Goelzer Investment Management Inc. Acquires New Shares in Centene Corporation $CNC

Goelzer Investment Management Inc. acquired a new position in Centene Corporation (NYSE:CNC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 52,641 shares of the company’s stock, valued at approximately $3,270,000.

A number of other large investors also recently made changes to their positions in the company. Deutsche Bank AG purchased a new stake in Centene during the second quarter worth about $257,279,000. Hara Capital LLC purchased a new stake in Centene in the 2nd quarter worth about $5,222,000. Paralel Advisors LLC bought a new position in Centene during the second quarter worth about $4,531,000. Roberts Glore & Co. Inc. IL purchased a new position in shares of Centene in the second quarter worth about $1,659,000. Finally, Heartland Advisors Inc. purchased a new position in shares of Centene in the second quarter valued at $9,764,000. 93.63% of the stock is owned by institutional investors.

Centene Stock Down 1.8%

CNC opened at $69.27 on Friday. 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 twelve month low of $31.63 and a twelve month high of $71.21. The stock has a market capitalization of $34.22 billion, a price-to-earnings ratio of -6.64, a PEG ratio of 0.44 and a beta of 1.13. The firm has a 50 day moving average price of $65.41 and a 200-day moving average price of $59.67.

Centene (NYSE:CNC) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $47.64 billion. During the same quarter in the prior year, the business earned ($0.16) EPS. The business’s quarterly revenue 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CNC. TD Cowen restated a “hold” rating and set a $65.00 price target (up from $47.00) on shares of Centene in a research report on Tuesday, July 14th. Robert W. Baird increased their price target on shares of Centene from $46.00 to $66.00 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Truist Financial lifted their target price on shares of Centene from $71.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Sanford C. Bernstein reissued an “outperform” rating and issued a $79.00 target price (up from $68.00) on shares of Centene in a research note on Monday, August 3rd. Finally, Barclays reiterated an “overweight” rating and set a $80.00 price target (up from $75.00) on shares of Centene in a report on Wednesday, July 29th. Nine research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $70.05.

Insider Buying and Selling

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction that occurred on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the completion of the sale, the general counsel directly owned 248,854 shares of the company’s stock, valued at $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 available through the SEC website. Corporate insiders own 0.37% of the company’s stock.

About Centene

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.