Verition Fund Management LLC Acquires 1,460 Shares of Centene Corporation (CNC)
Verition Fund Management LLC grew its holdings in Centene Corporation (NYSE:CNC) by 21.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,409 shares of the company’s stock after buying an additional 1,460 shares during the period. Verition Fund Management LLC’s holdings in Centene Corporation were worth $672,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also modified their holdings of the company. Artemis Investment Management LLP purchased a new position in shares of Centene Corporation in the 2nd quarter worth $15,326,000. Schwab Charles Investment Management Inc. grew its stake in shares of Centene Corporation by 28.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock worth $62,992,000 after buying an additional 176,403 shares in the last quarter. AJO LP purchased a new position in shares of Centene Corporation in the 2nd quarter worth $100,314,000. BT Investment Management Ltd purchased a new position in shares of Centene Corporation in the 2nd quarter worth $10,476,000. Finally, Capital Growth Management LP purchased a new position in shares of Centene Corporation in the 2nd quarter worth $22,366,000. 92.10% of the stock is owned by institutional investors and hedge funds.
Shares of Centene Corporation (CNC) traded up 2.77% during midday trading on Tuesday, reaching $93.44. 364,227 shares of the company were exchanged. The firm has a market capitalization of $16.12 billion, a P/E ratio of 20.50 and a beta of 0.68. Centene Corporation has a 52 week low of $50.00 and a 52 week high of $98.71. The firm has a 50-day moving average of $92.66 and a 200 day moving average of $81.76.
Centene Corporation (NYSE:CNC) last posted its earnings results on Tuesday, July 25th. The company reported $1.59 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 company had revenue of $11.95 billion for the quarter, compared to analysts’ expectations of $11.69 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. Centene Corporation’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities research analysts expect that Centene Corporation will post $4.92 EPS for the current year.
A number of equities analysts have commented on the stock. BMO Capital Markets assumed coverage on shares of Centene Corporation in a research note on Tuesday. They issued an “outperform” rating and a $120.00 price objective for the company. Piper Jaffray Companies reissued a “buy” rating and issued a $105.00 price objective on shares of Centene Corporation in a research note on Thursday, July 27th. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $105.00 price objective on shares of Centene Corporation in a research note on Friday, September 29th. Jefferies Group LLC restated a “buy” rating and issued a $98.00 target price on shares of Centene Corporation in a report on Thursday, July 27th. Finally, ValuEngine upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. 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 company. Centene Corporation has a consensus rating of “Buy” and an average target price of $95.58.
In other Centene Corporation news, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $82.59, for a total value of $344,152.53. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Christopher D. Bowers sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total transaction of $317,720.00. The disclosure for this sale can be found here. Corporate 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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