Centene Corporation $CNC Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP reduced its stake in shares of Centene Corporation (NYSE:CNC) by 69.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 225,393 shares of the company’s stock after selling 507,557 shares during the quarter. Engineers Gate Manager LP’s holdings in Centene were worth $14,468,000 at the end of the most recent reporting period.

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

Insider Activity at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the firm’s 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 transaction, the general counsel directly 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. 0.37% of the stock is currently owned by company insiders.

Centene Stock Down 0.6%

Shares of CNC opened at $64.17 on Thursday. Centene Corporation has a fifty-two week low of $29.98 and a fifty-two week high of $69.36. The company’s fifty day moving average is $65.53 and its two-hundred day moving average is $54.76. The firm has a market cap of $31.70 billion, a PE ratio of -6.15, a price-to-earnings-growth ratio of 0.41 and a beta of 1.10. 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 (NYSE:CNC) last released its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The business had revenue of $53.58 billion during the quarter, compared to the consensus estimate of $47.64 billion. During the same period in the prior year, the firm posted ($0.16) EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. Analysts forecast that Centene Corporation will post 4.89 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Centene from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. Morgan Stanley set a $66.00 price target on Centene in a research note on Wednesday, July 29th. UBS Group set a $79.00 price objective on Centene in a report on Tuesday, August 18th. Stifel Nicolaus set a $79.00 target price on Centene in a research note on Monday, August 3rd. Finally, Zacks Research raised Centene from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. One investment 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 given a Sell rating to the stock. Based on data from MarketBeat, Centene currently has a consensus rating of “Hold” and an average target price of $70.05.

Centene Company Profile

Centene Corporation (NYSE: CNC) is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.