One68 Global Capital LLC Purchases New Shares in Centene Corp (NYSE:CNC)

One68 Global Capital LLC purchased a new stake in shares of Centene Corp (NYSE:CNC) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 23,660 shares of the company’s stock, valued at approximately $1,241,000. Centene makes up about 1.6% of One68 Global Capital LLC’s investment portfolio, making the stock its 12th largest position.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Centene by 7.1% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 343,503 shares of the company’s stock worth $18,013,000 after buying an additional 22,725 shares during the last quarter. Jennison Associates LLC increased its holdings in Centene by 35.3% during the second quarter. Jennison Associates LLC now owns 1,542,804 shares of the company’s stock worth $80,905,000 after buying an additional 402,695 shares during the last quarter. Financial Enhancement Group LLC purchased a new stake in Centene during the second quarter worth about $757,000. Mid Atlantic Financial Management Inc. ADV purchased a new position in shares of Centene in the second quarter worth about $439,000. Finally, Altshuler Shaham Ltd increased its stake in shares of Centene by 7.2% in the second quarter. Altshuler Shaham Ltd now owns 59,753 shares of the company’s stock worth $3,133,000 after purchasing an additional 4,023 shares in the last quarter. 93.08% of the stock is currently owned by institutional investors.

Shares of CNC stock traded down $0.83 during trading hours on Friday, reaching $44.72. The stock had a trading volume of 3,676,606 shares, compared to its average volume of 4,790,487. The stock’s fifty day simple moving average is $50.92 and its 200 day simple moving average is $55.90. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.58. Centene Corp has a 12 month low of $44.50 and a 12 month high of $74.49. The firm has a market capitalization of $18.84 billion, a PE ratio of 12.63, a PEG ratio of 0.73 and a beta of 0.83.

Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 23rd. The company reported $1.34 EPS for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. Centene had a net margin of 1.84% and a return on equity of 15.87%. The company had revenue of $18.36 billion during the quarter, compared to analyst estimates of $18.02 billion. During the same period last year, the business earned $0.90 earnings per share. Centene’s revenue was up 29.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Centene Corp will post 4.42 EPS for the current fiscal year.

In other news, Director Jessica L. Blume acquired 2,850 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was bought at an average cost of $52.99 per share, for a total transaction of $151,021.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.50% of the stock is currently owned by company insiders.

Several equities analysts have recently weighed in on the stock. Morgan Stanley reduced their target price on shares of Centene from $71.00 to $64.00 and set an “overweight” rating for the company in a research note on Friday. ValuEngine downgraded shares of Centene from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 2nd. Citigroup upgraded shares of Centene from a “neutral” rating to a “buy” rating and set a $69.00 target price for the company in a research note on Friday, May 10th. Finally, Zacks Investment Research downgraded shares of Centene from a “buy” rating to a “hold” rating and set a $59.00 target price for the company. in a research note on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $74.72.

Centene Company Profile

Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. The company's 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 covers dually eligible individuals, as well as aged, blind, or disabled programs.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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