Edmond DE Rothschild Holding S.A. Acquires Shares of 62,375 Centene Corporation $CNC

Key Points

• Edmond DE Rothschild Holding acquired 62,375 Centene shares during the second quarter, valued at approximately $4.0 million. Several other institutional investors also initiated positions, and institutions collectively own 93.63% of Centene.
• Centene reported quarterly earnings of $2.51 per share, beating analyst expectations of $1.09, while revenue reached $53.58 billion—up 9.9% year over year and above estimates.
• Centene shares opened at $64.66, while analysts maintained a consensus “Hold” rating with an average price target of $70.05; one company insider separately sold 47,603 shares.

Edmond DE Rothschild Holding S.A. bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 62,375 shares of the company's stock, valued at approximately $4,004,000.

Other hedge funds have also modified their holdings of the company. West Family Investments Inc. bought a new position in Centene in the 2nd quarter worth approximately $602,000. NewEdge Wealth LLC bought a new position in Centene in the 2nd quarter valued at $354,000. Monetta Financial Services Inc. bought a new position in Centene in the 2nd quarter valued at $1,894,000. Empirical Asset Management LLC acquired a new stake in shares of Centene in the 2nd quarter valued at $407,000. Finally, Great Lakes Advisors LLC bought a new stake in shares of Centene during the second quarter worth $886,000. 93.63% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 47,603 shares of Centene stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the transaction, the general counsel directly owned 305,354 shares in the company, valued at approximately $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.37% of the company's stock.

Centene Stock Down 0.9%

Centene stock opened at $64.66 on Thursday. Centene Corporation has a fifty-two week low of $28.24 and a fifty-two week high of $69.36. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a market capitalization of $31.94 billion, a price-to-earnings ratio of -6.19, a PEG ratio of 0.35 and a beta of 1.08. The company's 50 day simple moving average is $64.95 and its 200 day simple moving average is $52.16.

Centene (NYSE:CNC - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the business posted ($0.16) earnings per share. As a group, sell-side analysts anticipate that Centene Corporation will post 4.89 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on CNC shares. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Jefferies Financial Group upped their target price on shares of Centene from $39.00 to $48.00 and gave the company a "hold" rating in a research report on Wednesday, April 29th. Royal Bank Of Canada lifted their price target on shares of Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 9th. Stifel Nicolaus set a $79.00 price target on Centene in a research note on Monday, August 3rd. Finally, Sanford C. Bernstein restated an "outperform" rating and issued a $79.00 price target (up from $68.00) on shares of Centene in a research report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $70.05.

About Centene

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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