Vise Technologies Inc. Makes New Investment in Centene Corporation $CNC

Key Points

• Vise Technologies acquired 21,328 Centene shares worth approximately $1.37 million during the second quarter. Several other hedge funds also initiated positions, with institutional investors holding 93.63% of Centene’s stock.
• Centene reported stronger-than-expected quarterly results, posting adjusted EPS of $2.51 versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $70.05, while Centene’s general counsel sold 47,603 shares for about $3.11 million.

Vise Technologies Inc. acquired a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 21,328 shares of the company's stock, valued at approximately $1,369,000.

Several other hedge funds have also made changes to their positions in CNC. OVERSEA CHINESE BANKING Corp Ltd bought a new position in Centene during the second quarter valued at about $450,000. E Fund Management Co. Ltd. bought a new stake in shares of Centene in the 2nd quarter worth approximately $398,000. Edmond DE Rothschild Holding S.A. acquired a new stake in shares of Centene during the 2nd quarter worth approximately $4,004,000. West Family Investments Inc. bought a new stake in shares of Centene during the second quarter valued at approximately $602,000. Finally, NewEdge Wealth LLC acquired a new position in shares of Centene in the second quarter valued at $354,000. Institutional investors own 93.63% of the company's stock.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 47,603 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total value of $3,111,332.08. Following the transaction, the general counsel owned 305,354 shares of the company's stock, valued at approximately $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.37% of the company's stock.

Centene Stock Performance

NYSE CNC opened at $64.94 on Friday. Centene Corporation has a 1-year low of $28.24 and a 1-year high of $69.36. The company has a 50 day moving average of $64.96 and a 200-day moving average of $52.40. 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 firm has a market cap of $32.08 billion, a price-to-earnings ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08.

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 business 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%.Centene's 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. On average, equities analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Cantor Fitzgerald raised their target price on Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 7th. TD Cowen reissued a "hold" rating and issued a $65.00 price target (up from $47.00) on shares of Centene in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft raised shares of Centene from a "hold" rating to a "buy" rating and raised their price objective for the stock from $53.00 to $80.00 in a report on Wednesday, May 20th. Truist Financial lifted their target price on shares of Centene from $71.00 to $78.00 and gave the company a "buy" rating 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 equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average 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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