Jupiter Topco LLC Invests $54.76 Million in Centene Corporation $CNC

Jupiter Topco LLC purchased a new stake in shares of Centene Corporation (NYSE:CNC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 853,104 shares of the company’s stock, valued at approximately $54,760,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Deutsche Bank AG purchased a new stake in shares of Centene during the second quarter valued at $257,279,000. Hara Capital LLC purchased a new position in Centene in the 2nd quarter worth about $5,222,000. Paralel Advisors LLC bought a new position in Centene during the 2nd quarter valued at about $4,531,000. GSA Capital Partners LLP purchased a new stake in shares of Centene during the 2nd quarter valued at about $2,134,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in shares of Centene in the second quarter worth approximately $4,514,000. 93.63% of the stock is owned by institutional investors.

Centene Stock Performance

Shares of NYSE CNC opened at $65.23 on Friday. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The firm has a market capitalization of $32.22 billion, a price-to-earnings ratio of -6.25, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The firm has a 50 day moving average of $65.26 and a 200 day moving average of $53.16.

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

Insiders Place Their Bets

In related 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 transaction, the general counsel directly owned 248,854 shares in the company, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.37% of the company’s stock.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Centene from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft raised shares of Centene from a “hold” rating to a “buy” rating and lifted their target price for the stock from $53.00 to $80.00 in a research report on Wednesday, May 20th. TD Cowen reissued a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a report on Tuesday, July 14th. Raymond James Financial set a $75.00 price target on Centene in a research note on Tuesday, July 7th. Finally, Robert W. Baird upped their price objective on Centene from $46.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $70.05.

Centene Profile

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.