South State CORP. boosted its position in shares of Centene Co. (NYSE:CNC) by 5.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,876 shares of the company’s stock after buying an additional 1,653 shares during the period. South State CORP.’s holdings in Centene were worth $1,973,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Forsta AP Fonden increased its position in Centene by 42.6% during the first quarter. Forsta AP Fonden now owns 135,800 shares of the company’s stock worth $8,679,000 after buying an additional 40,600 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Centene by 14.1% during the first quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 190,402 shares of the company’s stock worth $12,169,000 after buying an additional 23,529 shares during the period. Handelsbanken Fonder AB increased its position in Centene by 5.6% during the first quarter. Handelsbanken Fonder AB now owns 137,277 shares of the company’s stock worth $8,773,000 after buying an additional 7,338 shares during the period. Barings LLC increased its position in Centene by 34.3% during the first quarter. Barings LLC now owns 5,715 shares of the company’s stock worth $366,000 after buying an additional 1,461 shares during the period. Finally, Sequoia Financial Advisors LLC increased its position in Centene by 8.4% during the fourth quarter. Sequoia Financial Advisors LLC now owns 110,795 shares of the company’s stock worth $6,651,000 after buying an additional 8,554 shares during the period. 89.77% of the stock is currently owned by institutional investors.
Shares of Centene stock traded down $0.05 during trading on Friday, reaching $70.97. The company’s stock had a trading volume of 2,931 shares, compared to its average volume of 3,962,954. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.63. Centene Co. has a 12-month low of $53.60 and a 12-month high of $74.52. The firm has a market capitalization of $41.36 billion, a P/E ratio of 16.95, a P/E/G ratio of 1.19 and a beta of 0.47. The business’s 50 day simple moving average is $67.53.
CNC has been the topic of several analyst reports. Bank of America lifted their target price on Centene from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Tuesday. Zacks Investment Research upgraded Centene from a “sell” rating to a “hold” rating and set a $61.00 target price on the stock in a research note on Monday, February 22nd. Wells Fargo & Company initiated coverage on Centene in a research note on Monday, May 24th. They issued an “overweight” rating and a $87.00 target price on the stock. Stephens upgraded Centene from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $71.00 to $87.00 in a research note on Tuesday, May 11th. Finally, Mizuho initiated coverage on Centene in a research note on Monday, March 15th. They issued a “neutral” rating and a $65.00 target price on the stock. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $79.04.
In other Centene news, Director John R. Roberts sold 5,000 shares of the business’s stock in a transaction on Friday, May 7th. The stock was sold at an average price of $70.00, for a total transaction of $350,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark J. Brooks sold 15,000 shares of the business’s stock in a transaction on Friday, May 7th. The stock was sold at an average price of $68.00, for a total value of $1,020,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,883 shares of company stock worth $2,626,390. 1.80% of the stock is owned by company insiders.
Centene Company Profile
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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