Korea Investment CORP Invests $64.39 Million in Centene Corporation $CNC

Key Points

• Korea Investment CORP acquired a new $64.4 million stake in Centene, purchasing 1,003,186 shares, or approximately 0.20% of the healthcare company. Institutional investors collectively own 93.63% of Centene.
• Centene reported strong quarterly results, with earnings of $2.51 per share versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment remains mixed: Centene has an average rating of “Hold” and an average price target of $70.05, while shares recently opened at $64.94. General Counsel Christopher Koster also sold 47,603 shares worth about $3.1 million.

Korea Investment CORP bought a new stake in Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,003,186 shares of the company's stock, valued at approximately $64,395,000. Korea Investment CORP owned about 0.20% of Centene at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. DV Equities LLC bought a new stake in shares of Centene in the 4th quarter valued at $26,000. IFC & Insurance Marketing Inc. bought a new position in Centene during the fourth quarter worth $28,000. SBI Securities Co. Ltd. lifted its holdings in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after buying an additional 406 shares during the period. MidFirst Bank bought a new stake in Centene during the second quarter valued at $32,000. Finally, Bayban bought a new stake in Centene during the fourth quarter valued at $33,000. Institutional investors own 93.63% of the company's stock.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Stifel Nicolaus set a $79.00 price objective on Centene in a research report on Monday, August 3rd. Raymond James Financial set a $75.00 target price on Centene in a research note on Tuesday, July 7th. Barclays reiterated an "overweight" rating and issued a $80.00 target price (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft upgraded Centene from a "hold" rating to a "buy" rating and increased their price target for the stock from $53.00 to $80.00 in a report on Wednesday, May 20th. Finally, TD Cowen reaffirmed a "hold" rating and set a $65.00 price objective (up from $47.00) on shares of Centene in a research 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 assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Centene currently has an average rating of "Hold" and an average target price of $70.05.

Centene Trading Up 1.2%

Shares of Centene stock opened at $64.94 on Friday. The stock has a market capitalization of $32.08 billion, a PE ratio of -6.22, a price-to-earnings-growth ratio of 0.34 and a beta of 1.08. Centene Corporation has a 52 week low of $28.24 and a 52 week high of $69.36. The stock has a 50 day moving average price of $64.96 and a two-hundred day moving average price of $52.40. 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 earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same period in the prior year, the firm earned ($0.16) earnings per share. Centene's revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

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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