Roberts Glore & Co. Inc. IL Takes Position in Centene Corporation $CNC

Key Points

• Roberts Glore & Co. Inc. IL acquired 25,845 Centene shares worth approximately $1.66 million in the second quarter. Several other institutional investors also initiated positions, with institutions collectively owning 93.63% of the stock.
• Analyst sentiment was mixed, with a consensus rating of Hold and an average price target of $70.05. Ratings ranged from Strong Buy to Sell.
• Centene reported quarterly earnings of $2.51 per share, well above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. Separately, General Counsel Christopher Koster sold 47,603 shares at an average price of $65.36.

Roberts Glore & Co. Inc. IL bought a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 25,845 shares of the company's stock, valued at approximately $1,659,000.

A number of other institutional investors also recently bought and sold shares of CNC. Jupiter Topco LLC purchased a new position in Centene during the second quarter worth $54,760,000. Stanley Capital Management LLC purchased a new stake in shares of Centene in the second quarter valued at $26,300,000. Hsbc Holdings PLC bought a new stake in shares of Centene in the 2nd quarter worth about $62,743,000. Palisade Capital Management LP purchased a new position in shares of Centene during the 2nd quarter worth about $5,923,000. Finally, Canada Pension Plan Investment Board bought a new position in Centene during the 2nd quarter valued at about $88,038,000. 93.63% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on CNC shares. Mizuho set a $63.00 price objective on shares of Centene and gave the stock a "neutral" rating in a research report on Monday, June 8th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $40.00 target price on shares of Centene in a research note on Wednesday, April 29th. Sanford C. Bernstein reissued an "outperform" rating and set a $79.00 price target (up from $68.00) on shares of Centene in a research note on Monday, August 3rd. Zacks Research raised Centene from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Finally, Morgan Stanley set a $66.00 target price on Centene in a research note on Wednesday, July 29th. One 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $70.05.

Centene Stock Performance

Shares of Centene stock opened at $64.92 on Wednesday. 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's fifty day moving average price is $65.08 and its 200-day moving average price is $52.80. The firm has a market cap of $32.07 billion, a P/E ratio of -6.22, a P/E/G ratio of 0.35 and a beta of 1.08. Centene Corporation has a 12 month low of $28.24 and a 12 month high of $69.36.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings data 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 company had revenue of $53.58 billion during 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 firm'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 firm earned ($0.16) earnings per share. On average, equities research analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Christopher Koster sold 47,603 shares of the 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 transaction, the general counsel directly owned 305,354 shares in the company, valued at approximately $19,957,937.44. This trade represents a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.37% of the company's stock.

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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