Belpointe Asset Management LLC boosted its position in shares of Centene Co. (NYSE:CNC – Get Rating) by 48.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,740 shares of the company's stock after acquiring an additional 5,468 shares during the quarter. Belpointe Asset Management LLC's holdings in Centene were worth $1,416,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of CNC. GHP Investment Advisors Inc. purchased a new stake in Centene during the 1st quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV raised its stake in shares of Centene by 145.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the company's stock valued at $30,000 after acquiring an additional 211 shares in the last quarter. Crewe Advisors LLC purchased a new position in Centene in the second quarter valued at $31,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new stake in Centene during the 1st quarter worth about $39,000. Finally, Riverview Trust Co acquired a new stake in Centene in the 1st quarter valued at about $42,000. 94.74% of the stock is currently owned by hedge funds and other institutional investors.
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Centene Stock Performance
NYSE CNC opened at $73.85 on Friday. The business's 50-day moving average price is $84.70 and its 200 day moving average price is $85.19. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.70. The firm has a market cap of $42.21 billion, a P/E ratio of 23.44, a P/E/G ratio of 0.92 and a beta of 0.57. Centene Co. has a 52-week low of $67.79 and a 52-week high of $98.53.
Centene (NYSE:CNC – Get Rating) last released its earnings results on Tuesday, July 26th. The company reported $1.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.73 by $0.04. Centene had a return on equity of 12.92% and a net
margin of 1.35%. The business had revenue of $35.94 billion for the quarter, compared to analyst estimates of $35.56 billion. During the same quarter in the previous year, the company posted $1.25 earnings per share. The company's revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities research analysts expect that Centene Co. will post 5.7 earnings per share for the current year.
Analysts Set New Price Targets
A number of research firms recently weighed in on CNC. Wells Fargo & Company lowered shares of Centene from an "overweight" rating to an "equal weight" rating and cut their target price for the stock from $103.00 to $99.00 in a research note on Friday, August 26th. Cowen decreased their price objective on shares of Centene from $108.00 to $101.00 in a research report on Thursday, September 22nd. Jefferies Financial Group raised Centene from a "hold" rating to a "buy" rating and increased their target price for the company from $82.00 to $115.00 in a report on Thursday, July 14th. Truist Financial lifted their price target on Centene from $102.00 to $110.00 and gave the stock an "outperform" rating in a report on Wednesday, July 27th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Centene from $91.00 to $99.00 in a report on Wednesday, July 27th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Centene presently has an average rating of "Moderate Buy" and a consensus target price of $97.85.
Insider Transactions at Centene
In other news, Director Lori Jean Robinson sold 1,200 shares of the business's stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $92.77, for a total transaction of $111,324.00. Following the transaction, the director now directly owns 9,908 shares in the company, valued at $919,165.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Centene news, Director Lori Jean Robinson sold 1,200 shares of Centene stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $92.77, for a total value of $111,324.00. Following the sale, the director now owns 9,908 shares of the company's stock, valued at approximately $919,165.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Shannon Bagley sold 9,000 shares of the firm's stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $92.21, for a total value of $829,890.00. Following the completion of the sale, the executive vice president now directly owns 118,194 shares of the company's stock, valued at $10,898,668.74. The disclosure for this sale can be found here. Company insiders own 0.28% of the company's stock.
Centene Profile
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Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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