Edgestream Partners L.P. Sells 27,050 Shares of Centene Corporation (CNC)
Edgestream Partners L.P. trimmed its holdings in shares of Centene Corporation (NYSE:CNC) by 80.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,639 shares of the company’s stock after selling 27,050 shares during the quarter. Edgestream Partners L.P.’s holdings in Centene Corporation were worth $642,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership bought a new position in Centene Corporation in the 2nd quarter worth about $455,000. Artemis Investment Management LLP bought a new position in shares of Centene Corporation during the second quarter valued at approximately $15,326,000. Handelsbanken Fonder AB boosted its stake in shares of Centene Corporation by 29.0% during the third quarter. Handelsbanken Fonder AB now owns 178,000 shares of the company’s stock valued at $17,225,000 after purchasing an additional 40,000 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Centene Corporation by 28.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock valued at $62,992,000 after purchasing an additional 176,403 shares in the last quarter. Finally, AJO LP bought a new position in shares of Centene Corporation during the second quarter valued at approximately $100,314,000. Hedge funds and other institutional investors own 92.86% of the company’s stock.
CNC has been the topic of a number of recent research reports. Zacks Investment Research upgraded shares of Centene Corporation from a “sell” rating to a “hold” rating in a research note on Monday, July 10th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Centene Corporation in a research note on Tuesday, July 11th. Deutsche Bank AG increased their price objective on shares of Centene Corporation from $84.00 to $92.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. Bank of America Corporation increased their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a research note on Friday, July 14th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $94.00 target price on shares of Centene Corporation in a research report on Friday, July 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the stock. Centene Corporation presently has a consensus rating of “Buy” and a consensus price target of $96.42.
Centene Corporation (NYSE:CNC) last announced its quarterly earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.11. Centene Corporation had a net margin of 1.81% and a return on equity of 14.79%. The company had revenue of $11.90 billion during the quarter, compared to the consensus estimate of $11.75 billion. During the same quarter in the previous year, the company posted $1.12 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year.
In related news, Director Robert K. Ditmore sold 4,167 shares of Centene Corporation stock in a transaction dated Thursday, October 26th. The shares were 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 SEC, which can be accessed through this link. 3.00% of the stock is owned by insiders.
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About Centene Corporation
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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