Accel Wealth Management Buys New Holdings in Centene Corporation $CNC

Accel Wealth Management purchased a new stake in Centene Corporation (NYSE:CNC) in the third quarter, according to its most recent filing with the SEC. The fund purchased 10,584 shares of the company’s stock, valued at approximately $657,000.

Several other institutional investors and hedge funds have also made changes to their positions in CNC. Deutsche Bank AG acquired a new stake in Centene during the second quarter worth about $257,279,000. Hara Capital LLC bought a new position in Centene in the second quarter worth about $5,222,000. Paralel Advisors LLC acquired a new position in Centene in the second quarter valued at approximately $4,531,000. Roberts Glore & Co. Inc. IL acquired a new position in Centene in the second quarter valued at approximately $1,659,000. Finally, Heartland Advisors Inc. bought a new position in shares of Centene during the second quarter valued at approximately $9,764,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction on 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 owned 248,854 shares of the company’s stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.37% of the stock is owned by insiders.

Centene Stock Performance

NYSE CNC traded up $1.87 on Tuesday, hitting $68.89. The stock had a trading volume of 5,259,965 shares, compared to its average volume of 5,659,532. The company’s 50-day moving average is $65.15 and its two-hundred day moving average is $59.07. Centene Corporation has a one year low of $31.63 and a one year high of $69.70. The stock has a market cap of $34.03 billion, a price-to-earnings ratio of -6.60, a P/E/G ratio of 0.41 and a beta of 1.13. 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 quarterly earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating analysts’ consensus estimates 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 positive return on equity of 12.12% and a negative net margin of 2.51%. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.16) earnings per share. On average, analysts expect that Centene Corporation will post 4.89 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CNC. Raymond James Financial set a $75.00 price target on Centene in a research report on Tuesday, July 7th. Barclays restated an “overweight” rating and set a $80.00 price objective (up from $75.00) on shares of Centene in a research note on Wednesday, July 29th. HC Wainwright reaffirmed a “buy” rating on shares of Centene in a research report on Friday, September 11th. TD Cowen reaffirmed a “hold” rating and issued a $65.00 target price (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Finally, Wall Street Zen upgraded Centene from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Nine investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $70.05.

Centene Profile

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.