Crossmark Global Holdings Inc. Purchases 75,967 Shares of Centene Corporation $CNC

Key Points

• Crossmark Global Holdings increased its Centene stake by 132.6% in the third quarter, acquiring 75,967 additional shares for a total holding of 133,261 shares valued at approximately $8.3 million.
• Centene reported quarterly revenue of $53.58 billion and earnings of $2.51 per share, substantially exceeding analyst estimates; revenue rose 9.9% year over year.
• Centene shares opened at $71.21, near their 52-week high, while analysts maintained a consensus “Hold” rating with a $70.05 average price target. Institutional investors own 93.63% of the stock.

Crossmark Global Holdings Inc. lifted its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 132.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 133,261 shares of the company's stock after buying an additional 75,967 shares during the period. Crossmark Global Holdings Inc.'s holdings in Centene were worth $8,278,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CNC. BlackRock Inc. acquired a new stake in Centene in the 2nd quarter valued at about $2,660,422,000. Wellington Management Group LLP boosted its stake in shares of Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after buying an additional 10,757,914 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Centene by 12.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company's stock worth $354,173,000 after purchasing an additional 608,249 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Centene by 21.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company's stock valued at $302,818,000 after acquiring an additional 802,756 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Centene in the second quarter worth $285,713,000. Institutional investors own 93.63% of the company's stock.

Centene Stock Up 1.4%

NYSE CNC opened at $71.21 on Friday. The stock has a fifty day moving average of $65.74 and a 200-day moving average of $60.88. The stock has a market capitalization of $35.18 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 0.44 and a beta of 1.13. Centene Corporation has a 52 week low of $31.63 and a 52 week high of $72.50. 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 announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $1.09 by $1.42. The firm had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%. The company's revenue was up 9.9% on a year-over-year basis. During the same period last year, the company earned ($0.16) earnings per share. On average, equities research analysts forecast that Centene Corporation will post 4.89 EPS for the current year.

Wall Street Analyst Weigh In

CNC has been the topic of several analyst reports. Zacks Research downgraded Centene from a "strong-buy" rating to a "hold" rating in a report on Monday, October 5th. Truist Financial lifted their price target on Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. upped their target price on shares of Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Raymond James Financial set a $75.00 price target on shares of Centene in a report on Tuesday, July 7th. Finally, Morgan Stanley set a $66.00 price target on shares of Centene in a research report on Wednesday, July 29th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $70.05.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of the company's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the sale, the general counsel directly owned 248,854 shares of the company's stock, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.37% of the stock is owned by corporate insiders.

Centene Profile

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company's offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.

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