BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in Centene Corporation (NYSE:CNC) by 13.1% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 91,895 shares of the company’s stock after selling 13,895 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned 0.05% of Centene Corporation worth $7,341,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Centene Corporation by 3,408.1% in the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock worth $1,105,275,000 after buying an additional 15,068,340 shares during the period. OppenheimerFunds Inc. boosted its position in shares of Centene Corporation by 271.2% in the first quarter. OppenheimerFunds Inc. now owns 1,799,160 shares of the company’s stock worth $128,208,000 after buying an additional 1,314,514 shares during the period. Pioneer Investment Management Inc. boosted its position in shares of Centene Corporation by 1,534.7% in the first quarter. Pioneer Investment Management Inc. now owns 1,369,670 shares of the company’s stock worth $97,603,000 after buying an additional 1,285,885 shares during the period. AQR Capital Management LLC boosted its position in shares of Centene Corporation by 108.0% in the first quarter. AQR Capital Management LLC now owns 2,088,867 shares of the company’s stock worth $148,853,000 after buying an additional 1,084,628 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of Centene Corporation during the first quarter worth $55,478,000. 93.09% of the stock is owned by institutional investors and hedge funds.
Centene Corporation (NYSE:CNC) opened at 83.49 on Friday. The firm has a 50 day moving average of $82.43 and a 200-day moving average of $75.20. The firm has a market cap of $14.40 billion, a price-to-earnings ratio of 18.32 and a beta of 0.66. Centene Corporation has a one year low of $50.00 and a one year high of $87.94.
Centene Corporation (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.30 by $0.29. The firm 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 company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.29 EPS. Equities research analysts forecast that Centene Corporation will post $4.92 EPS for the current fiscal year.
CNC has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Centene Corporation from a “buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Morgan Stanley initiated coverage on shares of Centene Corporation in a research note on Tuesday, June 6th. They set an “overweight” rating and a $86.00 price objective for the company. Bank of America Corporation raised their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, July 14th. Evercore ISI raised their price objective on shares of Centene Corporation from $80.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $81.00 price objective (up from $78.00) on shares of Centene Corporation in a research note on Monday, June 19th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. Centene Corporation currently has an average rating of “Buy” and a consensus target price of $86.82.
In other Centene Corporation news, SVP Mark J. Brooks sold 2,161 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $75.43, for a total value of $163,004.23. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Michael F. Neidorff sold 35,000 shares of the business’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 transaction of $2,809,100.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,578 shares of company stock worth $4,264,757. Company 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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