Empowered Funds LLC Invests $14.19 Million in Centene Corporation $CNC

Empowered Funds LLC bought a new position in shares of Centene Corporation (NYSE:CNC) during the second quarter, HoldingsChannel.com reports. The firm bought 221,106 shares of the company’s stock, valued at approximately $14,193,000.

A number of other large investors have also modified their holdings of the stock. United Capital Financial Advisors LLC acquired a new stake in shares of Centene in the second quarter valued at $2,292,000. Jefferies Financial Group Inc. acquired a new position in Centene during the 2nd quarter worth $1,339,000. Public Employees Retirement System of Ohio purchased a new stake in Centene during the 2nd quarter worth about $9,839,000. MASTERINVEST Kapitalanlage GmbH acquired a new stake in Centene in the 2nd quarter valued at about $2,869,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Centene in the 2nd quarter valued at about $1,384,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Insider Transactions at Centene

In other news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total value of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares of the company’s stock, valued at $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Centene Stock Down 0.6%

Shares of NYSE CNC opened at $64.91 on Friday. The business has a 50-day moving average price of $65.33 and a 200 day moving average price of $53.25. The stock has a market cap of $32.06 billion, a PE ratio of -6.22, a price-to-earnings-growth ratio of 0.35 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a 52-week low of $28.24 and a 52-week high of $69.36.

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

Analysts Set New Price Targets

Several brokerages recently weighed in on CNC. Royal Bank Of Canada raised their target price on shares of Centene from $70.00 to $71.00 and gave the company a “sector perform” rating in a report on Thursday, July 9th. Stifel Nicolaus set a $79.00 price objective on shares of Centene in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Centene in a research report on Friday, July 17th. Zacks Research raised Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, Sanford C. Bernstein restated an “outperform” rating and issued a $79.00 price target (up from $68.00) on shares of Centene in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $70.05.

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.