Jefferies Financial Group Inc. Buys New Shares in Centene Corporation $CNC

Key Points

• Jefferies Financial Group purchased 20,862 Centene shares worth approximately $1.34 million during the second quarter. Institutional investors and hedge funds collectively own 93.63% of the company.
• Centene reported quarterly EPS of $2.51, beating estimates of $1.09, while revenue reached $53.58 billion, up 9.9% year over year and above analyst expectations.
• Centene shares opened at $64.91, near the analyst consensus price target of $70.05. Ratings remain mixed, with an overall consensus of “Hold,” while General Counsel Christopher Koster sold 56,500 shares at an average price of $66.90.

Jefferies Financial Group Inc. bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 20,862 shares of the company's stock, valued at approximately $1,339,000.

A number of other institutional investors have also made changes to their positions in the business. Deutsche Bank AG bought a new stake in shares of Centene in the second quarter valued at about $257,279,000. Hara Capital LLC acquired a new stake in Centene during the second quarter worth about $5,222,000. Roberts Glore & Co. Inc. IL bought a new position in Centene in the 2nd quarter valued at about $1,659,000. Paralel Advisors LLC bought a new stake in shares of Centene during the 2nd quarter worth approximately $4,531,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Centene during the 2nd quarter worth approximately $2,134,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Centene

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were 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 $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.37% of the company's stock.

Centene Stock Down 0.6%

CNC stock opened at $64.91 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The stock's 50 day simple moving average is $65.33 and its 200 day simple moving average is $53.25. The company has a market cap of $32.06 billion, a P/E ratio of -6.22, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. Centene Corporation has a fifty-two week low of $28.24 and a fifty-two week high of $69.36.

Centene (NYSE:CNC - Get Free Report) last posted its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 negative net margin of 2.51% and a positive return on equity of 12.12%. The business's revenue was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) EPS. On average, research analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. TD Cowen reiterated a "hold" rating and issued a $65.00 price target (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Barclays reiterated an "overweight" rating and issued a $80.00 target price (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. JPMorgan Chase & Co. increased their target price on shares of Centene from $60.00 to $67.00 and gave the stock a "neutral" rating in a report on Tuesday, August 4th. Morgan Stanley set a $66.00 price target on shares of Centene in a report on Wednesday, July 29th. Finally, Truist Financial upped their price target on shares of Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price 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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