Centene Corporation $CNC Shares Newly Purchased by Lake Hills Wealth Management LLC

by · The Markets Daily

Lake Hills Wealth Management LLC purchased a new position in shares of Centene Corporation (NYSE:CNC – Free Report) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 11,528 shares of the company’s stock, valued at approximately $716,000.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Centene in the 2nd quarter valued at $2,660,422,000. Wellington Management Group LLP increased its stake in Centene by 423.0% in the second 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 period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Centene by 12.4% in the second 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 buying an additional 608,249 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Centene during the second quarter worth about $285,713,000. Finally, Deutsche Bank AG acquired a new stake in shares of Centene during the second quarter worth about $257,279,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have recently weighed in on CNC shares. Raymond James Financial set a $75.00 target price on shares of Centene in a report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price objective on shares of Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a research note on Tuesday, August 4th. HC Wainwright restated a “buy” rating on shares of Centene in a research report on Friday, September 11th. Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the company an “equal weight” rating in a report on Monday, July 13th. Finally, UBS Group set a $79.00 price objective on shares of Centene in a research note on Tuesday, August 18th. Nine research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $70.05.

Read Our Latest Research Report on Centene

Insider Transactions at Centene

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction that occurred on Wednesday, August 26th. The shares were 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. The trade was a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.37% of the company’s stock.

Centene Price Performance

Centene stock traded up $0.69 during midday trading on Wednesday, reaching $65.30. 1,209,916 shares of the company were exchanged, compared to its average volume of 5,674,947. The firm’s 50-day simple moving average is $64.79 and its 200-day simple moving average is $57.93. Centene Corporation has a 1 year low of $31.63 and a 1 year high of $69.63. The company has a market capitalization of $32.26 billion, a price-to-earnings ratio of -6.26, a P/E/G ratio of 0.41 and a beta of 1.13. 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 – Get Free Report) last released its quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $1.42. The company had revenue of $53.58 billion for the quarter, compared to analysts’ expectations of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the company earned ($0.16) EPS. On average, analysts anticipate that Centene Corporation will post 4.89 EPS for the current year.

Centene Company Profile

(Free Report)

Centene Corporation (NYSE:CNC) is a healthcare enterprise that provides health insurance and related services, primarily through government-sponsored programs. Its offerings include Medicaid plans, Medicare products, health plans sold through the Affordable Care Act marketplace, and services for military families through government-sponsored healthcare programs.

The company also provides pharmacy, behavioral health, specialty healthcare, care management and administrative services through various subsidiaries and partner organizations.

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