Centene Corporation $CNC Shares Bought by MBL Wealth LLC

MBL Wealth LLC increased its stake in Centene Corporation (NYSE:CNC) by 135.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,955 shares of the company’s stock after purchasing an additional 9,169 shares during the period. MBL Wealth LLC’s holdings in Centene were worth $991,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNC. BlackRock Inc. bought a new stake in Centene during the second quarter worth about $2,660,422,000. Wellington Management Group LLP increased its holdings in Centene by 423.0% in the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after buying an additional 10,757,914 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Centene by 12.4% in 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 buying an additional 608,249 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Centene by 21.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company’s stock valued at $302,818,000 after buying an additional 802,756 shares in the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Centene during the 2nd quarter worth approximately $285,713,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Price Performance

CNC stock opened at $70.20 on Friday. The stock has a market cap of $34.68 billion, a price-to-earnings ratio of -6.72, a P/E/G ratio of 0.45 and a beta of 1.13. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The company has a 50 day simple moving average of $65.79 and a 200 day simple moving average of $60.95. Centene Corporation has a 1 year low of $31.63 and a 1 year high of $72.50.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on CNC shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Centene in a research report on Friday, October 9th. Raymond James Financial set a $75.00 price objective on shares of Centene in a research report on Tuesday, July 7th. UBS Group set a $79.00 target price on Centene in a report on Tuesday, August 18th. JPMorgan Chase & Co. boosted their price target on Centene from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Finally, Robert W. Baird upped their price objective on Centene from $46.00 to $66.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $70.05.

Insider Activity at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of the firm’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares of the company’s stock, valued at $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 is available through this hyperlink. Insiders own 0.37% of the company’s stock.

Centene Company Profile

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company’s offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.