Ridgewood Investments LLC Acquires New Stake in Centene Corporation $CNC

by · The Cerbat Gem

Ridgewood Investments LLC bought a new stake in shares of Centene Corporation (NYSE:CNC – Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,237 shares of the company’s stock, valued at approximately $698,000.

Several other institutional investors and hedge funds have also bought and sold shares of CNC. Silicon Valley Capital Partners acquired a new position in shares of Centene during the second quarter worth $25,000. MidFirst Bank purchased a new position in Centene during the 2nd quarter worth $32,000. Bayban purchased a new position in Centene during the 4th quarter worth $33,000. MV Capital Management Inc. acquired a new position in Centene during the 4th quarter valued at about $34,000. Finally, Fiduciary Financial Advisors purchased a new stake in Centene in the second quarter valued at about $34,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Performance

CNC traded up $1.26 during trading on Monday, reaching $64.25. 4,538,098 shares of the company’s stock were exchanged, compared to its average volume of 5,709,563. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. Centene Corporation has a 1 year low of $31.63 and a 1 year high of $69.63. The company’s fifty day simple moving average is $64.77 and its 200-day simple moving average is $57.52. The stock has a market capitalization of $31.74 billion, a P/E ratio of -6.15, a price-to-earnings-growth ratio of 0.40 and a beta of 1.13.

Centene (NYSE:CNC – Get Free Report) last released its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping 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 firm 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 earned ($0.16) earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, research analysts predict that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Mizuho set a $63.00 target price on shares of Centene and gave the stock a “neutral” rating in a research note on Monday, June 8th. HC Wainwright restated a “buy” rating on shares of Centene in a research note on Friday, September 11th. Wall Street Zen raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Centene in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $70.05.

Check Out Our Latest Stock Report on Centene

Insiders Place Their Bets

In other Centene 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 transaction of $3,779,850.00. Following the sale, the general counsel directly owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.

Centene 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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