Quantbot Technologies LP bought a new stake in Centene Corporation (NYSE:CNC) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 35,036 shares of the company’s stock, valued at approximately $2,798,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in CNC. Gabelli Funds LLC acquired a new stake in shares of Centene Corporation in the first quarter valued at about $321,000. Karp Capital Management Corp acquired a new stake in shares of Centene Corporation in the first quarter valued at about $3,186,000. Mutual of America Capital Management LLC grew its position in shares of Centene Corporation by 7.1% in the first quarter. Mutual of America Capital Management LLC now owns 38,040 shares of the company’s stock valued at $2,711,000 after purchasing an additional 2,510 shares during the period. Norinchukin Bank The grew its position in shares of Centene Corporation by 7.8% in the first quarter. Norinchukin Bank The now owns 11,179 shares of the company’s stock valued at $797,000 after purchasing an additional 813 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its position in shares of Centene Corporation by 5.6% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 357,543 shares of the company’s stock valued at $25,479,000 after purchasing an additional 18,936 shares during the period. Institutional investors and hedge funds own 92.32% of the company’s stock.
CNC has been the topic of several research analyst reports. Bank of America Corporation lifted their target price on shares of Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, July 14th. ValuEngine upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Zacks Investment Research lowered shares of Centene Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 4th. BidaskClub lowered shares of Centene Corporation from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Cantor Fitzgerald lifted their target price on shares of Centene Corporation to $107.00 and gave the company an “overweight” rating in a research report on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have assigned a buy rating to the company’s stock. Centene Corporation has an average rating of “Buy” and an average target price of $92.76.
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Centene Corporation (NYSE CNC) opened at 92.22 on Friday. The firm has a 50-day moving average of $86.60 and a 200 day moving average of $78.42. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.72. The firm has a market capitalization of $15.91 billion, a price-to-earnings ratio of 20.24 and a beta of 0.63.
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. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The company had revenue of $11.95 billion for the quarter, compared to analysts’ expectations of $11.69 billion. During the same period last year, the company earned $1.29 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities analysts predict that Centene Corporation will post $4.92 EPS for the current year.
In other Centene Corporation news, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $82.59, for a total transaction of $344,152.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christopher D. Bowers sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was 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. Insiders have sold a total of 43,167 shares of company stock worth $3,470,973 over the last ninety days. 3.00% of the stock is owned by corporate 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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