Sivik Global Healthcare LLC Buys New Shares in Centene Corporation $CNC

Sivik Global Healthcare LLC bought a new position in Centene Corporation (NYSE:CNC) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 80,000 shares of the company’s stock, valued at approximately $4,970,000. Centene accounts for approximately 3.1% of Sivik Global Healthcare LLC’s investment portfolio, making the stock its 14th largest position.

Other large investors have also bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Centene during the second quarter valued at about $2,660,422,000. Wellington Management Group LLP increased its stake in Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $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 grew its holdings in shares of Centene by 12.4% during the second 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. Bank of America Corp DE acquired a new position in Centene during the 2nd quarter valued at about $285,713,000. Finally, Deutsche Bank AG purchased a new stake in shares of Centene in the second quarter worth approximately $257,279,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. TD Cowen reaffirmed a “hold” rating and set a $65.00 target price (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Wall Street Zen raised Centene from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. Stifel Nicolaus set a $79.00 price target on Centene in a research report on Monday, August 3rd. Wells Fargo & Company set a $69.00 price objective on Centene and gave the company an “equal weight” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Centene from $60.00 to $67.00 and gave the stock a “neutral” rating in a report on Tuesday, August 4th. Nine analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $70.05.

Insiders Place Their Bets

In other news, General Counsel Christopher Koster sold 56,500 shares of the company’s stock in a transaction dated 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 sale, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This represents a 18.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.37% of the stock is owned by insiders.

Centene Stock Performance

Centene stock traded up $2.46 during mid-day trading on Tuesday, reaching $69.48. The company’s stock had a trading volume of 2,427,616 shares, compared to its average volume of 5,643,640. The firm’s fifty day moving average price is $65.05 and its two-hundred day moving average price is $58.82. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. Centene Corporation has a 12-month low of $31.63 and a 12-month high of $69.63. The company has a market capitalization of $34.32 billion, a P/E ratio of -6.65, a PEG ratio of 0.41 and a beta of 1.13.

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

Centene Company 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.