Triumph Capital Management Purchases New Position in Centene Corporation $CNC

Triumph Capital Management acquired a new position in shares of Centene Corporation (NYSE:CNC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 14,914 shares of the company’s stock, valued at approximately $971,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Centene during the second quarter worth $2,660,422,000. Wellington Management Group LLP lifted its stake in shares of Centene by 423.0% in the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after acquiring an additional 10,757,914 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Centene by 12.4% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company’s stock valued at $354,173,000 after acquiring an additional 608,249 shares during the last quarter. Bank of America Corp DE acquired a new stake in shares of Centene during the 2nd quarter valued at $285,713,000. Finally, Deutsche Bank AG acquired a new stake in shares of Centene during the 2nd quarter valued at $257,279,000. 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 Centene stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.37% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Truist Financial lifted their price target on Centene from $71.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. UBS Group set a $79.00 price objective on Centene in a research note on Tuesday, August 18th. Royal Bank Of Canada lifted their target price on shares of Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Sanford C. Bernstein reissued an “outperform” rating and set a $79.00 target price (up from $68.00) on shares of Centene in a report on Monday, August 3rd. Finally, Argus upgraded shares of Centene from a “hold” rating to a “buy” rating and set a $80.00 price target for the company in a research report on Tuesday, August 11th. Nine analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $70.05.

Centene Trading Up 1.8%

Shares of CNC traded up $1.21 during trading hours on Wednesday, hitting $70.07. 4,924,795 shares of the stock were exchanged, compared to its average volume of 5,655,807. Centene Corporation has a fifty-two week low of $31.63 and a fifty-two week high of $70.37. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. The business has a 50-day moving average of $65.15 and a 200-day moving average of $59.07. The firm has a market capitalization of $34.61 billion, a P/E ratio of -6.71, a price-to-earnings-growth ratio of 0.42 and a beta of 1.13.

Centene (NYSE:CNC) last released its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $1.42. The business had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. Centene’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) earnings per share. On average, research analysts expect that Centene Corporation will post 4.89 EPS for the current year.

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.