United Capital Financial Advisors LLC Purchases New Stake in Centene Corporation $CNC

Key Points

• United Capital Financial Advisors acquired 35,702 Centene shares worth approximately $2.29 million in the second quarter. Institutional investors collectively own 93.63% of the company.
• Centene General Counsel Christopher Koster sold 56,500 shares at an average price of $66.90, reducing his position by 18.5%; insiders own 0.37% of the stock.
• Centene reported quarterly EPS of $2.51, well above the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. Analysts maintain a consensus “Hold” rating with an average price target of $70.05.

United Capital Financial Advisors LLC bought a new stake in Centene Corporation (NYSE:CNC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 35,702 shares of the company's stock, valued at approximately $2,292,000.

A number of other institutional investors have also made changes to their positions in CNC. DV Equities LLC acquired a new stake in shares of Centene during the fourth quarter worth $26,000. IFC & Insurance Marketing Inc. bought a new position in shares of Centene during the fourth quarter valued at approximately $28,000. SBI Securities Co. Ltd. boosted its position in Centene by 118.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after purchasing an additional 406 shares during the period. MidFirst Bank bought a new stake in Centene in the second quarter valued at $32,000. Finally, Bayban bought a new position in shares of Centene during the 4th quarter valued at about $33,000. 93.63% of the stock is currently owned by institutional investors.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction that occurred on 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 completion of the sale, the general counsel owned 248,854 shares in the company, 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 Securities & Exchange Commission, which is available through this link. Company insiders own 0.37% of the company's stock.

Centene Stock Down 0.6%

Shares of NYSE:CNC opened at $64.91 on Friday. Centene Corporation has a 12 month low of $28.24 and a 12 month high of $69.36. The firm has a market cap of $32.06 billion, a P/E ratio of -6.22, a P/E/G ratio of 0.35 and a beta of 1.08. 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 company's 50-day moving average price is $65.33 and its two-hundred day moving average price is $53.25.

Centene (NYSE:CNC - Get Free Report) last released its earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion during 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%.The business's revenue for the quarter was up 9.9% on a year-over-year basis. During the same period last year, the firm earned ($0.16) EPS. As a group, research analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analyst Ratings Changes

CNC has been the subject of several research reports. Weiss Ratings restated a "sell (d)" rating on shares of Centene in a report on Friday, July 17th. Barclays reaffirmed an "overweight" rating and issued a $80.00 price target (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. Royal Bank Of Canada raised their price target on shares of Centene from $70.00 to $71.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 9th. TD Cowen reiterated a "hold" rating and issued a $65.00 price objective (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, Robert W. Baird upped their target price on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $70.05.

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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