Plato Investment Management Ltd Invests $4.39 Million in Centene Corporation $CNC

Key Points

• Plato Investment Management purchased 68,804 shares of Centene, valued at approximately $4.39 million, during the second quarter. Institutional investors collectively own 93.63% of the company.
• Analysts maintain a mixed outlook, with Centene receiving a consensus “Hold” rating and an average price target of $69.15; estimates range from $61 to $79.
• Centene reported strong quarterly results, posting 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.

Plato Investment Management Ltd purchased a new stake in Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 68,804 shares of the company's stock, valued at approximately $4,391,000.

A number of other large investors also recently made changes to their positions in CNC. 180 Wealth Advisors LLC raised its holdings in 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 increased its position in shares of Centene by 1.1% in the first quarter. Summitry LLC now owns 23,925 shares of the company's stock valued at $783,000 after acquiring an additional 253 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Centene by 2.4% in the 2nd quarter. GAMMA Investing LLC now owns 10,674 shares of the company's stock valued at $685,000 after buying an additional 253 shares during the last quarter. Kestra Advisory Services LLC increased its stake in shares of Centene by 0.5% during the 4th quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company's stock worth $2,165,000 after purchasing an additional 264 shares during the last quarter. Finally, CX Institutional lifted its position in shares of Centene by 3.1% in the second quarter. CX Institutional now owns 8,999 shares of the company's stock valued at $578,000 after buying an additional 269 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Stifel Nicolaus set a $79.00 target price on Centene in a report on Monday, August 3rd. Cantor Fitzgerald upped their price objective on shares of Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. UBS Group reaffirmed a "neutral" rating and issued a $61.00 price objective (up from $55.00) on shares of Centene in a research note on Friday, May 22nd. Wells Fargo & Company set a $69.00 price target on Centene and gave the company an "equal weight" rating in a research report on Monday, July 13th. Finally, Morgan Stanley set a $66.00 target price on shares of Centene in a research note on Wednesday, July 29th. 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 issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $69.15.

Centene Stock Performance

NYSE CNC opened at $67.53 on Monday. The company's 50 day moving average is $65.00 and its 200-day moving average is $51.69. The firm has a market cap of $33.36 billion, a P/E ratio of -6.47, a price-to-earnings-growth ratio of 0.36 and a beta of 1.08. Centene Corporation has a 12-month low of $27.76 and a 12-month high of $69.36. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC - Get Free Report) last posted 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 company had revenue of $53.58 billion for 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%. Centene's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.16) earnings per share. Sell-side analysts predict 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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