Centene Corporation $CNC Shares Sold by Algert Global LLC

Algert Global LLC reduced its position in Centene Corporation (NYSE:CNC) by 54.2% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 47,218 shares of the company’s stock after selling 55,978 shares during the quarter. Algert Global LLC’s holdings in Centene were worth $3,031,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. DV Equities LLC acquired a new stake in Centene in the fourth quarter worth about $26,000. IFC & Insurance Marketing Inc. acquired a new stake in Centene in the fourth quarter worth about $28,000. SBI Securities Co. Ltd. lifted its stake in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company’s stock valued at $31,000 after buying an additional 406 shares during the period. MidFirst Bank bought a new position in Centene in the second quarter valued at approximately $32,000. Finally, Bayban bought a new position in shares of Centene in the 4th quarter valued at about $33,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction dated 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 sale, the general counsel owned 248,854 shares in the company, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CNC shares. Zacks Research raised Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. UBS Group set a $79.00 target price on Centene in a research report on Tuesday, August 18th. Wall Street Zen raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. JPMorgan Chase & Co. raised their target price on Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. Finally, Barclays reaffirmed an “overweight” rating and set a $80.00 price target (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Centene currently has an average rating of “Hold” and an average price target of $70.05.

Centene Stock Performance

CNC opened at $64.91 on Friday. The company has a market cap of $32.06 billion, a price-to-earnings ratio of -6.22, a PEG ratio of 0.35 and a beta of 1.08. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The company’s fifty day moving average price is $65.33 and its two-hundred day moving average price is $53.25. Centene Corporation has a 1-year low of $28.24 and a 1-year high of $69.36.

Centene (NYSE:CNC) last announced its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $53.58 billion for the quarter, compared to analysts’ expectations of $47.64 billion. During the same quarter in the prior year, the company earned ($0.16) earnings per share. The business’s revenue was up 9.9% compared to the same quarter last year. On average, analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Centene Company 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.