Ieq Capital LLC Takes Position in Centene Corporation $CNC

Key Points

• Ieq Capital acquired 1.47 million Centene shares in the second quarter, valued at approximately $94.7 million and representing about 0.30% of the company. Institutional investors collectively own 93.63% of Centene.
• Centene reported quarterly earnings of $2.51 per share, well above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion.
• Analyst sentiment remains mixed: Centene has a consensus “Hold” rating and an average price target of $70.05, compared with a recent share price of $64.94. Bank of America and Raymond James set targets of $74 and $75, respectively.

Ieq Capital LLC acquired a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,474,796 shares of the company's stock, valued at approximately $94,667,000. Ieq Capital LLC owned approximately 0.30% of Centene at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. DV Equities LLC bought a new stake in Centene during the fourth quarter valued at $26,000. IFC & Insurance Marketing Inc. bought a new position in shares of Centene during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. increased its position in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock worth $31,000 after buying an additional 406 shares during the period. MidFirst Bank acquired a new stake in shares of Centene in the 2nd quarter worth about $32,000. Finally, Bayban bought a new stake in shares of Centene during the fourth quarter valued at approximately $33,000. 93.63% of the stock is currently owned by institutional investors.

Centene Trading Up 1.2%

Shares of NYSE:CNC opened at $64.94 on Friday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The stock has a market capitalization of $32.08 billion, a PE ratio of -6.22, a P/E/G ratio of 0.34 and a beta of 1.08. Centene Corporation has a 1 year low of $28.24 and a 1 year high of $69.36. The firm has a fifty day moving average price of $64.96 and a 200 day moving average price of $52.40.

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, beating 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 positive return on equity of 12.12% and a negative net margin of 2.51%.The business's revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company earned ($0.16) earnings per share. Analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Bank of America raised their price target on Centene from $72.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Wall Street Zen upgraded shares of Centene from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Wells Fargo & Company set a $69.00 target price on Centene and gave the stock an "equal weight" rating in a report on Monday, July 13th. Oppenheimer lifted their target price on shares of Centene from $58.00 to $67.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Finally, Raymond James Financial set a $75.00 price target on Centene in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Centene has a consensus rating of "Hold" and a consensus target price of $70.05.

Insider Buying and Selling at Centene

In related news, General Counsel Christopher Koster sold 47,603 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total value of $3,111,332.08. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.37% of the company's stock.

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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