Zurich Insurance Group Ltd FI Grows Position in Centene Corporation (CNC)
Zurich Insurance Group Ltd FI lifted its position in shares of Centene Corporation (NYSE:CNC) by 14.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 41,204 shares of the company’s stock after purchasing an additional 5,330 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Centene Corporation were worth $3,291,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNC. Mckinley Capital Management LLC Delaware purchased a new stake in Centene Corporation in the second quarter worth $101,000. Seven Bridges Advisors LLC bought a new position in Centene Corporation in the second quarter worth $123,000. IFP Advisors Inc raised its holdings in Centene Corporation by 9.6% in the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after purchasing an additional 170 shares in the last quarter. MV Capital Management Inc. purchased a new position in Centene Corporation during the second quarter valued at $186,000. Finally, Eagle Global Advisors LLC purchased a new position in Centene Corporation during the second quarter valued at $216,000. Institutional investors own 92.35% of the company’s stock.
In related news, Chairman Michael F. Neidorff sold 35,000 shares of the business’s stock in a transaction on Thursday, July 6th. The stock was sold at an average price of $80.26, for a total transaction of $2,809,100.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Christopher D. Bowers sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total value of $317,720.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,167 shares of company stock valued at $3,470,973. Company insiders own 3.00% of the company’s stock.
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Centene Corporation (CNC) traded down 0.14% during trading on Wednesday, reaching $96.83. 73,397 shares of the company’s stock traded hands. The company has a 50 day moving average of $89.87 and a 200 day moving average of $80.19. Centene Corporation has a one year low of $50.00 and a one year high of $98.72. The firm has a market cap of $16.70 billion, a price-to-earnings ratio of 21.25 and a beta of 0.68.
Centene Corporation (NYSE:CNC) last released its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.29. The business had revenue of $11.95 billion for the quarter, compared to analyst estimates of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.29 earnings per share. Equities research analysts predict that Centene Corporation will post $4.92 EPS for the current year.
A number of analysts have recently weighed in on the stock. Deutsche Bank AG reaffirmed a “buy” rating and issued a $111.00 target price (up from $95.00) on shares of Centene Corporation in a research report on Thursday, September 14th. Zacks Investment Research raised shares of Centene Corporation from a “hold” rating to a “buy” rating and set a $107.00 price target for the company in a research report on Friday, September 15th. Oppenheimer Holdings, Inc. reissued a “buy” rating and set a $105.00 price target on shares of Centene Corporation in a research report on Friday, September 29th. Cantor Fitzgerald boosted their price objective on shares of Centene Corporation to $107.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 13th. Finally, Cowen and Company reissued an “outperform” rating and set a $105.00 price objective (up previously from $77.00) on shares of Centene Corporation in a research note on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $93.44.
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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