Globeflex Capital L P Purchases Shares of 12,182 Centene Corporation $CNC

Globeflex Capital L P purchased a new position in shares of Centene Corporation (NYSE:CNC) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 12,182 shares of the company’s stock, valued at approximately $782,000.

Several other hedge funds have also recently modified their holdings of the stock. Bank of Nova Scotia purchased a new position in shares of Centene in the 2nd quarter valued at approximately $53,046,000. Commerce Bank acquired a new position in Centene during the 2nd quarter valued at approximately $2,941,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Centene during the second quarter worth $3,000,000. Quantbot Technologies LP purchased a new stake in shares of Centene during the second quarter valued at $8,123,000. Finally, Evolve Private Wealth LLC acquired a new position in shares of Centene in the 2nd quarter valued at $2,741,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Price Performance

Centene stock opened at $65.64 on Tuesday. The company has a fifty day simple moving average of $65.00 and a 200-day simple moving average of $52.63. The firm has a market capitalization of $32.43 billion, a price-to-earnings ratio of -6.29, a PEG 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. Centene Corporation has a 52-week low of $28.24 and a 52-week high of $69.36.

Centene (NYSE:CNC) 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 negative net margin of 2.51% and a positive return on equity of 12.12%. The firm had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. During the same period last year, the firm posted ($0.16) earnings per share. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, equities analysts anticipate that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on CNC shares. Oppenheimer boosted their price target on Centene from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $79.00 target price (up from $68.00) on shares of Centene in a report on Monday, August 3rd. TD Cowen reiterated 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. Raymond James Financial set a $75.00 price target on shares of Centene in a research report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Centene currently has an average rating of “Hold” and an average price target of $70.05.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 47,603 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the transaction, the general counsel directly owned 305,354 shares in the company, valued at $19,957,937.44. The trade was a 13.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

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.