Janney Montgomery Scott LLC Has $890,000 Stake in Centene Corporation (CNC)
Janney Montgomery Scott LLC cut its stake in Centene Corporation (NYSE:CNC) by 13.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,141 shares of the company’s stock after selling 1,668 shares during the period. Janney Montgomery Scott LLC’s holdings in Centene Corporation were worth $890,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of CNC. Bronfman E.L. Rothschild L.P. increased its stake in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock valued at $118,000 after buying an additional 93 shares during the period. Creative Planning increased its stake in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock valued at $176,000 after buying an additional 127 shares during the period. Howard Hughes Medical Institute increased its stake in shares of Centene Corporation by 96.7% in the first quarter. Howard Hughes Medical Institute now owns 2,685 shares of the company’s stock valued at $191,000 after buying an additional 1,320 shares during the period. Reliance Trust Co. of Delaware bought a new stake in shares of Centene Corporation during the first quarter valued at approximately $201,000. Finally, Holderness Investments Co. bought a new stake in shares of Centene Corporation during the first quarter valued at approximately $211,000. 93.09% of the stock is owned by hedge funds and other institutional investors.
Centene Corporation (NYSE CNC) opened at 82.95 on Tuesday. The stock’s 50 day moving average is $82.20 and its 200 day moving average is $74.80. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $87.94. The stock has a market capitalization of $14.31 billion, a price-to-earnings ratio of 18.20 and a beta of 0.66.
Centene Corporation (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.29. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The firm had revenue of $11.95 billion for the quarter, compared to the consensus estimate of $11.69 billion. During the same period last year, the firm earned $1.29 earnings per share. The company’s quarterly revenue was up 9.7% on a year-over-year basis. Equities analysts predict that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
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CNC has been the subject of several research reports. Piper Jaffray Companies reissued a “buy” rating and set a $105.00 price objective on shares of Centene Corporation in a report on Thursday, July 27th. UBS AG reissued a “buy” rating and set a $95.00 price objective (up from $88.00) on shares of Centene Corporation in a report on Wednesday, July 26th. Jefferies Group LLC reissued a “buy” rating and set a $98.00 price objective on shares of Centene Corporation in a report on Thursday, July 27th. Zacks Investment Research lowered Centene Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, ValuEngine raised Centene Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and fifteen have assigned a buy rating to the stock. Centene Corporation presently has a consensus rating of “Buy” and an average price target of $86.82.
In other news, SVP Mark J. Brooks sold 2,161 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $163,004.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Robert K. Ditmore sold 3,900 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $294,177.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 53,578 shares of company stock worth $4,264,757. Insiders own 3.00% of the company’s stock.
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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