Bank of New York Mellon Corp Sells 131,426 Shares of Centene Corporation (CNC)
Bank of New York Mellon Corp lessened its stake in Centene Corporation (NYSE:CNC) by 7.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,539,503 shares of the company’s stock after selling 131,426 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.89% of Centene Corporation worth $148,978,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of CNC. LS Investment Advisors LLC lifted its holdings in shares of Centene Corporation by 1.1% in the second quarter. LS Investment Advisors LLC now owns 7,477 shares of the company’s stock valued at $597,000 after purchasing an additional 85 shares in the last quarter. Louisiana State Employees Retirement System increased its position in shares of Centene Corporation by 0.9% during the second quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the company’s stock valued at $855,000 after acquiring an additional 100 shares during the last quarter. Aperio Group LLC increased its position in shares of Centene Corporation by 27.2% during the second quarter. Aperio Group LLC now owns 56,889 shares of the company’s stock valued at $4,544,000 after acquiring an additional 12,177 shares during the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH increased its position in shares of Centene Corporation by 374.5% during the second quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 124,389 shares of the company’s stock valued at $9,926,000 after acquiring an additional 98,176 shares during the last quarter. Finally, Breton Hill Capital Ltd. purchased a new stake in shares of Centene Corporation during the second quarter valued at approximately $304,000. Institutional investors own 93.70% of the company’s stock.
A number of analysts recently commented on the company. Cantor Fitzgerald reaffirmed a “buy” rating and set a $90.00 price target on shares of Centene Corporation in a research report on Tuesday, July 25th. Cowen and Company reaffirmed an “outperform” rating and set a $105.00 price target (up from $77.00) on shares of Centene Corporation in a research report on Wednesday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price target (up from $86.00) on shares of Centene Corporation in a research report on Wednesday, July 26th. Zacks Investment Research downgraded Centene Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. Finally, BidaskClub raised Centene Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $99.11.
In other news, Director Robert K. Ditmore sold 4,167 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $90.42, for a total value of $376,780.14. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.00% of the company’s stock.
Centene Corporation (NYSE:CNC) opened at $93.78 on Tuesday. Centene Corporation has a twelve month low of $54.40 and a twelve month high of $98.71. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71. The firm has a market capitalization of $16,180.00, a P/E ratio of 18.12, a price-to-earnings-growth ratio of 1.45 and a beta of 0.67.
Centene Corporation (NYSE:CNC) last issued its quarterly earnings results on Tuesday, October 24th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.11. Centene Corporation had a return on equity of 14.79% and a net margin of 1.81%. The firm had revenue of $11.90 billion for the quarter, compared to analysts’ expectations of $11.75 billion. During the same period in the previous year, the firm posted $1.12 EPS. The business’s revenue for the quarter was up 9.7% compared to the same quarter last year. sell-side analysts expect that Centene Corporation will post 4.98 earnings per share for the current fiscal year.
Centene Corporation Company Profile
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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