Centene Co. (NYSE:CNC) Shares Acquired by CIBC Asset Management Inc

CIBC Asset Management Inc lifted its stake in shares of Centene Co. (NYSE:CNCGet Rating) by 15.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,947 shares of the company’s stock after buying an additional 8,364 shares during the quarter. CIBC Asset Management Inc’s holdings in Centene were worth $5,384,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in the stock. Norges Bank bought a new position in Centene during the fourth quarter worth $470,456,000. Capital World Investors lifted its stake in Centene by 8.6% during the fourth quarter. Capital World Investors now owns 46,851,859 shares of the company’s stock worth $3,860,593,000 after purchasing an additional 3,717,875 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Centene by 8,192.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,640,417 shares of the company’s stock worth $135,169,000 after purchasing an additional 1,620,635 shares during the last quarter. Invesco Ltd. lifted its stake in Centene by 38.1% during the fourth quarter. Invesco Ltd. now owns 5,798,904 shares of the company’s stock worth $477,829,000 after purchasing an additional 1,599,740 shares during the last quarter. Finally, Boston Partners lifted its stake in Centene by 13.8% during the fourth quarter. Boston Partners now owns 10,838,200 shares of the company’s stock worth $892,241,000 after purchasing an additional 1,317,451 shares during the last quarter. Institutional investors and hedge funds own 92.32% of the company’s stock.

Wall Street Analysts Forecast Growth

CNC has been the topic of a number of recent research reports. Jefferies Financial Group upgraded Centene from a “hold” rating to a “buy” rating and raised their target price for the company from $82.00 to $115.00 in a research note on Thursday, July 14th. Loop Capital initiated coverage on Centene in a research note on Thursday, June 16th. They issued a “buy” rating and a $100.00 target price on the stock. Oppenheimer raised their target price on Centene to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Stephens raised their target price on Centene to $110.00 and gave the company an “outperform” rating in a research note on Wednesday, July 27th. Finally, Barclays assumed coverage on Centene in a research note on Thursday, July 28th. They issued an “overweight” rating and a $107.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $97.50.

Centene Trading Up 0.1 %

Shares of CNC opened at $93.05 on Friday. The business’s 50-day moving average price is $85.56 and its 200 day moving average price is $84.09. The stock has a market capitalization of $53.98 billion, a P/E ratio of 29.54, a P/E/G ratio of 1.18 and a beta of 0.50. Centene Co. has a 1-year low of $59.67 and a 1-year high of $94.58. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.70.

Centene (NYSE:CNCGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.77 earnings per share for the quarter, topping analysts’ consensus estimates of $1.59 by $0.18. The firm had revenue of $35.94 billion for the quarter, compared to analysts’ expectations of $35.56 billion. Centene had a return on equity of 12.92% and a net margin of 1.35%. Centene’s revenue was up 15.8% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. Analysts expect that Centene Co. will post 5.7 earnings per share for the current year.

Centene announced that its Board of Directors has initiated a stock buyback plan on Friday, June 17th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to repurchase up to 6.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Richard A. Gephardt sold 3,300 shares of Centene stock in a transaction dated Tuesday, June 21st. The stock was sold at an average price of $80.01, for a total value of $264,033.00. Following the transaction, the director now owns 37,260 shares of the company’s stock, valued at approximately $2,981,172.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Centene news, EVP Shannon Bagley sold 9,000 shares of Centene stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $92.21, for a total transaction of $829,890.00. Following the transaction, the executive vice president now owns 118,194 shares of the company’s stock, valued at approximately $10,898,668.74. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Richard A. Gephardt sold 3,300 shares of Centene stock in a transaction dated Tuesday, June 21st. The shares were sold at an average price of $80.01, for a total value of $264,033.00. Following the sale, the director now owns 37,260 shares of the company’s stock, valued at $2,981,172.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,200 shares of company stock valued at $2,458,274. 1.50% of the stock is owned by corporate insiders.

About Centene

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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.

See Also

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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