Riverhead Capital Management LLC Buys 2,713 Shares of Centene Corp (CNC)
Riverhead Capital Management LLC lifted its stake in shares of Centene Corp (NYSE:CNC) by 4.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,533 shares of the company’s stock after purchasing an additional 2,713 shares during the period. Riverhead Capital Management LLC’s holdings in Centene were worth $8,764,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of the company. AGF Investments Inc. raised its position in Centene by 1.9% in the third quarter. AGF Investments Inc. now owns 745,495 shares of the company’s stock valued at $107,933,000 after purchasing an additional 14,146 shares during the period. Eagle Asset Management Inc. raised its position in Centene by 7.8% in the third quarter. Eagle Asset Management Inc. now owns 686,538 shares of the company’s stock valued at $99,396,000 after purchasing an additional 49,545 shares during the period. Tavio Capital LLC purchased a new stake in Centene in the second quarter valued at approximately $20,773,000. State Treasurer State of Michigan raised its position in Centene by 0.7% in the third quarter. State Treasurer State of Michigan now owns 61,124 shares of the company’s stock valued at $8,850,000 after purchasing an additional 400 shares during the period. Finally, Sentry Investment Management LLC purchased a new stake in Centene in the second quarter valued at approximately $1,679,000. Institutional investors and hedge funds own 88.88% of the company’s stock.
Centene stock opened at $142.18 on Wednesday. Centene Corp has a twelve month low of $94.69 and a twelve month high of $148.98. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $29.21 billion, a PE ratio of 28.27, a P/E/G ratio of 1.39 and a beta of 1.06.
A number of brokerages have issued reports on CNC. Credit Suisse Group boosted their target price on Centene from $134.00 to $152.00 and gave the company a “neutral” rating in a research report on Tuesday, September 4th. Morgan Stanley boosted their target price on Centene from $138.00 to $175.00 and gave the company an “overweight” rating in a research report on Wednesday, September 5th. MED boosted their target price on Centene from $146.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday, October 2nd. Oppenheimer boosted their target price on Centene from $146.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday, October 2nd. Finally, Zacks Investment Research raised Centene from a “sell” rating to a “hold” rating in a research report on Thursday, October 4th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $151.67.
In other news, EVP Christopher D. Bowers sold 3,800 shares of the company’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $145.55, for a total transaction of $553,090.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert K. Ditmore sold 15,000 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $145.06, for a total transaction of $2,175,900.00. The disclosure for this sale can be found here. Insiders have sold 35,800 shares of company stock worth $4,957,590 in the last ninety days. Corporate insiders own 3.00% of the company’s stock.
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Centene Company Profile
Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.
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