10,491 Shares of Centene Corporation $CNC Acquired by SteelPeak Wealth LLC

SteelPeak Wealth LLC acquired a new stake in Centene Corporation (NYSE:CNC) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 10,491 shares of the company’s stock, valued at approximately $652,000.

A number of other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Centene in the second quarter valued at $2,660,422,000. Wellington Management Group LLP increased its stake in Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock worth $853,805,000 after buying an additional 10,757,914 shares during the period. Bank of America Corp DE purchased a new stake in Centene during the 2nd quarter worth $285,713,000. Deutsche Bank AG acquired a new position in Centene in the 2nd quarter worth $257,279,000. Finally, Legal & General Group Plc acquired a new position in Centene in the 2nd quarter worth $244,463,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Insiders Place Their Bets

In other Centene 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.37% of the stock is currently owned by corporate insiders.

Centene Price Performance

CNC opened at $68.59 on Tuesday. The company has a 50-day moving average of $65.46 and a 200-day moving average of $60.12. The company has a market capitalization of $33.88 billion, a P/E ratio of -6.57, a PEG ratio of 0.44 and a beta of 1.13. Centene Corporation has a 1-year low of $31.63 and a 1-year high of $71.21. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15.

Centene (NYSE:CNC) last issued its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $1.42. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. 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 business posted ($0.16) EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. Equities analysts expect that Centene Corporation will post 4.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CNC shares. Morgan Stanley set a $66.00 price objective on shares of Centene in a research report on Wednesday, July 29th. Royal Bank Of Canada lifted their target price on Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Barclays reiterated an “overweight” rating and issued a $80.00 price target (up from $75.00) on shares of Centene in a research note on Wednesday, July 29th. Argus raised Centene from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a report on Tuesday, August 11th. Finally, Wells Fargo & Company set a $69.00 price objective on Centene and gave the company an “equal weight” rating in a research note on Monday, July 13th. Nine research 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus 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.