Centene Corporation $CNC Shares Sold by SVB Wealth LLC

SVB Wealth LLC decreased its position in Centene Corporation (NYSE:CNC) by 28.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 39,907 shares of the company’s stock after selling 16,252 shares during the period. SVB Wealth LLC’s holdings in Centene were worth $2,562,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in CNC. Deutsche Bank AG purchased a new position in shares of Centene during the 2nd quarter worth approximately $257,279,000. Hara Capital LLC purchased a new stake in Centene in the 2nd quarter valued at approximately $5,222,000. Roberts Glore & Co. Inc. IL acquired a new stake in Centene during the 2nd quarter valued at $1,659,000. Paralel Advisors LLC purchased a new position in Centene during the second quarter worth $4,531,000. Finally, GSA Capital Partners LLP acquired a new position in shares of Centene in the second quarter worth $2,134,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Insider Buying and Selling at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the transaction, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.37% of the stock is currently owned by insiders.

Centene Price Performance

Shares of NYSE:CNC opened at $64.56 on Wednesday. The company has a market cap of $31.89 billion, a P/E ratio of -6.18, a P/E/G ratio of 0.42 and a beta of 1.10. The business has a fifty day simple moving average of $65.61 and a 200-day simple moving average of $54.61. Centene Corporation has a 52 week low of $28.84 and a 52 week high of $69.36. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC) last released its earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $47.64 billion. During the same period in the prior year, the business posted ($0.16) earnings per share. The firm’s revenue for the quarter was up 9.9% compared to the same quarter last year. Equities research analysts forecast that Centene Corporation will post 4.89 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Raymond James Financial set a $75.00 price objective on Centene in a research note on Tuesday, July 7th. UBS Group set a $79.00 target price on shares of Centene in a research note on Tuesday, August 18th. Deutsche Bank Aktiengesellschaft upgraded shares of Centene from a “hold” rating to a “buy” rating and upped their target price for the company from $53.00 to $80.00 in a report on Wednesday, May 20th. Stifel Nicolaus set a $79.00 price target on shares of Centene in a report on Monday, August 3rd. Finally, Zacks Research raised shares of Centene from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $70.05.

Centene Company Profile

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.