Montanova Capital LLC Buys Shares of 99,100 Centene Corporation $CNC

Key Points

• Montanova Capital initiated a position in Centene by purchasing 99,100 shares worth approximately $6.36 million during the second quarter. Institutional investors collectively own 93.63% of Centene’s stock.
• Centene’s general counsel Christopher Koster sold 56,500 shares for about $3.78 million, reducing his holdings by 18.5%; insiders own 0.37% of the company.
• Centene exceeded quarterly expectations with earnings of $2.51 per share versus the $1.09 consensus and revenue of $53.58 billion. Analysts’ consensus rating remains Hold, with an average price target of $70.05.

Montanova Capital LLC purchased a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 99,100 shares of the company's stock, valued at approximately $6,361,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Baird Financial Group Inc. purchased a new position in Centene during the 1st quarter valued at about $236,000. Sivia Capital Partners LLC boosted its stake in shares of Centene by 80.0% during the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock valued at $527,000 after purchasing an additional 4,315 shares in the last quarter. CW Advisors LLC increased its holdings in Centene by 20.3% during the second quarter. CW Advisors LLC now owns 4,863 shares of the company's stock valued at $264,000 after buying an additional 820 shares during the period. NewEdge Advisors LLC raised its stake in Centene by 6.1% in the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock worth $2,440,000 after buying an additional 2,582 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its holdings in shares of Centene by 0.4% in the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock valued at $12,590,000 after buying an additional 967 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the 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 sale, the general counsel directly owned 248,854 shares of the company's stock, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.37% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on CNC. Barclays reiterated an "overweight" rating and set a $80.00 price objective (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. JPMorgan Chase & Co. upped their price objective on shares of Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Bank of America upped their price target on shares of Centene from $72.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, June 4th. Wall Street Zen upgraded shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Finally, Robert W. Baird boosted their price objective on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a report on Wednesday, July 29th. 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $70.05.

Centene Price Performance

Shares of NYSE:CNC opened at $64.32 on Tuesday. Centene Corporation has a twelve month low of $28.24 and a twelve month high of $69.36. 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 company has a market cap of $31.77 billion, a PE ratio of -6.16, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. The company's 50 day moving average is $65.35 and its 200 day moving average is $53.53.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $1.09 by $1.42. The business had revenue of $53.58 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.16) EPS. On average, sell-side analysts forecast that Centene Corporation will post 4.89 EPS for the current year.

Centene 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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