Virginia Retirement Systems ET AL Acquires New Position in Centene Corp. (CNC)
Virginia Retirement Systems ET AL acquired a new position in shares of Centene Corp. (NYSE:CNC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 47,500 shares of the company’s stock, valued at approximately $3,390,000.
Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Centene Corp. during the fourth quarter worth approximately $85,189,000. Chevy Chase Trust Holdings Inc. bought a new position in Centene Corp. during the first quarter worth approximately $8,828,000. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Centene Corp. by 46.3% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 47,421 shares of the company’s stock worth $2,920,000 after buying an additional 15,006 shares during the period. Exxonmobil Investment Management Inc. TX bought a new position in Centene Corp. during the first quarter worth approximately $2,548,000. Finally, Boston Advisors LLC bought a new position in Centene Corp. during the first quarter worth approximately $1,145,000. 92.91% of the stock is currently owned by institutional investors.
Shares of Centene Corp. (NYSE:CNC) opened at 68.28 on Thursday. Centene Corp. has a 52 week low of $47.36 and a 52 week high of $75.57. The company has a 50 day moving average of $68.65 and a 200 day moving average of $65.22. The firm has a market cap of $11.66 billion, a PE ratio of 26.35 and a beta of 1.00.
Centene Corp. (NYSE:CNC) last released its earnings results on Tuesday, July 26th. The company reported $1.29 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.20. Centene Corp. had a net margin of 1.19% and a return on equity of 14.27%. The firm earned $10.90 billion during the quarter, compared to analyst estimates of $10.80 billion. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The firm’s revenue for the quarter was up 97.9% compared to the same quarter last year. On average, equities research analysts anticipate that Centene Corp. will post $4.37 EPS for the current fiscal year.
CNC has been the topic of a number of recent analyst reports. Stifel Nicolaus raised shares of Centene Corp. from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a research report on Thursday, May 26th. They noted that the move was a valuation call. Barclays PLC increased their target price on shares of Centene Corp. from $70.00 to $72.00 and gave the company an “equal weight” rating in a research report on Wednesday, June 1st. Vetr downgraded shares of Centene Corp. from a “strong-buy” rating to a “buy” rating and set a $72.50 target price on the stock. in a research report on Thursday, June 2nd. Cantor Fitzgerald reaffirmed a “buy” rating on shares of Centene Corp. in a research report on Saturday, June 4th. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Centene Corp. in a research report on Wednesday, June 8th. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Centene Corp. currently has a consensus rating of “Buy” and a consensus price target of $81.00.
In other Centene Corp. news, EVP Kenneth Rone Baldwin sold 6,000 shares of the business’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $71.00, for a total transaction of $426,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard A. Gephardt sold 15,910 shares of the business’s stock in a transaction on Wednesday, June 29th. The shares were sold at an average price of $68.89, for a total transaction of $1,096,039.90. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.
About Centene Corp.
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.
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