VIRGINIA RETIREMENT SYSTEMS ET Al Makes New Investment in Centene Corporation $CNC

Key Points

• Virginia Retirement Systems acquired 646,708 Centene shares worth approximately $41.5 million, while institutional investors collectively own 93.63% of the company.
• Centene reported quarterly EPS of $2.51, exceeding the $1.09 consensus estimate, and revenue of $53.58 billion, up 9.9% year over year.
• Centene shares opened at $66.92, near their 12-month high of $69.36; analysts maintain a consensus “Hold” rating with an average price target of $70.05.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 646,708 shares of the company's stock, valued at approximately $41,512,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned about 0.13% of Centene at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNC. MidFirst Bank acquired a new stake in Centene in the second quarter worth $32,000. Fiduciary Financial Advisors bought a new position in shares of Centene during the second quarter worth about $34,000. DV Equities LLC acquired a new stake in shares of Centene in the 4th quarter worth about $26,000. Transamerica Financial Advisors LLC bought a new stake in Centene in the 2nd quarter valued at about $42,000. Finally, Elevation Wealth Partners LLC lifted its position in Centene by 564.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 658 shares of the company's stock valued at $42,000 after purchasing an additional 559 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Down 0.2%

CNC stock opened at $66.92 on Monday. The firm has a market cap of $33.06 billion, a PE ratio of -6.41, a P/E/G ratio of 0.42 and a beta of 1.10. Centene Corporation has a 12 month low of $28.24 and a 12 month high of $69.36. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The firm has a 50 day simple moving average of $65.56 and a 200 day simple moving average of $54.28.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share (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 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 quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.16) earnings per share. Equities research analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Centene 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 transaction of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares in the company, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.37% of the company's stock.

Analyst Ratings Changes

CNC has been the subject of several recent analyst reports. Mizuho set a $63.00 target price on shares of Centene and gave the stock a "neutral" rating in a research report on Monday, June 8th. Raymond James Financial set a $75.00 price objective on Centene in a research report on Tuesday, July 7th. Zacks Research upgraded Centene from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 29th. Robert W. Baird lifted their target price on Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Finally, Morgan Stanley set a $66.00 price target on Centene in a research note on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $70.05.

Centene Profile

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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