Centene Corporation $CNC Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in shares of Centene Corporation (NYSE:CNC) by 2.8% in the fourth quarter, HoldingsChannel reports. The firm owned 2,614,412 shares of the company’s stock after selling 76,640 shares during the period. Bank of New York Mellon Corp’s holdings in Centene were worth $107,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Oracle Investment Management Inc. bought a new position in shares of Centene in the 3rd quarter valued at about $3,936,000. Capitolis Liquid Global Markets LLC lifted its stake in shares of Centene by 451.2% in the 3rd quarter. Capitolis Liquid Global Markets LLC now owns 181,900 shares of the company’s stock valued at $6,490,000 after purchasing an additional 148,900 shares during the period. Alberta Investment Management Corp boosted its position in shares of Centene by 22.1% in the 3rd quarter. Alberta Investment Management Corp now owns 1,075,000 shares of the company’s stock worth $38,356,000 after purchasing an additional 194,300 shares during the last quarter. Counterpoint Mutual Funds LLC grew its stake in shares of Centene by 161.1% during the third quarter. Counterpoint Mutual Funds LLC now owns 91,943 shares of the company’s stock worth $3,281,000 after purchasing an additional 56,730 shares during the period. Finally, Kennondale Capital Management LLC increased its holdings in Centene by 500.0% in the third quarter. Kennondale Capital Management LLC now owns 48,978 shares of the company’s stock valued at $1,748,000 after purchasing an additional 40,815 shares during the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Trading Up 0.0%

CNC opened at $62.35 on Monday. The stock has a market capitalization of $30.79 billion, a P/E ratio of -4.75, a P/E/G ratio of 0.49 and a beta of 1.09. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $63.50. The firm’s fifty day simple moving average is $48.20 and its 200 day simple moving average is $43.36.

Centene (NYSE:CNC) last issued its quarterly earnings results on Tuesday, April 28th. The company reported $3.37 EPS for the quarter, beating analysts’ consensus estimates of $2.23 by $1.14. The company had revenue of $49.94 billion for the quarter, compared to analyst estimates of $47.53 billion. Centene had a positive return on equity of 5.57% and a negative net margin of 3.25%.The company’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.90 earnings per share. As a group, research analysts anticipate that Centene Corporation will post 3.45 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on CNC shares. Bank of America boosted their price objective on shares of Centene from $72.00 to $74.00 and gave the company a “buy” rating in a report on Thursday. Oppenheimer lifted their price target on shares of Centene from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Mizuho set a $58.00 price target on shares of Centene and gave the company a “neutral” rating in a report on Wednesday, May 20th. Wall Street Zen raised Centene from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Finally, Deutsche Bank Aktiengesellschaft raised Centene from a “hold” rating to a “buy” rating and boosted their target price for the company from $53.00 to $80.00 in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $59.47.

About Centene

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.