Gradient Investments LLC Acquires New Holdings in Centene Corporation $CNC

Key Points

• Gradient Investments acquired 158,500 Centene shares during the third quarter, valued at approximately $9.85 million. Institutional investors and hedge funds collectively own 93.63% of Centene’s stock.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $70.05. Nine analysts rate the stock a Buy, ten a Hold, and two a Sell.
• Centene reported strong quarterly results, posting $2.51 in adjusted EPS versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year. However, General Counsel Christopher Koster sold 56,500 shares, while insiders own just 0.37% of the company.

Gradient Investments LLC bought a new stake in Centene Corporation (NYSE:CNC - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 158,500 shares of the company's stock, valued at approximately $9,846,000.

Several other institutional investors also recently modified their holdings of the stock. Avidian Wealth Enterprises LLC lifted its stake in shares of Centene by 194.0% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 9,771 shares of the company's stock valued at $607,000 after acquiring an additional 6,447 shares during the last quarter. Valeo Financial Advisors LLC boosted its holdings in Centene by 60.7% in the third quarter. Valeo Financial Advisors LLC now owns 12,093 shares of the company's stock valued at $751,000 after acquiring an additional 4,569 shares during the last quarter. Vista Investment Partners LLC acquired a new stake in Centene during the 3rd quarter valued at approximately $225,000. Toth Financial Advisory Corp acquired a new stake in Centene during the 3rd quarter valued at approximately $30,000. Finally, Vann Equity Management LLC bought a new position in Centene during the 3rd quarter worth approximately $349,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus set a $79.00 price objective on shares of Centene in a research report on Monday, August 3rd. JPMorgan Chase & Co. boosted their target price on shares of Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Zacks Research cut shares of Centene from a "strong-buy" rating to a "hold" rating in a research report on Monday. TD Cowen reissued a "hold" rating and issued a $65.00 price objective (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, UBS Group set a $79.00 price objective on Centene in a research note on Tuesday, August 18th. Nine research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $70.05.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 56,500 shares of the business'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. The trade was a 18.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.37% of the stock is owned by insiders.

Centene Stock Down 0.8%

Centene stock opened at $64.49 on Friday. 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 Corporation has a 12-month low of $31.63 and a 12-month high of $69.63. The firm's fifty day moving average is $64.92 and its 200 day moving average is $58.35. The company has a market capitalization of $31.86 billion, a PE ratio of -6.18, a PEG ratio of 0.41 and a beta of 1.13.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping 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 business had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. During the same period last year, the company posted ($0.16) earnings per share. The business's quarterly revenue was up 9.9% on a year-over-year basis. As a group, sell-side analysts predict that Centene Corporation will post 4.89 EPS for the current fiscal year.

About Centene

Centene Corporation NYSE: CNC is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.

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