Centene Corporation $CNC Shares Newly Acquired by Ridgewood Investments LLC

Ridgewood Investments LLC purchased a new position in Centene Corporation (NYSE:CNC) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 11,237 shares of the company’s stock, valued at approximately $698,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Silicon Valley Capital Partners purchased a new position in shares of Centene in the 2nd quarter worth approximately $25,000. MidFirst Bank bought a new stake in Centene in the second quarter worth $32,000. Fiduciary Financial Advisors purchased a new position in Centene during the second quarter worth $34,000. Transamerica Financial Advisors LLC bought a new position in Centene during the second quarter valued at $42,000. Finally, Elevation Wealth Partners LLC increased its position in Centene by 564.6% during the second quarter. Elevation Wealth Partners LLC now owns 658 shares of the company’s stock valued at $42,000 after acquiring an additional 559 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CNC shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Centene in a research note on Friday, September 11th. Royal Bank Of Canada raised their price objective on shares of Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 9th. Wall Street Zen raised Centene from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Mizuho set a $63.00 price objective on Centene and gave the company a “neutral” rating in a report on Monday, June 8th. Finally, Argus upgraded Centene from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $70.05.

Centene Stock Up 2.0%

Shares of Centene stock traded up $1.26 during trading on Monday, hitting $64.25. 4,538,098 shares of the stock traded hands, compared to its average volume of 5,709,563. Centene Corporation has a 52-week low of $31.63 and a 52-week high of $69.63. The stock’s fifty day simple moving average is $64.77 and its 200 day simple moving average is $57.52. The firm has a market cap of $31.74 billion, a P/E ratio of -6.15, a price-to-earnings-growth ratio of 0.40 and a beta of 1.13. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC) last issued 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 company had revenue of $53.58 billion for the quarter, compared to analysts’ expectations of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.16) EPS. On average, equities analysts predict that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Insider Activity

In other news, General Counsel Christopher Koster sold 56,500 shares of the business’s stock in a transaction on 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. The trade was a 18.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.

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.