Oppenheimer & Co. Inc. Buys 9,959 Shares of Centene Corporation $CNC

Oppenheimer & Co. Inc. bought a new stake in Centene Corporation (NYSE:CNC) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 9,959 shares of the company’s stock, valued at approximately $619,000.

Several other institutional investors have also modified their holdings of CNC. BlackRock Inc. acquired a new stake in shares of Centene in the 2nd quarter worth about $2,660,422,000. Wellington Management Group LLP lifted its position in Centene by 423.0% in the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after purchasing an additional 10,757,914 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Centene by 12.4% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company’s stock valued at $354,173,000 after purchasing an additional 608,249 shares during the period. Assenagon Asset Management S.A. grew its position in Centene by 21.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company’s stock worth $302,818,000 after purchasing an additional 802,756 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in Centene in the 2nd quarter worth about $285,713,000. Institutional investors own 93.63% of the company’s stock.

Centene Trading Up 12.7%

Shares of NYSE:CNC opened at $76.03 on Thursday. The company has a 50 day moving average of $66.38 and a 200-day moving average of $55.62. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.69. The firm has a market cap of $37.64 billion, a P/E ratio of 26.04, a P/E/G ratio of 0.40 and a beta of 1.07. Centene Corporation has a twelve month low of $31.63 and a twelve month high of $77.05.

Centene (NYSE:CNC) last posted its quarterly earnings data on Tuesday, October 27th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.48. Centene had a net margin of 0.72% and a return on equity of 12.15%. The business had revenue of $50.65 billion for the quarter, compared to analyst estimates of $47.12 billion. During the same quarter last year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, analysts anticipate that Centene Corporation will post 5.26 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Cantor Fitzgerald raised their price target on shares of Centene from $75.00 to $79.00 and gave the company an “overweight” rating in a research note on Wednesday, October 28th. Royal Bank Of Canada increased their price objective on Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a report on Thursday, July 9th. UBS Group raised their target price on Centene from $70.00 to $78.00 and gave the company a “neutral” rating in a research report on Wednesday, October 28th. HC Wainwright reaffirmed a “buy” rating on shares of Centene in a research note on Friday, September 11th. Finally, JPMorgan Chase & Co. raised their price target on Centene from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, October 29th. Nine equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Centene currently has an average rating of “Hold” and a consensus target price of $73.80.

Insider Transactions at Centene

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

Centene 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.