Commerce Bank Boosts Position in Centene Corp (CNC)

Commerce Bank boosted its holdings in Centene Corp (NYSE:CNC) by 9.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,400 shares of the company’s stock after purchasing an additional 709 shares during the quarter. Commerce Bank’s holdings in Centene were worth $1,216,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FNY Investment Advisers LLC acquired a new stake in Centene in the 3rd quarter valued at $106,000. Fort L.P. acquired a new stake in Centene in the 2nd quarter valued at $122,000. IMA Wealth Inc. acquired a new stake in Centene in the 2nd quarter valued at $124,000. Steward Partners Investment Advisory LLC grew its position in Centene by 127.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,254 shares of the company’s stock valued at $155,000 after purchasing an additional 702 shares during the period. Finally, Cornerstone Wealth Management LLC acquired a new stake in Centene in the 2nd quarter valued at $157,000. 89.84% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have issued reports on CNC shares. Morgan Stanley lifted their price objective on shares of Centene from $127.00 to $136.00 and gave the stock an “overweight” rating in a report on Friday, July 13th. Citigroup reaffirmed a “neutral” rating and set a $147.00 price objective on shares of Centene in a report on Wednesday, July 18th. Barclays started coverage on shares of Centene in a report on Monday, July 23rd. They set an “overweight” rating and a $158.00 price objective on the stock. Bank of America lifted their price objective on shares of Centene from $145.00 to $158.00 and gave the stock a “buy” rating in a report on Tuesday, July 24th. Finally, MED reaffirmed an “outperform” rating and set a $146.00 price objective (up from $138.00) on shares of Centene in a report on Wednesday, July 25th. Three analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $151.67.

In other news, Director Robert K. Ditmore sold 15,000 shares of Centene stock in a transaction on Thursday, October 25th. The stock was sold at an average price of $129.24, for a total transaction of $1,938,600.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Keith H. Williamson sold 2,000 shares of Centene stock in a transaction on Friday, September 28th. The stock was sold at an average price of $145.00, for a total value of $290,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,800 shares of company stock worth $4,957,590 over the last quarter. Company insiders own 3.00% of the company’s stock.

CNC opened at $142.31 on Friday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market cap of $29.36 billion, a price-to-earnings ratio of 21.24, a PEG ratio of 1.35 and a beta of 1.05. Centene Corp has a 1 year low of $90.07 and a 1 year high of $148.24.

Centene (NYSE:CNC) last released its earnings results on Tuesday, October 23rd. The company reported $1.79 EPS for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.02. The company had revenue of $16.18 billion for the quarter, compared to analysts’ expectations of $15.93 billion. Centene had a return on equity of 14.42% and a net margin of 1.58%. The business’s revenue for the quarter was up 36.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.35 EPS. On average, analysts expect that Centene Corp will post 7.05 EPS for the current fiscal year.

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About Centene

Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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