Globeflex Capital L P Takes Position in Centene Corporation $CNC

Globeflex Capital L P acquired a new position in shares of Centene Corporation (NYSE:CNC) in the 2nd quarter, HoldingsChannel reports. The firm acquired 12,182 shares of the company’s stock, valued at approximately $782,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. 180 Wealth Advisors LLC increased its holdings in shares of Centene by 3.1% during the 1st quarter. 180 Wealth Advisors LLC now owns 6,683 shares of the company’s stock worth $219,000 after buying an additional 199 shares during the last quarter. Summitry LLC lifted its holdings in Centene by 1.1% in the first quarter. Summitry LLC now owns 23,925 shares of the company’s stock valued at $783,000 after acquiring an additional 253 shares during the last quarter. GAMMA Investing LLC grew its position in Centene by 2.4% in the second quarter. GAMMA Investing LLC now owns 10,674 shares of the company’s stock worth $685,000 after acquiring an additional 253 shares during the period. Kestra Advisory Services LLC increased its stake in Centene by 0.5% during the fourth quarter. Kestra Advisory Services LLC now owns 52,602 shares of the company’s stock worth $2,165,000 after acquiring an additional 264 shares during the last quarter. Finally, CX Institutional raised its position in Centene by 3.1% in the second quarter. CX Institutional now owns 8,999 shares of the company’s stock valued at $578,000 after purchasing an additional 269 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group increased their price target on Centene from $39.00 to $48.00 and gave the stock a “hold” rating in a report on Wednesday, April 29th. Cantor Fitzgerald increased their target price on shares of Centene from $60.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 7th. Barclays reiterated an “overweight” rating and set a $80.00 price target (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. Bank of America upped their price objective on shares of Centene from $72.00 to $74.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Finally, Truist Financial increased their price objective on shares of Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $70.05.

Centene Stock Up 1.0%

Centene stock opened at $65.64 on Tuesday. The firm has a market capitalization of $32.43 billion, a P/E ratio of -6.29, a P/E/G ratio of 0.35 and a beta of 1.08. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a twelve month low of $28.24 and a twelve month high of $69.36. The stock’s fifty day simple moving average is $65.00 and its 200-day simple moving average is $52.63.

Centene (NYSE:CNC) last released 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 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 analyst estimates of $47.64 billion. During the same period last year, the business posted ($0.16) earnings per share. Centene’s revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Christopher Koster sold 47,603 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the completion of the transaction, the general counsel directly 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.37% of the company’s stock.

About Centene

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.