Sanctuary Advisors LLC Takes $4.48 Million Position in Centene Corporation $CNC

Sanctuary Advisors LLC acquired a new position in shares of Centene Corporation (NYSE:CNC) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 69,832 shares of the company’s stock, valued at approximately $4,483,000.

A number of other large investors also recently modified their holdings of CNC. BlackRock Inc. purchased a new stake in Centene in the 2nd quarter valued at about $2,660,422,000. AQR Capital Management LLC raised its stake in shares of Centene by 117.0% in the fourth quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company’s stock valued at $1,308,518,000 after buying an additional 17,143,904 shares during the period. Norges Bank purchased a new stake in Centene during the fourth quarter valued at about $332,044,000. Deerfield Management Company L.P. lifted its stake in shares of Centene by 184.0% during the 3rd quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company’s stock valued at $322,761,000 after buying an additional 5,860,630 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Centene during the second quarter worth $257,279,000. Institutional investors own 93.63% of the company’s stock.

Centene Price Performance

Shares of NYSE:CNC opened at $65.64 on Tuesday. The firm has a market cap of $32.43 billion, a price-to-earnings ratio of -6.29, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. The business has a 50-day simple moving average of $65.00 and a two-hundred day simple moving average of $52.63. Centene Corporation has a fifty-two week low of $28.24 and a fifty-two week high of $69.36. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15.

Centene (NYSE:CNC) last announced its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion during 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 firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.16) earnings per share. On average, analysts expect that Centene Corporation will post 4.89 earnings per share for the current year.

Insider Buying and Selling

In related news, General Counsel Christopher Koster sold 47,603 shares of the firm’s stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total value of $3,111,332.08. Following the transaction, the general counsel directly owned 305,354 shares of the company’s stock, valued at approximately $19,957,937.44. This trade represents a 13.49% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.37% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CNC. Cantor Fitzgerald raised their price target on shares of Centene from $60.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. UBS Group set a $79.00 target price on Centene in a research note on Tuesday, August 18th. Wall Street Zen raised Centene from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $79.00 target price (up from $68.00) on shares of Centene in a research note on Monday, August 3rd. Finally, Truist Financial boosted their price target on Centene from $71.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. One investment 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 given a Sell rating to the company’s stock. According to MarketBeat.com, Centene currently has a consensus rating of “Hold” and a consensus price target of $70.05.

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.