Centene Corporation (CNC) Shares Sold by California State Teachers Retirement System
California State Teachers Retirement System cut its stake in shares of Centene Corporation (NYSE:CNC) by 8.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 296,293 shares of the company’s stock after selling 26,189 shares during the quarter. California State Teachers Retirement System owned about 0.17% of Centene worth $28,672,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently made changes to their positions in CNC. Ameriprise Financial Inc. boosted its holdings in Centene 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. AJO LP purchased a new stake in Centene in the second quarter valued at $100,314,000. Vanguard Group Inc. boosted its holdings in Centene 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. Numeric Investors LLC boosted its holdings in Centene by 270.1% in the second quarter. Numeric Investors LLC now owns 1,001,500 shares of the company’s stock valued at $80,000,000 after purchasing an additional 730,900 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Centene by 12.4% in the second quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock worth $334,973,000 after acquiring an additional 462,936 shares during the period. 92.33% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. Cowen reiterated an “outperform” rating and issued a $105.00 price objective (up previously from $77.00) on shares of Centene in a research report on Wednesday, September 13th. Oppenheimer reiterated a “buy” rating and issued a $111.00 price objective on shares of Centene in a research report on Friday. Cantor Fitzgerald upped their price objective on shares of Centene to $107.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 13th. BidaskClub upgraded shares of Centene from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $105.00 price objective on shares of Centene in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $99.56.
Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, October 24th. The company reported $1.35 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.11. The company had revenue of $11.90 billion during the quarter, compared to the consensus estimate of $11.75 billion. Centene had a net margin of 1.81% and a return on equity of 14.79%. Centene’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.12 EPS. equities research analysts expect that Centene Corporation will post 4.98 earnings per share for the current year.
In other Centene news, Director Robert K. Ditmore sold 4,167 shares of the stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.00% of the stock is currently owned by corporate insiders.
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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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