Proficio Capital Partners LLC Purchases Shares of 21,560 Centene Corporation $CNC

Key Points

• Proficio Capital Partners acquired 21,560 Centene shares worth approximately $1.38 million in the second quarter. Institutional investors collectively own 93.63% of Centene.
• Centene reported quarterly earnings of $2.51 per share, exceeding the $1.09 analyst estimate, while revenue rose 9.9% year over year to $53.58 billion.
• Analyst sentiment remains mixed: Centene has a consensus “Hold” rating and an average price target of $70.05, despite several firms raising targets to between $71 and $80.

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

Other hedge funds have also made changes to their positions in the company. MidFirst Bank acquired a new stake in Centene in the 2nd quarter valued at $32,000. Fiduciary Financial Advisors acquired a new position in shares of Centene during the second quarter worth about $34,000. DV Equities LLC acquired a new position in shares of Centene during the fourth quarter worth about $26,000. Transamerica Financial Advisors LLC acquired a new stake in shares of Centene in the second quarter valued at about $42,000. Finally, Elevation Wealth Partners LLC raised its holdings in shares of Centene by 564.6% during the 2nd 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 period. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Stock Performance

Shares of CNC opened at $65.06 on Wednesday. The firm has a market cap of $32.14 billion, a price-to-earnings ratio of -6.23, a PEG ratio of 0.41 and a beta of 1.10. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. The business's 50 day moving average is $65.38 and its two-hundred day moving average is $53.70. Centene Corporation has a 52-week low of $28.24 and a 52-week high of $69.36.

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 analysts' consensus estimates of $1.09 by $1.42. The business had revenue of $53.58 billion during the quarter, compared to the consensus estimate of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter last year, the company earned ($0.16) earnings per share. Analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on CNC. Royal Bank Of Canada upped their price target on Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a report on Thursday, July 9th. Truist Financial boosted their target price on shares of Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $79.00 price target (up from $68.00) on shares of Centene in a report on Monday, August 3rd. Argus raised shares of Centene from a "hold" rating to a "buy" rating and set a $80.00 price target on the stock in a research note on Tuesday, August 11th. Finally, Wall Street Zen upgraded shares of Centene from a "buy" rating to a "strong-buy" rating in a report on Saturday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Centene currently has a consensus rating of "Hold" and an average price target of $70.05.

Insiders Place Their Bets

In other news, General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the sale, the general counsel owned 248,854 shares of the company's stock, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.37% of the stock is currently owned by corporate insiders.

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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