Robeco Institutional Asset Management B.V. Buys 580,221 Shares of Centene Corporation $CNC

Key Points

• Robeco Institutional Asset Management increased its Centene stake by 21.1% in the third quarter, purchasing 580,221 shares to own 3.33 million shares valued at approximately $206.8 million.
• Institutional ownership remains very high at 93.63%, with BlackRock, Wellington Management, Bank of America, Deutsche Bank, and Legal & General among firms that recently added or initiated positions.
• Centene shares were trading up 3.2% at $70.85, near their 12-month high, while analysts maintained a consensus “Hold” rating with an average price target of $70.05.

Robeco Institutional Asset Management B.V. grew its stake in Centene Corporation (NYSE:CNC - Free Report) by 21.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,328,930 shares of the company's stock after buying an additional 580,221 shares during the period. Robeco Institutional Asset Management B.V. owned 0.67% of Centene worth $206,793,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CNC. BlackRock Inc. acquired a new position in shares of Centene in the second quarter worth approximately $2,660,422,000. Wellington Management Group LLP boosted its holdings in Centene by 423.0% in the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after acquiring an additional 10,757,914 shares during the last quarter. Bank of America Corp DE acquired a new stake in Centene during the 2nd quarter valued at approximately $285,713,000. Deutsche Bank AG bought a new position in Centene during the 2nd quarter worth approximately $257,279,000. Finally, Legal & General Group Plc bought a new position in Centene during the 2nd quarter worth approximately $244,463,000. 93.63% of the stock is currently owned by institutional investors.

Centene Trading Up 3.2%

NYSE:CNC opened at $70.85 on Wednesday. Centene Corporation has a 12 month low of $31.63 and a 12 month high of $71.21. 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 stock has a market capitalization of $35.00 billion, a price-to-earnings ratio of 13.22, a PEG ratio of 0.43 and a beta of 1.13. The firm has a fifty day simple moving average of $65.58 and a two-hundred day simple moving average of $60.38.

Centene (NYSE:CNC - Get Free Report) last announced 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. The firm had revenue of $53.58 billion for the quarter, compared to analyst estimates 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 in the prior year, the business earned ($0.16) earnings per share. Analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction dated Wednesday, August 26th. The stock was 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 directly owned 248,854 shares of the company's stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.37% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CNC shares. Zacks Research lowered shares of Centene from a "strong-buy" rating to a "hold" rating in a research note on Monday, October 5th. Wall Street Zen raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. HC Wainwright reissued a "buy" rating on shares of Centene in a research note on Friday, September 11th. JPMorgan Chase & Co. boosted their target price on shares of Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Finally, TD Cowen reaffirmed a "hold" rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Centene currently has a consensus rating of "Hold" and an average target price of $70.05.

Centene Profile

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company's offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.

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