Korea Investment CORP cut its holdings in Centene Corp (NYSE:CNC) by 31.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 105,319 shares of the company’s stock after selling 48,409 shares during the quarter. Korea Investment CORP owned about 0.05% of Centene worth $15,248,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. FNY Investment Advisers LLC bought a new stake in Centene in the 3rd quarter valued at approximately $106,000. Fort L.P. bought a new stake in Centene in the 2nd quarter valued at approximately $122,000. IMA Wealth Inc. bought a new stake in Centene in the 2nd quarter valued at approximately $124,000. TRUE Private Wealth Advisors bought a new stake in Centene in the 3rd quarter valued at approximately $173,000. Finally, Wetherby Asset Management Inc. bought a new stake in Centene in the 3rd quarter valued at approximately $200,000. Institutional investors and hedge funds own 89.76% of the company’s stock.
In other news, Director Robert K. Ditmore sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $145.06, for a total transaction of $2,175,900.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Keith H. Williamson sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $145.00, for a total value of $290,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,800 shares of company stock worth $4,957,590. Company insiders own 3.00% of the company’s stock.
Several equities research analysts have commented on CNC shares. MED started coverage on Centene in a research note on Wednesday, September 19th. They issued an “overweight” rating and a $170.00 target price on the stock. Zacks Investment Research cut Centene from a “buy” rating to a “hold” rating in a research note on Thursday, August 9th. Mitsubishi UFJ Financial Group started coverage on Centene in a research note on Wednesday, September 19th. They issued an “overweight” rating and a $170.00 target price on the stock. Morgan Stanley boosted their target price on Centene from $138.00 to $175.00 and gave the company an “overweight” rating in a research note on Wednesday, September 5th. Finally, Leerink Swann upgraded Centene from a “market perform” rating to an “outperform” rating and set a $159.68 target price on the stock in a research note on Wednesday, October 24th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Centene currently has a consensus rating of “Buy” and an average price target of $151.67.
Shares of Centene stock opened at $141.94 on Friday. Centene Corp has a 12-month low of $94.69 and a 12-month high of $148.24. The company has a market cap of $28.93 billion, a PE ratio of 28.22, a P/E/G ratio of 1.33 and a beta of 1.05. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59.
Centene (NYSE:CNC) last announced its quarterly earnings data on Tuesday, October 23rd. The company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.02. Centene had a return on equity of 14.42% and a net margin of 1.58%. The company had revenue of $16.18 billion for the quarter, compared to analysts’ expectations of $15.93 billion. During the same quarter in the prior year, the business posted $1.35 EPS. The business’s revenue was up 36.0% compared to the same quarter last year. As a group, equities analysts expect that Centene Corp will post 7.05 earnings per share for the current fiscal year.
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Centene Company Profile
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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