Wedge Capital Management L L P NC Buys Shares of 515,635 Centene Corporation (CNC)
Wedge Capital Management L L P NC bought a new position in shares of Centene Corporation (NYSE:CNC) during the second quarter, Holdings Channel reports. The firm bought 515,635 shares of the company’s stock, valued at approximately $41,189,000.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BNP Paribas Arbitrage SA raised its position in Centene Corporation by 213.5% in the first quarter. BNP Paribas Arbitrage SA now owns 685,347 shares of the company’s stock worth $48,838,000 after buying an additional 466,768 shares during the last quarter. Raymond James Trust N.A. raised its position in Centene Corporation by 3.2% in the first quarter. Raymond James Trust N.A. now owns 4,451 shares of the company’s stock worth $318,000 after buying an additional 139 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in Centene Corporation during the first quarter worth about $409,000. Tyers Asset Management LLC raised its position in Centene Corporation by 434.4% in the first quarter. Tyers Asset Management LLC now owns 23,856 shares of the company’s stock worth $1,700,000 after buying an additional 19,392 shares during the last quarter. Finally, Xact Kapitalforvaltning AB raised its position in Centene Corporation by 4.2% in the first quarter. Xact Kapitalforvaltning AB now owns 30,398 shares of the company’s stock worth $2,166,000 after buying an additional 1,212 shares during the last quarter. Institutional investors and hedge funds own 93.61% of the company’s stock.
Centene Corporation (NYSE CNC) opened at 82.14 on Friday. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $87.94. The company has a market capitalization of $14.17 billion, a P/E ratio of 18.03 and a beta of 0.66. The stock’s 50 day moving average is $82.24 and its 200-day moving average is $74.50.
Centene Corporation (NYSE:CNC) last announced its earnings results 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. The company had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. Centene Corporation’s quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.29 earnings per share. On average, equities analysts predict that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
CNC has been the topic of a number of research analyst reports. Bank of America Corporation raised their target price 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. Jefferies Group LLC reiterated a “buy” rating and issued a $85.00 target price (up from $83.00) on shares of Centene Corporation in a research note on Saturday, April 29th. ValuEngine upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. BidaskClub lowered shares of Centene Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Zacks Investment Research upgraded shares of Centene Corporation from a “hold” rating to a “strong-buy” rating and set a $97.00 target price on the stock in a research note on Thursday, July 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $86.82.
In other news, Director Robert K. Ditmore sold 3,900 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $75.43, for a total value of $294,177.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Mark J. Brooks sold 2,161 shares of the business’s stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $75.43, for a total transaction of $163,004.23. The disclosure for this sale can be found here. In the last three months, insiders sold 53,578 shares of company stock valued at $4,264,757. 3.00% of the stock is currently owned by company insiders.
Centene Corporation Company 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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