Man Group plc Takes $179.42 Million Position in Centene Corporation $CNC

Key Points

• Man Group plc acquired 2.8 million Centene shares worth approximately $179.4 million in the second quarter, representing about 0.57% of the company. Institutional investors collectively own 93.63% of Centene.
• Analyst sentiment is mixed: Centene has a consensus rating of “Hold” and an average price target of $70.05, while several firms maintain Buy or Overweight ratings with targets near $79–$80.
• Centene reported strong quarterly results, earning $2.51 per share versus the $1.09 estimate and generating $53.58 billion in revenue, up 9.9% year over year. The stock opened at $64.92, below its 12-month high of $69.36.

Man Group plc bought a new position in Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 2,795,138 shares of the company's stock, valued at approximately $179,420,000. Man Group plc owned about 0.57% of Centene at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. MidFirst Bank bought a new position in shares of Centene during the second quarter valued at approximately $32,000. Fiduciary Financial Advisors bought a new stake in shares of Centene during the 2nd quarter worth approximately $34,000. DV Equities LLC purchased a new position in Centene during the 4th quarter valued at $26,000. Elevation Wealth Partners LLC grew its position in Centene by 564.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 658 shares of the company's stock valued at $42,000 after acquiring an additional 559 shares during the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new stake in Centene in the fourth quarter worth $28,000. 93.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Stifel Nicolaus set a $79.00 target price on shares of Centene in a research note on Monday, August 3rd. Jefferies Financial Group raised their price target on shares of Centene from $39.00 to $48.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a "hold" rating to a "buy" rating and lifted their price objective for the company from $53.00 to $80.00 in a report on Wednesday, May 20th. UBS Group set a $79.00 target price on shares of Centene in a research note on Tuesday, August 18th. Finally, Barclays reaffirmed an "overweight" rating and set a $80.00 price target (up from $75.00) on shares of Centene in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $70.05.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 47,603 shares of Centene stock in a transaction that occurred 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 owned 305,354 shares of the company's stock, valued at $19,957,937.44. The trade was a 13.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.37% of the company's stock.

Centene Trading Down 1.1%

CNC opened at $64.92 on Wednesday. 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 firm has a market cap of $32.07 billion, a price-to-earnings ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08. Centene Corporation has a 12 month low of $28.24 and a 12 month high of $69.36. The stock has a fifty day moving average price of $65.08 and a 200-day moving average price of $52.80.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $1.42. The company had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) earnings per share. As a group, equities research analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

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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