Sivik Global Healthcare LLC Makes New $4.97 Million Investment in Centene Corporation $CNC

Key Points

• Sivik Global Healthcare acquired 80,000 Centene shares worth approximately $4.97 million in the third quarter, making the stock 3.1% of its portfolio. Institutional investors collectively own 93.63% of Centene.
• Centene shares rose 3.7% to $69.48, near the company’s 52-week high of $69.63. The company exceeded quarterly earnings expectations, reporting $2.51 in EPS and $53.58 billion in revenue.
• Analyst sentiment remains mixed but leans positive: nine analysts rate Centene a Buy, 10 recommend Hold, and two recommend Sell, producing a consensus Hold rating and a $70.05 target price.

Sivik Global Healthcare LLC bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 80,000 shares of the company's stock, valued at approximately $4,970,000. Centene makes up about 3.1% of Sivik Global Healthcare LLC's investment portfolio, making the stock its 14th biggest position.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in Centene during the second quarter worth about $2,660,422,000. Wellington Management Group LLP raised its position in shares of Centene by 423.0% in the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company's stock valued at $853,805,000 after buying an additional 10,757,914 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Centene by 12.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company's stock worth $354,173,000 after acquiring an additional 608,249 shares during the period. Bank of America Corp DE bought a new stake in shares of Centene during the 2nd quarter worth approximately $285,713,000. Finally, Deutsche Bank AG acquired a new stake in shares of Centene during the 2nd quarter worth approximately $257,279,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Trading Up 3.7%

NYSE CNC traded up $2.46 on Tuesday, reaching $69.48. The company had a trading volume of 2,427,616 shares, compared to its average volume of 5,643,640. The firm has a market cap of $34.32 billion, a price-to-earnings ratio of -6.65, a P/E/G ratio of 0.41 and a beta of 1.13. Centene Corporation has a fifty-two week low of $31.63 and a fifty-two week high of $69.63. The business has a 50 day moving average of $65.05 and a two-hundred day moving average of $58.82. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping the consensus estimate of $1.09 by $1.42. The firm had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%. The business's quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.16) EPS. Analysts forecast that Centene Corporation will post 4.89 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Morgan Stanley set a $66.00 price objective on shares of Centene in a research note on Wednesday, July 29th. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Stifel Nicolaus set a $79.00 target price on Centene in a report on Monday, August 3rd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Centene in a research note on Friday. Finally, Argus raised Centene from a "hold" rating to a "buy" rating and set a $80.00 price target for the company in a report on Tuesday, August 11th. Nine investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $70.05.

Insider Activity at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of the company's stock in a transaction that occurred on 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 sale, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Centene Company Profile

Centene Corporation NYSE: CNC is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.

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