State Treasurer State of Michigan raised its stake in Centene Corporation (NYSE:CNC) by 0.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 56,624 shares of the company’s stock after buying an additional 100 shares during the period. State Treasurer State of Michigan’s holdings in Centene Corporation were worth $4,523,000 as of its most recent filing with the SEC.
A number of other large investors have also made changes to their positions in CNC. Cleararc Capital Inc. increased its stake in shares of Centene Corporation by 0.8% in the first quarter. Cleararc Capital Inc. now owns 4,198 shares of the company’s stock valued at $299,000 after buying an additional 35 shares in the last quarter. Somerset Trust Co raised its position in shares of Centene Corporation by 0.5% in the second quarter. Somerset Trust Co now owns 8,102 shares of the company’s stock valued at $647,000 after buying an additional 40 shares during the last quarter. Wesbanco Bank Inc. raised its position in shares of Centene Corporation by 0.6% in the first quarter. Wesbanco Bank Inc. now owns 8,150 shares of the company’s stock valued at $581,000 after buying an additional 50 shares during the last quarter. Probity Advisors Inc. raised its position in shares of Centene Corporation by 0.9% in the first quarter. Probity Advisors Inc. now owns 5,467 shares of the company’s stock valued at $390,000 after buying an additional 50 shares during the last quarter. Finally, Howe & Rusling Inc. raised its position in shares of Centene Corporation by 0.8% in the first quarter. Howe & Rusling Inc. now owns 8,112 shares of the company’s stock valued at $578,000 after buying an additional 61 shares during the last quarter. 93.09% of the stock is owned by hedge funds and other institutional investors.
Centene Corporation (NYSE:CNC) traded down 0.16% during mid-day trading on Friday, reaching $83.49. The company’s stock had a trading volume of 872,566 shares. The stock has a market cap of $14.40 billion, a PE ratio of 18.32 and a beta of 0.66. Centene Corporation has a 52-week low of $50.00 and a 52-week high of $87.94. The company has a 50 day moving average of $82.43 and a 200-day moving average of $75.20.
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, topping analysts’ consensus estimates of $1.30 by $0.29. The firm had revenue of $11.95 billion for the quarter, compared to the consensus estimate of $11.69 billion. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The business’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.29 earnings per share. Equities analysts forecast that Centene Corporation will post $4.92 earnings per share for the current year.
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CNC has been the topic of several research reports. BidaskClub lowered Centene Corporation from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 1st. Stifel Nicolaus upped their target price on Centene Corporation from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $88.00 target price (up from $85.00) on shares of Centene Corporation in a research report on Tuesday, April 25th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $85.00 target price (up from $83.00) on shares of Centene Corporation in a research report on Saturday, April 29th. Finally, Zacks Investment Research raised Centene Corporation from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Thursday, April 27th. One 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. The company presently has an average rating of “Buy” and a consensus target price of $86.82.
In related news, Director Robert K. Ditmore sold 3,900 shares of the business’s stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $75.43, for a total value of $294,177.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Mark J. Brooks sold 2,161 shares of the company’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $75.43, for a total value of $163,004.23. The disclosure for this sale can be found here. In the last three months, insiders have 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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