Saudi Central Bank Has $2.21 Million Stock Position in Centene Corporation $CNC

Key Points

• Saudi Central Bank increased its Centene stake by 89.7% in the second quarter, adding 16,282 shares to hold 34,424 shares valued at approximately $2.21 million.
• Centene reported strong quarterly results, with EPS of $2.51 versus the $1.09 consensus and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment is mixed: Centene has a consensus “Hold” rating and an average price target of $70.05, while the company’s general counsel sold 56,500 shares at an average price of $66.90.

Saudi Central Bank raised its holdings in Centene Corporation (NYSE:CNC - Free Report) by 89.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,424 shares of the company's stock after buying an additional 16,282 shares during the quarter. Saudi Central Bank's holdings in Centene were worth $2,210,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. DV Equities LLC acquired a new position in shares of Centene during the 4th quarter valued at $26,000. IFC & Insurance Marketing Inc. acquired a new stake in Centene in the fourth quarter worth $28,000. SBI Securities Co. Ltd. increased its stake in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after purchasing an additional 406 shares in the last quarter. MidFirst Bank acquired a new position in shares of Centene during the second quarter valued at about $32,000. Finally, Bayban bought a new position in shares of Centene during the 4th quarter worth about $33,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Performance

Shares of CNC opened at $66.92 on Tuesday. Centene Corporation has a 52 week low of $28.24 and a 52 week high of $69.36. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The stock has a 50 day moving average price of $65.60 and a two-hundred day moving average price of $54.46. The firm has a market capitalization of $33.06 billion, a P/E ratio of -6.41, a P/E/G ratio of 0.42 and a beta of 1.10.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating 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 positive return on equity of 12.12% and a negative net margin of 2.51%.Centene's quarterly revenue was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. Equities analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Stifel Nicolaus set a $79.00 price objective on Centene in a research note on Monday, August 3rd. Morgan Stanley set a $66.00 price objective on Centene in a report on Wednesday, July 29th. Zacks Research raised Centene from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Centene from a "hold" rating to a "buy" rating and lifted their price target for the company from $53.00 to $80.00 in a research report on Wednesday, May 20th. 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $70.05.

Insider Activity at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of the firm's stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel directly owned 248,854 shares of the company's stock, valued at $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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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