WINTON GROUP Ltd Has $1.06 Million Holdings in Centene Corporation $CNC

Key Points

• WINTON GROUP Ltd cut its Centene stake by 87.2% in the second quarter, selling 112,024 shares and retaining 16,500 shares valued at approximately $1.06 million.
• Centene reported stronger-than-expected 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 remains mixed: Centene has a consensus “Hold” rating and an average price target of $70.05, compared with a recent share price of $66.43.

WINTON GROUP Ltd trimmed its stake in Centene Corporation (NYSE:CNC - Free Report) by 87.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,500 shares of the company's stock after selling 112,024 shares during the period. WINTON GROUP Ltd's holdings in Centene were worth $1,059,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Baird Financial Group Inc. acquired a new position in Centene in the 1st quarter valued at approximately $236,000. Sivia Capital Partners LLC lifted its position in shares of Centene by 80.0% in the 2nd quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock worth $527,000 after acquiring an additional 4,315 shares during the period. CW Advisors LLC grew its holdings in shares of Centene by 20.3% during the 2nd quarter. CW Advisors LLC now owns 4,863 shares of the company's stock worth $264,000 after purchasing an additional 820 shares in the last quarter. NewEdge Advisors LLC increased its position in shares of Centene by 6.1% during the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock valued at $2,440,000 after purchasing an additional 2,582 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in shares of Centene by 0.4% in the second quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock valued at $12,590,000 after purchasing an additional 967 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Trading Up 0.0%

CNC stock opened at $66.43 on Monday. The business has a fifty day moving average price of $65.45 and a 200 day moving average price of $55.07. 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 Corporation has a fifty-two week low of $31.63 and a fifty-two week high of $69.36. The stock has a market capitalization of $32.82 billion, a price-to-earnings ratio of -6.36, 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 EPS for the quarter, topping the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The company had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The business's revenue for the quarter was up 9.9% on a year-over-year basis. Analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald reiterated an "overweight" rating on shares of Centene in a research note on Friday. Morgan Stanley set a $66.00 price objective on shares of Centene in a report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their target price on shares of Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday, August 4th. Bank of America increased their price target on shares of Centene from $72.00 to $74.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Finally, HC Wainwright restated a "buy" rating on shares of Centene in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Centene has a consensus rating of "Hold" and an average target price of $70.05.

Insiders Place Their Bets

In other Centene 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 value of $3,779,850.00. Following the completion of the sale, the general counsel owned 248,854 shares in the company, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.37% of the company's stock.

Centene Company Profile

Centene Corporation NYSE: CNC is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.

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