Quadcap Wealth Management LLC Acquires 7,593 Shares of Centene Corporation $CNC

Quadcap Wealth Management LLC lifted its holdings in Centene Corporation (NYSE:CNC) by 218.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,062 shares of the company’s stock after purchasing an additional 7,593 shares during the period. Quadcap Wealth Management LLC’s holdings in Centene were worth $687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Citizens Financial Group Inc. RI lifted its position in shares of Centene by 71.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 41,815 shares of the company’s stock valued at $2,598,000 after acquiring an additional 17,429 shares during the last quarter. Deutsche Bank AG bought a new stake in shares of Centene during the 2nd quarter worth $257,279,000. Hara Capital LLC bought a new stake in shares of Centene during the 2nd quarter worth $5,222,000. Paralel Advisors LLC acquired a new position in shares of Centene in the 2nd quarter worth $4,531,000. Finally, QRG Capital Management Inc. acquired a new stake in shares of Centene during the second quarter worth $2,850,000. 93.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CNC shares. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $79.00 target price (up from $68.00) on shares of Centene in a report on Monday, August 3rd. TD Cowen reissued a “hold” rating and issued a $65.00 price target (up from $47.00) on shares of Centene in a research note on Tuesday, July 14th. Stifel Nicolaus set a $79.00 price objective on Centene in a report on Monday, August 3rd. Truist Financial reaffirmed a “buy” rating and set a $82.00 price objective (up from $80.00) on shares of Centene in a research note on Monday, November 2nd. Finally, UBS Group raised their target price on shares of Centene from $70.00 to $78.00 and gave the stock a “neutral” rating in a report on Wednesday, October 28th. Nine analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Centene has a consensus rating of “Hold” and a consensus target price of $73.80.

Insiders Place Their Bets

In related 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 directly owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. This represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.37% of the company’s stock.

Centene Stock Down 6.0%

NYSE:CNC traded down $4.48 during trading hours on Friday, hitting $69.69. 5,807,334 shares of the stock traded hands, compared to its average volume of 4,824,360. The firm has a 50 day moving average price of $66.64 and a 200 day moving average price of $55.88. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.69. Centene Corporation has a fifty-two week low of $31.63 and a fifty-two week high of $78.08. The firm has a market cap of $34.50 billion, a price-to-earnings ratio of 23.87, a PEG ratio of 0.39 and a beta of 1.07.

Centene (NYSE:CNC) last released its earnings results on Tuesday, October 27th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.10 by $0.48. The company had revenue of $50.65 billion during the quarter, compared to analyst estimates of $47.12 billion. Centene had a return on equity of 12.15% and a net margin of 0.72%. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.50 earnings per share. Equities research analysts anticipate that Centene Corporation will post 5.27 earnings per share for the current year.

About Centene

Centene Corporation is a U.S. health care company that provides managed care and related services, primarily for people enrolled in government-sponsored health programs. Its offerings include Medicaid and Medicare plans, as well as health insurance sold through the Affordable Care Act marketplace.

Centene serves members through health plans and a network of health care providers. Its businesses include Ambetter, which offers marketplace health plans, and Wellcare, which provides Medicare-related coverage.