Carnegie Capital Asset Management LLC Makes New Investment in Centene Co. (NYSE:CNC)

Carnegie Capital Asset Management LLC purchased a new position in Centene Co. (NYSE:CNC) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,609 shares of the company’s stock, valued at approximately $268,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Louisiana State Employees Retirement System bought a new position in Centene in the fourth quarter worth approximately $2,397,000. MV Capital Management Inc. raised its stake in shares of Centene by 1.2% in the fourth quarter. MV Capital Management Inc. now owns 26,295 shares of the company’s stock worth $1,951,000 after purchasing an additional 301 shares during the last quarter. Graypoint LLC purchased a new stake in shares of Centene in the fourth quarter worth approximately $235,000. Sapient Capital LLC purchased a new stake in shares of Centene in the fourth quarter worth approximately $804,000. Finally, Cerity Partners LLC raised its stake in shares of Centene by 2.1% in the fourth quarter. Cerity Partners LLC now owns 40,046 shares of the company’s stock worth $2,972,000 after purchasing an additional 817 shares during the last quarter. Institutional investors own 93.63% of the company’s stock.

Insider Buying and Selling

In related news, Director Lori Jean Robinson sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total transaction of $774,100.00. Following the completion of the transaction, the director now directly owns 11,455 shares in the company, valued at $886,731.55. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Lori Jean Robinson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total value of $774,100.00. Following the completion of the transaction, the director now directly owns 11,455 shares in the company, valued at approximately $886,731.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Kenneth J. Fasola sold 12,000 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total value of $900,840.00. Following the completion of the transaction, the president now owns 235,365 shares of the company’s stock, valued at $17,668,850.55. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

Centene Price Performance

Shares of NYSE CNC opened at $71.98 on Thursday. The stock has a market cap of $38.50 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 0.90 and a beta of 0.38. Centene Co. has a fifty-two week low of $60.83 and a fifty-two week high of $81.42. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a fifty day moving average of $76.66 and a 200-day moving average of $74.53.

Centene (NYSE:CNC) last posted its earnings results on Tuesday, February 6th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. Centene had a return on equity of 14.26% and a net margin of 1.75%. The business had revenue of $39.46 billion during the quarter, compared to analysts’ expectations of $36.16 billion. During the same period in the previous year, the business earned $0.86 earnings per share. The firm’s revenue was up 11.0% on a year-over-year basis. Equities research analysts anticipate that Centene Co. will post 6.75 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently commented on CNC shares. StockNews.com downgraded Centene from a “strong-buy” rating to a “buy” rating in a research note on Thursday, March 28th. UBS Group increased their price target on Centene from $72.00 to $79.00 and gave the company a “neutral” rating in a research report on Thursday, December 21st. Truist Financial increased their price target on Centene from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Barclays started coverage on Centene in a research report on Wednesday, March 6th. They set an “overweight” rating and a $101.00 price target for the company. Finally, Wells Fargo & Company increased their price target on Centene from $89.00 to $93.00 and gave the company an “overweight” rating in a research report on Monday. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $85.38.

Centene Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.