NEOS Investment Management LLC Sells 12,344 Shares of Centene Corporation $CNC

NEOS Investment Management LLC decreased its position in shares of Centene Corporation (NYSE:CNC) by 14.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 75,608 shares of the company’s stock after selling 12,344 shares during the quarter. NEOS Investment Management LLC’s holdings in Centene were worth $4,853,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNC. Deutsche Bank AG bought a new position in shares of Centene in the second quarter worth $257,279,000. Hara Capital LLC bought a new position in Centene in the 2nd quarter worth about $5,222,000. Roberts Glore & Co. Inc. IL purchased a new position in Centene during the 2nd quarter valued at about $1,659,000. Paralel Advisors LLC bought a new stake in shares of Centene during the second quarter valued at about $4,531,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Centene in the second quarter worth about $2,134,000. 93.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Stifel Nicolaus set a $79.00 price objective on shares of Centene in a research report on Monday, August 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Centene in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price target on shares of Centene from $60.00 to $67.00 and gave the company a “neutral” rating in a research report on Tuesday, August 4th. Raymond James Financial set a $75.00 price target on shares of Centene in a report on Tuesday, July 7th. Finally, Bank of America lifted their price objective on Centene from $72.00 to $74.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $70.05.

Insider Activity at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of the firm’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 transaction, the general counsel directly owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.37% of the company’s stock.

Centene Stock Performance

NYSE CNC opened at $66.92 on Monday. Centene Corporation has a 52-week low of $28.24 and a 52-week high of $69.36. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The company has a market capitalization of $33.06 billion, a P/E ratio of -6.41, a P/E/G ratio of 0.42 and a beta of 1.10. The company has a fifty day moving average of $65.56 and a 200-day moving average of $54.28.

Centene (NYSE:CNC) last released its earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, beating 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 business had revenue of $53.58 billion for the quarter, compared to analysts’ expectations of $47.64 billion. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. The firm’s revenue was up 9.9% on a year-over-year basis. As a group, equities research analysts predict that Centene Corporation will post 4.89 EPS for the current fiscal year.

Centene Company 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.