Fmr LLC grew its stake in Centene Corp (NYSE:CNC) by 33.4% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 797,382 shares of the company’s stock after acquiring an additional 199,682 shares during the period. Fmr LLC owned about 0.39% of Centene worth $98,246,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Centene by 15.5% in the 2nd quarter. BlackRock Inc. now owns 15,847,653 shares of the company’s stock valued at $1,952,589,000 after acquiring an additional 2,122,661 shares during the period. Wells Fargo & Company MN increased its stake in Centene by 5.2% during the 2nd quarter. Wells Fargo & Company MN now owns 3,309,046 shares of the company’s stock worth $407,707,000 after buying an additional 162,597 shares during the period. Bank of America Corp DE increased its stake in Centene by 3.9% during the 2nd quarter. Bank of America Corp DE now owns 2,145,126 shares of the company’s stock worth $264,301,000 after buying an additional 81,444 shares during the period. Jennison Associates LLC increased its stake in Centene by 47.6% during the 2nd quarter. Jennison Associates LLC now owns 2,113,026 shares of the company’s stock worth $260,346,000 after buying an additional 681,847 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Centene by 17.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,523,248 shares of the company’s stock worth $187,680,000 after buying an additional 224,966 shares during the period. 89.84% of the stock is currently owned by institutional investors and hedge funds.
In other Centene news, Director Robert K. Ditmore sold 15,000 shares of the stock in a transaction that occurred on Thursday, October 25th. The shares were sold at an average price of $129.24, for a total value of $1,938,600.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Keith H. Williamson sold 2,000 shares of the stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $145.00, for a total transaction of $290,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,800 shares of company stock worth $4,957,590. Insiders own 3.00% of the company’s stock.
Shares of NYSE:CNC opened at $142.31 on Friday. Centene Corp has a 52 week low of $90.07 and a 52 week high of $148.24. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $29.36 billion, a price-to-earnings ratio of 28.29, a PEG ratio of 1.35 and a beta of 1.05.
Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, October 23rd. The company reported $1.79 EPS for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.02. Centene had a net margin of 1.58% and a return on equity of 14.42%. The company had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.93 billion. During the same period in the prior year, the firm posted $1.35 EPS. The company’s quarterly revenue was up 36.0% compared to the same quarter last year. On average, research analysts forecast that Centene Corp will post 7.05 earnings per share for the current year.
Several equities research analysts recently weighed in on the stock. Credit Suisse Group upped their target price on shares of Centene from $134.00 to $152.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 4th. Morgan Stanley upped their target price on shares of Centene from $138.00 to $175.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 5th. Oppenheimer upped their target price on shares of Centene from $146.00 to $158.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 2nd. MED upped their target price on shares of Centene from $146.00 to $158.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 2nd. Finally, Zacks Investment Research raised shares of Centene from a “sell” rating to a “hold” rating in a research note on Thursday, October 4th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $151.67.
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Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.
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