National Pension Service Has $60.32 Million Stake in Centene Corporation $CNC

Key Points

• National Pension Service increased its Centene stake by 353% in the second quarter, acquiring 732,259 additional shares to own 939,674 shares worth approximately $60.3 million. Institutional investors collectively own 93.63% of Centene.
• Centene reported stronger-than-expected quarterly results, with adjusted earnings of $2.51 per share versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Centene shares opened at $66.43, near their 52-week high of $69.36. Analysts maintain a consensus “Hold” rating with an average price target of $70.05, while a company general counsel recently sold $3.78 million in shares.

National Pension Service boosted its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 353.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 939,674 shares of the company's stock after acquiring an additional 732,259 shares during the quarter. National Pension Service owned 0.19% of Centene worth $60,318,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. MidFirst Bank acquired a new position in Centene in the second quarter valued at about $32,000. Fiduciary Financial Advisors bought a new stake in Centene during the 2nd quarter worth approximately $34,000. DV Equities LLC acquired a new stake in Centene during the 4th quarter valued at $26,000. Transamerica Financial Advisors LLC acquired a new stake in shares of Centene in the second quarter valued at $42,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Centene by 564.6% in the second quarter. Elevation Wealth Partners LLC now owns 658 shares of the company's stock valued at $42,000 after buying an additional 559 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

Centene Stock Performance

Shares of CNC stock opened at $66.43 on Friday. The stock has a market cap of $32.82 billion, a PE ratio of -6.36, a price-to-earnings-growth ratio of 0.41 and a beta of 1.10. The stock has a 50-day moving average of $65.45 and a 200-day moving average of $54.99. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. Centene Corporation has a one year low of $31.63 and a one year high of $69.36.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $1.09 by $1.42. The business had revenue of $53.58 billion for 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%. Centene's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.16) EPS. As a group, sell-side analysts expect that Centene Corporation will post 4.89 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction on 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 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 filing with the SEC, which can be accessed through this link. Insiders own 0.37% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CNC shares. Mizuho set a $63.00 target price on shares of Centene and gave the stock a "neutral" rating in a research note on Monday, June 8th. Wall Street Zen raised Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. UBS Group set a $79.00 price objective on Centene in a research report on Tuesday, August 18th. Wells Fargo & Company set a $69.00 target price on shares of Centene and gave the company an "equal weight" rating in a research report on Monday, July 13th. Finally, Raymond James Financial set a $75.00 price target on shares of Centene in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $70.05.

Centene Company Profile

Centene Corporation NYSE: CNC is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.

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