Procyon Advisors LLC Raises Stake in Centene Co. (NYSE:CNC)

Procyon Advisors LLC raised its position in shares of Centene Co. (NYSE:CNCGet Rating) by 18.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,108 shares of the company’s stock after purchasing an additional 795 shares during the quarter. Procyon Advisors LLC’s holdings in Centene were worth $432,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. GHP Investment Advisors Inc. purchased a new position in shares of Centene in the first quarter worth $27,000. Chilton Capital Management LLC purchased a new position in shares of Centene in the fourth quarter worth $28,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Centene by 145.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the company’s stock worth $30,000 after buying an additional 211 shares in the last quarter. Byrne Asset Management LLC purchased a new position in shares of Centene in the fourth quarter worth $33,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in shares of Centene in the first quarter worth $39,000. Hedge funds and other institutional investors own 94.74% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on CNC. Sanford C. Bernstein began coverage on shares of Centene in a report on Thursday, May 26th. They issued an “outperform” rating and a $108.00 target price on the stock. Credit Suisse Group set a $97.00 price target on shares of Centene in a research report on Tuesday, July 19th. Cowen boosted their price target on shares of Centene to $108.00 in a research report on Tuesday, August 9th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Centene from $91.00 to $99.00 in a research report on Wednesday, July 27th. Finally, Truist Financial boosted their price target on shares of Centene from $102.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $98.89.

Insider Activity

In other news, EVP Shannon Bagley sold 9,000 shares of the company’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $92.21, for a total transaction of $829,890.00. Following the transaction, the executive vice president now owns 118,194 shares in the company, valued at $10,898,668.74. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Lori Jean Robinson sold 1,200 shares of the stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $92.77, for a total value of $111,324.00. Following the transaction, the director now owns 9,908 shares in the company, valued at approximately $919,165.16. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Shannon Bagley sold 9,000 shares of the stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $92.21, for a total transaction of $829,890.00. Following the completion of the transaction, the executive vice president now owns 118,194 shares in the company, valued at approximately $10,898,668.74. The disclosure for this sale can be found here. Insiders have sold a total of 24,900 shares of company stock worth $2,194,241 over the last 90 days. 0.28% of the stock is currently owned by corporate insiders.

Centene Stock Performance

CNC stock opened at $84.77 on Tuesday. The firm has a market cap of $48.45 billion, a price-to-earnings ratio of 26.91, a PEG ratio of 1.04 and a beta of 0.52. The firm has a 50-day simple moving average of $91.68 and a two-hundred day simple moving average of $86.53. Centene Co. has a one year low of $60.81 and a one year high of $98.53. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.11 and a current ratio of 1.11.

Centene (NYSE:CNCGet Rating) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $1.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.59 by $0.18. Centene had a net margin of 1.35% and a return on equity of 12.92%. The firm had revenue of $35.94 billion for the quarter, compared to the consensus estimate of $35.56 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The company’s revenue for the quarter was up 15.8% compared to the same quarter last year. On average, equities analysts forecast that Centene Co. will post 5.7 EPS for the current fiscal year.

Centene announced that its Board of Directors has approved a share repurchase program on Friday, June 17th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 6.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Centene Profile

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Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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