Centene Corporation $CNC Stock Holdings Increased by Sterling Capital Management LLC

Sterling Capital Management LLC increased its holdings in shares of Centene Corporation (NYSE:CNC) by 171.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 55,134 shares of the company’s stock after acquiring an additional 34,844 shares during the quarter. Sterling Capital Management LLC’s holdings in Centene were worth $3,425,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Yousif Capital Management LLC increased its holdings in shares of Centene by 2.0% in the third quarter. Yousif Capital Management LLC now owns 65,354 shares of the company’s stock worth $4,060,000 after acquiring an additional 1,302 shares in the last quarter. MBL Wealth LLC lifted its holdings in shares of Centene by 135.1% during the 3rd quarter. MBL Wealth LLC now owns 15,955 shares of the company’s stock valued at $991,000 after purchasing an additional 9,169 shares in the last quarter. Cogent Strategic Wealth LLC acquired a new position in shares of Centene in the 3rd quarter valued at approximately $208,000. SBI Securities Co. Ltd. grew its position in shares of Centene by 182.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 1,453 shares of the company’s stock valued at $90,000 after purchasing an additional 938 shares during the period. Finally, Cardinal Point Capital Management ULC bought a new stake in Centene during the 3rd quarter worth approximately $215,000. 93.63% of the stock is currently owned by institutional investors.

Centene Price Performance

NYSE:CNC opened at $70.20 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The stock’s 50-day simple moving average is $65.79 and its 200 day simple moving average is $60.95. The company has a market cap of $34.68 billion, a P/E ratio of -6.72, a P/E/G ratio of 0.44 and a beta of 1.13. Centene Corporation has a 52-week low of $31.63 and a 52-week high of $72.50.

Centene (NYSE:CNC) last released its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $47.64 billion. During the same quarter in the prior year, the company posted ($0.16) earnings per share. Centene’s revenue was up 9.9% on a year-over-year basis. As a group, sell-side analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the company’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 transaction of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.37% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on CNC. Royal Bank Of Canada raised their target price on shares of Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. upped their price target on shares of Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, August 4th. TD Cowen reissued a “hold” rating and set a $65.00 price objective (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Cantor Fitzgerald restated an “overweight” rating on shares of Centene in a report on Friday, October 9th. Finally, Truist Financial upped their target price on shares of Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $70.05.

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.