000. Hara Capital LLC acquired a new position in shares of Centene in the 2nd quarter valued at $5,222,000. Roberts Glore & Co. Inc. IL purchased a new stake in shares of Centene during the 2nd quarter valued at $1,659,000. Paralel Advisors LLC acquired a new stake in shares of Centene during the 2nd quarter worth $4,531,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Centene in the 2nd quarter worth $2,134,000. Institutional investors own 93.63% of the company's stock.

Centene Stock Performance

Centene stock opened at $64.91 on Friday. The firm has a market capitalization of $32.06 billion, a PE ratio of -6.22, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. Centene Corporation has a one year low of $28.24 and a one year high of $69.36. The stock's 50 day moving average price is $65.33 and its 200 day moving average price is $53.25. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15.

Centene (NYSE:CNC - Get Free Report) last issued 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 company 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 company earned ($0.16) earnings per share. Centene's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, sell-side analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction 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 of the company's stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Royal Bank Of Canada boosted their price target on Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research report on Thursday, July 9th. Oppenheimer boosted their target price on Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Barclays restated an "overweight" rating and issued a $80.00 price target (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. TD Cowen reaffirmed a "hold" rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, Cantor Fitzgerald boosted their price objective on shares of Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $70.05.

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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