MASTERINVEST Kapitalanlage GmbH Invests $2.87 Million in Centene Corporation $CNC

Key Points

• MASTERINVEST Kapitalanlage GmbH bought 44,692 shares of Centene worth approximately $2.87 million in the second quarter. Institutional investors now own 93.63% of the company.
• Centene reported strong quarterly results, with earnings per share of $2.51 versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment remains mixed: Centene has a consensus rating of “Hold” and an average price target of $70.05, compared with a recent opening price of $65.23.

MASTERINVEST Kapitalanlage GmbH bought a new stake in Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 44,692 shares of the company's stock, valued at approximately $2,869,000.

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

Wall Street Analysts Forecast Growth

CNC has been the topic of several research reports. Wells Fargo & Company set a $69.00 price objective on Centene and gave the stock an "equal weight" rating in a report on Monday, July 13th. Stifel Nicolaus set a $79.00 target price on Centene in a research note on Monday, August 3rd. Truist Financial upped their price target on Centene from $71.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Mizuho set a $63.00 price target on Centene and gave the company a "neutral" rating in a report on Monday, June 8th. Finally, Deutsche Bank Aktiengesellschaft raised Centene from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $53.00 to $80.00 in a report on Wednesday, May 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Centene has an average rating of "Hold" and a consensus price target of $70.05.

Centene Price Performance

CNC opened at $65.23 on Friday. The company has a fifty day moving average price of $65.26 and a two-hundred day moving average price of $53.16. The firm has a market capitalization of $32.22 billion, a PE ratio of -6.25, a P/E/G ratio of 0.35 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 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 posted its quarterly earnings results 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. 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 the consensus estimate of $47.64 billion. During the same quarter in the prior year, the business posted ($0.16) EPS. The firm's quarterly revenue was up 9.9% on a year-over-year basis. As a group, analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current year.

Insiders Place Their Bets

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel owned 248,854 shares in the company, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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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