Centene Corporation (CNC) Position Raised by State Board of Administration of Florida Retirement System
State Board of Administration of Florida Retirement System boosted its stake in Centene Corporation (NYSE:CNC) by 0.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 248,425 shares of the company’s stock after purchasing an additional 1,000 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.14% of Centene Corporation worth $24,040,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Centene Corporation by 4.9% in the second quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock valued at $1,336,113,000 after purchasing an additional 774,474 shares during the last quarter. State Street Corp increased its holdings in Centene Corporation by 0.5% in the second quarter. State Street Corp now owns 7,154,348 shares of the company’s stock valued at $571,504,000 after purchasing an additional 35,040 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Centene Corporation by 12.4% in the second quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock valued at $334,973,000 after purchasing an additional 462,936 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Centene Corporation by 318.6% in the second quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock valued at $279,882,000 after purchasing an additional 2,667,189 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Centene Corporation by 13.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,249,254 shares of the company’s stock valued at $179,673,000 after purchasing an additional 259,662 shares during the last quarter. Institutional investors and hedge funds own 92.88% of the company’s stock.
Centene Corporation (NYSE:CNC) opened at $95.32 on Tuesday. Centene Corporation has a 52-week low of $50.00 and a 52-week 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 $16,450.00, a PE ratio of 18.29, a PEG ratio of 1.46 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, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $11.75 billion. During the same period in the prior year, the firm posted $1.12 earnings per share. The business’s quarterly revenue was up 9.7% compared to the same quarter last year. research analysts anticipate that Centene Corporation will post 4.98 EPS for the current fiscal year.
A number of equities research analysts recently commented on CNC shares. Zacks Investment Research upgraded Centene Corporation from a “sell” rating to a “hold” rating in a report on Monday, July 10th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Centene Corporation in a report on Tuesday, July 11th. Deutsche Bank AG upped their price objective on Centene Corporation from $84.00 to $92.00 and gave the company a “buy” rating in a report on Thursday, July 13th. Bank of America Corporation upped their price objective on Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a report on Friday, July 14th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $94.00 price target on shares of Centene Corporation in a report on Friday, July 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have given a buy rating to the company. Centene Corporation presently has an average rating of “Buy” and an average target price of $97.53.
In related news, Director Robert K. Ditmore sold 4,167 shares of the stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $90.42, for a total transaction of $376,780.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.00% of the company’s stock.
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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