Key Points
- Centene General Counsel Christopher Koster sold 47,603 shares at an average price of $65.36, generating proceeds of approximately $3.11 million and reducing his ownership by 13.49% to 305,354 shares.
- Centene reported strong quarterly results, with earnings of $2.51 per share 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 institutional investors own 93.63% of outstanding shares.
Centene Corporation (NYSE:CNC - Get Free Report) General Counsel Christopher Koster sold 47,603 shares of the business's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total value of $3,111,332.08. Following the completion of the transaction, the general counsel owned 305,354 shares in the company, valued at $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Centene Stock Performance
NYSE:CNC opened at $64.66 on Thursday. The stock has a 50-day moving average price of $64.95 and a 200 day moving average price of $52.16. The stock has a market capitalization of $31.94 billion, a P/E ratio of -6.19, a P/E/G ratio of 0.35 and a beta of 1.08. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71.
Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share 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 business had revenue of $53.58 billion during the quarter, compared to the consensus estimate of $47.64 billion. During the same period in the prior year, the company posted ($0.16) EPS. The firm's revenue for the quarter was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on CNC shares. Bank of America lifted their price target on shares of Centene from $72.00 to $74.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Wall Street Zen upgraded Centene from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. UBS Group set a $79.00 target price on Centene in a research report on Tuesday. Weiss Ratings reissued a "sell (d)" rating on shares of Centene in a research note on Friday, July 17th. Finally, Oppenheimer raised their price target on Centene from $58.00 to $67.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have given 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 company presently has a consensus rating of "Hold" and a consensus price target of $70.05.
Read Our Latest Stock Report on Centene
Institutional Trading of Centene
Hedge funds and other institutional investors have recently bought and sold shares of the business. Benjamin Edwards Inc. purchased a new position in Centene during the 2nd quarter valued at about $515,000. Northwestern Mutual Wealth Management Co. increased its holdings in Centene by 10.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 46,730 shares of the company's stock valued at $3,000,000 after buying an additional 4,594 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Centene by 12.4% in the second 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 buying an additional 608,249 shares in the last quarter. New Mexico Educational Retirement Board lifted its holdings in Centene by 4.5% during the second quarter. New Mexico Educational Retirement Board now owns 23,232 shares of the company's stock worth $1,491,000 after buying an additional 1,000 shares during the period. Finally, Mufg Securities Americas Inc. boosted its stake in Centene by 9.3% in the second quarter. Mufg Securities Americas Inc. now owns 14,129 shares of the company's stock valued at $907,000 after acquiring an additional 1,202 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.
Centene Company Profile
(
Get Free Report)
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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