OMERS ADMINISTRATION Corp Acquires New Holdings in Centene Corporation $CNC

Key Points

• OMERS Administration Corp. acquired 27,222 Centene shares in the second quarter, valued at approximately $1.75 million. Institutional investors collectively own 93.63% of the company.
• Centene General Counsel Christopher Koster sold 47,603 shares for roughly $3.11 million, reducing his holdings by 13.49%; company insiders own 0.37% of the stock.
• Centene reported quarterly EPS of $2.51, significantly above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. Despite several positive analyst revisions, the stock carries a consensus “Hold” rating with a $70.05 price target.

OMERS ADMINISTRATION Corp bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 27,222 shares of the company's stock, valued at approximately $1,747,000.

A number of other institutional investors also recently modified their holdings of the company. 180 Wealth Advisors LLC boosted its holdings in shares of Centene by 3.1% during the 1st quarter. 180 Wealth Advisors LLC now owns 6,683 shares of the company's stock worth $219,000 after buying an additional 199 shares during the period. Summitry LLC raised its holdings in Centene by 1.1% in the 1st quarter. Summitry LLC now owns 23,925 shares of the company's stock worth $783,000 after acquiring an additional 253 shares during the period. GAMMA Investing LLC boosted its holdings in Centene by 2.4% during the second quarter. GAMMA Investing LLC now owns 10,674 shares of the company's stock valued at $685,000 after acquiring an additional 253 shares during the period. Kestra Advisory Services LLC grew its position in shares of Centene by 0.5% in the fourth quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company's stock valued at $2,165,000 after purchasing an additional 264 shares during the last quarter. Finally, CX Institutional increased its stake in shares of Centene by 3.1% in the second quarter. CX Institutional now owns 8,999 shares of the company's stock worth $578,000 after purchasing an additional 269 shares during the period. Institutional investors own 93.63% of the company's stock.

Insider Transactions at Centene

In related news, General Counsel Christopher Koster sold 47,603 shares of the stock in a transaction dated 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 completion of the transaction, the general counsel owned 305,354 shares of the company's stock, valued at $19,957,937.44. This represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.37% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of research analyst reports. Zacks Research raised Centene from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Truist Financial upped their price target on Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. Mizuho set a $63.00 price objective on shares of Centene and gave the stock a "neutral" rating in a research note on Monday, June 8th. Royal Bank Of Canada upped their target price on shares of Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a research note on Thursday, July 9th. Finally, 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 report on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $70.05.

Centene Price Performance

Shares of NYSE:CNC opened at $65.35 on Thursday. The firm has a market capitalization of $32.28 billion, a PE ratio of -6.26, a PEG ratio of 0.35 and a beta of 1.08. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a 1-year low of $28.24 and a 1-year high of $69.36. The business's 50 day moving average is $65.17 and its 200-day moving average is $52.98.

Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. During the same period last year, the business earned ($0.16) earnings per share. Centene's quarterly revenue was up 9.9% compared to the same quarter last year. Sell-side analysts predict that Centene Corporation will post 4.89 earnings per share for the current 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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