Centene Corporation $CNC Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue raised its position in Centene Corporation (NYSE:CNC) by 56.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,651 shares of the company’s stock after acquiring an additional 33,511 shares during the quarter. State of Alaska Department of Revenue’s holdings in Centene were worth $5,755,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Centene in the second quarter worth about $2,660,422,000. Wellington Management Group LLP increased its holdings in Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after purchasing an additional 10,757,914 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Centene by 12.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company’s stock valued at $354,173,000 after purchasing an additional 608,249 shares during the last quarter. Bank of America Corp DE bought a new position in Centene during the 2nd quarter valued at approximately $285,713,000. Finally, Deutsche Bank AG purchased a new stake in Centene in the 2nd quarter worth approximately $257,279,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Down 1.8%

CNC stock traded down $1.24 during trading on Friday, reaching $69.27. The company had a trading volume of 3,336,077 shares, compared to its average volume of 4,808,065. 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 52 week low of $31.63 and a 52 week high of $71.21. The business has a 50 day moving average of $65.41 and a 200 day moving average of $59.67. The company has a market cap of $34.22 billion, a P/E ratio of -6.64, a PEG ratio of 0.44 and a beta of 1.13.

Centene (NYSE:CNC) last posted its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $1.09 by $1.42. The business had revenue of $53.58 billion for the quarter, compared to analysts’ expectations of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%. The business’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.16) EPS. As a group, sell-side analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CNC shares. Sanford C. Bernstein reiterated an “outperform” rating and issued a $79.00 price objective (up from $68.00) on shares of Centene in a research report on Monday, August 3rd. Morgan Stanley set a $66.00 target price on Centene in a report on Wednesday, July 29th. Stifel Nicolaus set a $79.00 price target on Centene in a research note on Monday, August 3rd. Truist Financial lifted their price target on shares of Centene from $71.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Raymond James Financial set a $75.00 price objective on shares of Centene in a research report on Tuesday, July 7th. Nine equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $70.05.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the transaction, the general counsel owned 248,854 shares in the company, valued at $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

About Centene

Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.