State Street Corp boosted its position in Centene Corporation (NYSE:CNC) by 0.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,154,348 shares of the company’s stock after purchasing an additional 35,040 shares during the quarter. State Street Corp owned about 4.15% of Centene Corporation worth $571,504,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of CNC. Mckinley Capital Management LLC Delaware bought a new stake in Centene Corporation in the 2nd quarter valued at about $101,000. Seven Bridges Advisors LLC bought a new stake in Centene Corporation in the 2nd quarter valued at about $123,000. IFP Advisors Inc lifted its position in Centene Corporation by 9.6% in the 2nd quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock valued at $155,000 after purchasing an additional 170 shares during the last quarter. MV Capital Management Inc. bought a new stake in Centene Corporation in the 2nd quarter valued at about $186,000. Finally, Sii Investments Inc. WI bought a new stake in Centene Corporation in the 2nd quarter valued at about $202,000. Hedge funds and other institutional investors own 92.35% of the company’s stock.
Centene Corporation (NYSE CNC) traded down 1.33% on Thursday, hitting $94.77. 531,784 shares of the stock traded hands. The company’s 50 day moving average price is $92.11 and its 200-day moving average price is $81.38. The stock has a market capitalization of $16.35 billion, a P/E ratio of 20.80 and a beta of 0.68. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.71.
Centene Corporation (NYSE:CNC) last announced its quarterly earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.29. The business had revenue of $11.95 billion for the quarter, compared to the consensus estimate of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. Centene Corporation’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same period last year, the company posted $1.29 EPS. Analysts predict that Centene Corporation will post $4.92 EPS for the current year.
In related news, Director Robert K. Ditmore sold 4,167 shares of the stock in a transaction that occurred on Thursday, July 27th. The shares were sold at an average price of $82.59, for a total value of $344,152.53. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Christopher D. Bowers sold 4,000 shares of the stock in a transaction that occurred on 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. Company insiders own 3.00% of the company’s stock.
Several analysts recently weighed in on the stock. Cantor Fitzgerald reiterated a “buy” rating and issued a $90.00 price objective on shares of Centene Corporation in a research report on Tuesday, July 25th. Cowen and Company restated an “outperform” rating and set a $105.00 price target (up from $77.00) on shares of Centene Corporation in a research report on Wednesday, September 13th. Morgan Stanley restated an “overweight” rating and set a $94.00 price target (up from $86.00) on shares of Centene Corporation in a research report on Wednesday, July 26th. Bank of America Corporation boosted their price target on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a “buy” rating in a research report on Friday, July 14th. Finally, Zacks Investment Research downgraded shares of Centene Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $93.44.
Centene Corporation 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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