Proficio Capital Partners LLC Makes New Investment in Centene Corporation $CNC

Key Points

• Proficio Capital Partners acquired 21,560 shares of Centene, valued at approximately $1.38 million, during the second quarter. Institutional investors collectively own 93.63% of the company.
• Centene reported quarterly earnings of $2.51 per share, exceeding estimates by $1.42, while revenue rose 9.9% year over year to $53.58 billion.
• Centene shares opened at $65.35, near the analyst consensus price target of $70.05. Ratings are mixed, with an overall consensus of “Hold,” while one insider recently sold 47,603 shares.

Proficio Capital Partners LLC acquired a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 21,560 shares of the company's stock, valued at approximately $1,384,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CNC. 180 Wealth Advisors LLC lifted its stake in Centene by 3.1% during the first quarter. 180 Wealth Advisors LLC now owns 6,683 shares of the company's stock worth $219,000 after purchasing an additional 199 shares during the last quarter. Summitry LLC boosted its stake in shares of Centene by 1.1% during the first quarter. Summitry LLC now owns 23,925 shares of the company's stock valued at $783,000 after purchasing an additional 253 shares during the period. GAMMA Investing LLC grew its holdings in Centene by 2.4% in the 2nd quarter. GAMMA Investing LLC now owns 10,674 shares of the company's stock worth $685,000 after acquiring an additional 253 shares during the last quarter. Kestra Advisory Services LLC increased its holdings in Centene by 0.5% during the 4th 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 period. Finally, CX Institutional increased its stake in shares of Centene by 3.1% during 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 period. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Centene

In other news, General Counsel Christopher Koster sold 47,603 shares of Centene stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the sale, the general counsel owned 305,354 shares in the company, valued at $19,957,937.44. This trade represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.37% of the stock is currently owned by company insiders.

Centene Stock Performance

CNC opened at $65.35 on Thursday. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The company has a market cap of $32.28 billion, a price-to-earnings 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. The company's 50 day moving average is $65.17 and its 200 day moving average is $52.98.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results 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. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business 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 earned ($0.16) earnings per share. The company's quarterly revenue was up 9.9% on a year-over-year basis. On average, equities research analysts predict that Centene Corporation will post 4.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Mizuho set a $63.00 price target on shares of Centene and gave the stock a "neutral" rating in a research note on Monday, June 8th. TD Cowen restated a "hold" rating and set a $65.00 price objective (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Royal Bank Of Canada boosted their price target on Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 9th. Argus raised Centene from a "hold" rating to a "buy" rating and set a $80.00 price objective on the stock in a research report on Tuesday, August 11th. Finally, Raymond James Financial set a $75.00 price objective on Centene in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $70.05.

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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