Howard Capital Management LLC Buys 58,241 Shares of Centene Corporation $CNC

Key Points

• Howard Capital Management initiated a Centene position by purchasing 58,241 shares worth approximately $3.6 million in the third quarter.
• Institutional interest remains high: 93.63% of Centene’s shares are held by institutions and hedge funds, with major investors including BlackRock, Wellington Management and UBS.
• Centene exceeded quarterly expectations, reporting $2.51 in adjusted EPS and $53.58 billion in revenue, while analysts maintain a consensus “Hold” rating with an average price target of $70.05.

Howard Capital Management LLC bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 58,241 shares of the company's stock, valued at approximately $3,618,000.

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

Insiders Place Their Bets

In other news, General Counsel Christopher Koster sold 56,500 shares of Centene 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 transaction, the general counsel directly owned 248,854 shares in the company, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Centene Stock Performance

Shares of NYSE:CNC traded down $1.24 during trading hours on Friday, hitting $69.27. The stock had a trading volume of 3,336,077 shares, compared to its average volume of 4,808,065. The stock's fifty day simple moving average is $65.41 and its 200 day simple moving average is $59.67. The firm has a market capitalization of $34.22 billion, a price-to-earnings ratio of -6.64, a PEG ratio of 0.44 and a beta of 1.13. Centene Corporation has a 1-year low of $31.63 and a 1-year high of $71.21. 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 results on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping 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 firm had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. During the same period in the previous year, the business earned ($0.16) earnings per share. Centene's revenue for the quarter was up 9.9% compared to the same quarter last year. Sell-side analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on CNC shares. Robert W. Baird lifted their price target on Centene from $46.00 to $66.00 and gave the stock a "neutral" rating in a report on Wednesday, July 29th. Wells Fargo & Company set a $69.00 price target on Centene and gave the stock an "equal weight" rating in a research note on Monday, July 13th. Raymond James Financial set a $75.00 price objective on Centene in a research note on Tuesday, July 7th. Royal Bank Of Canada raised their price objective on shares of Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a report on Thursday, July 9th. Finally, Argus raised Centene from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a report on Tuesday, August 11th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $70.05.

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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