Caisse de depot et placement du Quebec Purchases New Position in Centene Corporation $CNC

Caisse de depot et placement du Quebec acquired a new position in shares of Centene Corporation (NYSE:CNC) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 1,408,949 shares of the company’s stock, valued at approximately $90,440,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CNC. Deutsche Bank AG purchased a new position in shares of Centene during the second quarter valued at $257,279,000. Hara Capital LLC purchased a new stake in Centene in the second quarter worth about $5,222,000. Roberts Glore & Co. Inc. IL bought a new position in Centene during the 2nd quarter worth about $1,659,000. Paralel Advisors LLC bought a new stake in shares of Centene in the 2nd quarter valued at about $4,531,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Centene in the 2nd quarter valued at about $2,134,000. 93.63% of the stock is owned by institutional investors.

Insider Activity at Centene

In other Centene news, General Counsel Christopher Koster sold 47,603 shares of the business’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the sale, the general counsel owned 305,354 shares of the company’s stock, valued at approximately $19,957,937.44. The trade was a 13.49% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.37% of the stock is owned by insiders.

Centene Stock Performance

Shares of CNC stock opened at $65.35 on Thursday. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The business’s fifty day simple moving average is $65.17 and its 200-day simple moving average is $52.98. 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 has a market cap of $32.28 billion, a PE ratio of -6.26, a PEG ratio of 0.35 and a beta of 1.08.

Centene (NYSE:CNC) last posted 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 positive return on equity of 12.12% and a negative net margin of 2.51%.The firm had revenue of $53.58 billion during the quarter, compared to analysts’ expectations of $47.64 billion. During the same quarter last year, the firm earned ($0.16) EPS. The business’s quarterly revenue was up 9.9% on a year-over-year basis. Analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on CNC. Raymond James Financial set a $75.00 price objective on shares of Centene in a research note on Tuesday, July 7th. JPMorgan Chase & Co. upped their target price on Centene from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Wells Fargo & Company set a $69.00 target price on Centene and gave the company an “equal weight” rating in a research report on Monday, July 13th. Argus upgraded Centene from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research note on Tuesday, August 11th. Finally, Truist Financial lifted their target price on Centene from $71.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $70.05.

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.