Public Sector Pension investment Board Buys 36,600 Shares of Centene Corporation (CNC)
Public Sector Pension investment Board increased its stake in shares of Centene Corporation (NYSE:CNC) by 93.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,700 shares of the company’s stock after buying an additional 36,600 shares during the quarter. Public Sector Pension investment Board’s holdings in Centene Corporation were worth $6,047,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the stock. Seven Bridges Advisors LLC bought a new position in Centene Corporation during the 2nd quarter worth $123,000. Bronfman E.L. Rothschild L.P. raised its holdings in Centene Corporation by 5.9% in the 1st quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock valued at $118,000 after acquiring an additional 93 shares in the last quarter. IFP Advisors Inc raised its holdings in Centene Corporation by 9.6% in the 2nd quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock valued at $155,000 after acquiring an additional 170 shares in the last quarter. MV Capital Management Inc. acquired a new position in Centene Corporation in the 2nd quarter valued at $186,000. Finally, Eagle Global Advisors LLC acquired a new position in Centene Corporation in the 2nd quarter valued at $216,000. 92.32% of the stock is currently owned by institutional investors and hedge funds.
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In other Centene Corporation news, Chairman Michael F. Neidorff sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $80.26, for a total value of $2,809,100.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $82.59, for a total value of $344,152.53. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,167 shares of company stock worth $3,470,973. 3.00% of the stock is currently owned by insiders.
A number of analysts have recently weighed in on the company. Zacks Investment Research downgraded Centene Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. Morgan Stanley started coverage on Centene Corporation in a research report on Tuesday, June 6th. They issued an “overweight” rating and a $86.00 price target on the stock. Bank of America Corporation raised their price target on Centene Corporation from $93.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $81.00 price target (up previously from $78.00) on shares of Centene Corporation in a research note on Monday, June 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target (up previously from $88.00) on shares of Centene Corporation in a research note on Monday, June 19th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $92.76.
Centene Corporation (NYSE:CNC) opened at 92.22 on Friday. The company has a market capitalization of $15.91 billion, a P/E ratio of 20.24 and a beta of 0.63. Centene Corporation has a 52-week low of $50.00 and a 52-week high of $98.72. The firm has a 50-day moving average price of $86.60 and a 200 day moving average price of $78.42.
Centene Corporation (NYSE:CNC) last posted its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.29. The firm had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.69 billion. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.29 EPS. On average, analysts predict that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
Centene Corporation 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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