Centene Corporation $CNC Stock: MBL Wealth LLC Boosts Holdings

MBL Wealth LLC lifted its holdings in Centene Corporation (NYSE:CNC) by 135.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,955 shares of the company’s stock after purchasing an additional 9,169 shares during the quarter. MBL Wealth LLC’s holdings in Centene were worth $991,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Centene in the 2nd quarter valued at $2,660,422,000. Wellington Management Group LLP raised its stake in shares of Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock worth $853,805,000 after purchasing an additional 10,757,914 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings 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 buying an additional 608,249 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Centene by 21.6% in the third quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company’s stock valued at $302,818,000 after buying an additional 802,756 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Centene in the second quarter valued at $285,713,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CNC. Royal Bank Of Canada upped their price target 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. TD Cowen reissued a “hold” rating and issued a $65.00 price objective (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Robert W. Baird boosted their price objective on shares of Centene from $46.00 to $66.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 29th. Wall Street Zen upgraded shares of Centene from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Finally, Raymond James Financial set a $75.00 price target on Centene in a report on Tuesday, July 7th. Nine research 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.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $70.05.

Insiders Place Their Bets

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the business’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total value of $3,779,850.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.37% of the stock is owned by company insiders.

Centene Trading Down 1.5%

Shares of NYSE:CNC opened at $70.20 on Friday. Centene Corporation has a 12-month low of $31.63 and a 12-month high of $72.50. The business has a 50 day moving average of $65.79 and a 200-day moving average of $60.95. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. The stock has a market cap of $34.68 billion, a PE ratio of -6.72, a P/E/G ratio of 0.45 and a beta of 1.13.

Centene (NYSE:CNC) last announced its earnings results on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same quarter last year, the company earned ($0.16) earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities research analysts forecast that Centene Corporation will post 4.89 earnings per share for the current year.

Centene Company Profile

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company’s offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.