Nilsine Partners LLC Increases Position in Centene Corporation $CNC

Key Points

• Nilsine Partners more than doubled its Centene position in the second quarter, acquiring 18,546 additional shares for a total holding of 35,320 shares valued at approximately $2.27 million. 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 views remain mixed: Centene has a consensus rating of “Hold” and an average price target of $70.05, while its shares recently opened at $66.92. General Counsel Christopher Koster also sold 56,500 shares for approximately $3.78 million.

Nilsine Partners LLC increased its holdings in Centene Corporation (NYSE:CNC - Free Report) by 110.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 35,320 shares of the company's stock after acquiring an additional 18,546 shares during the quarter. Nilsine Partners LLC's holdings in Centene were worth $2,267,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Saudi Central Bank grew its holdings in Centene by 89.7% during the 2nd quarter. Saudi Central Bank now owns 34,424 shares of the company's stock worth $2,210,000 after acquiring an additional 16,282 shares in the last quarter. AlphaGrep UK Ltd acquired a new position in Centene in the second quarter worth about $431,000. Three Seasons Wealth LLC bought a new stake in Centene in the second quarter valued at about $740,000. Knollwood Investment Advisory LLC acquired a new stake in Centene during the second quarter valued at approximately $381,000. Finally, Syon Capital LLC lifted its holdings in Centene by 50.4% during the 2nd quarter. Syon Capital LLC now owns 16,934 shares of the company's stock worth $1,087,000 after buying an additional 5,671 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the general counsel directly owned 248,854 shares in the company, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.37% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CNC shares. UBS Group set a $79.00 price target on Centene in a report on Tuesday, August 18th. Raymond James Financial set a $75.00 target price on shares of Centene in a research note on Tuesday, July 7th. Argus raised shares of Centene from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a report on Tuesday, August 11th. Oppenheimer boosted their price objective on shares of Centene from $58.00 to $67.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Finally, Cantor Fitzgerald raised their target price on shares of Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $70.05.

Centene Stock Performance

Shares of CNC opened at $66.92 on Monday. The firm has a fifty day moving average of $65.56 and a 200-day moving average of $54.28. The company has a market cap of $33.06 billion, a price-to-earnings ratio of -6.41, a price-to-earnings-growth ratio of 0.42 and a beta of 1.10. 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 Corporation has a 1 year low of $28.24 and a 1 year high of $69.36.

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 the consensus estimate of $1.09 by $1.42. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The firm had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. During the same period last year, the firm posted ($0.16) EPS. Centene's quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current 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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