State Treasurer State of Michigan increased its position in Centene Corp. (NYSE:CNC) by 0.7% during the third quarter, Holdings Channel reports. The institutional investor owned 59,600 shares of the company’s stock after buying an additional 400 shares during the period. State Treasurer State of Michigan’s holdings in Centene Corp. were worth $3,991,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Winslow Capital Management LLC bought a new stake in shares of Centene Corp. during the second quarter worth about $293,813,000. 1832 Asset Management L.P. boosted its stake in shares of Centene Corp. by 186.6% in the second quarter. 1832 Asset Management L.P. now owns 1,608,591 shares of the company’s stock worth $192,191,000 after buying an additional 1,047,361 shares in the last quarter. Vaughan Nelson Investment Management L.P. bought a new stake in shares of Centene Corp. during the second quarter worth about $72,414,000. Columbia Wanger Asset Management LLC bought a new stake in shares of Centene Corp. during the second quarter worth about $63,405,000. Finally, Fiera Capital Corp bought a new stake in shares of Centene Corp. during the second quarter worth about $60,815,000. Institutional investors own 93.93% of the company’s stock.
Shares of Centene Corp. (NYSE:CNC) traded down 2.33% on Monday, reaching $55.45. The company’s stock had a trading volume of 1,596,194 shares. The stock has a market cap of $9.48 billion, a P/E ratio of 20.42 and a beta of 0.79. Centene Corp. has a 52-week low of $47.36 and a 52-week high of $75.57. The firm’s 50 day moving average is $59.91 and its 200-day moving average is $65.42.
Centene Corp. (NYSE:CNC) last posted its earnings results on Tuesday, October 25th. The company reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.15 by $0.04. Centene Corp. had a net margin of 1.17% and a return on equity of 13.40%. The company earned $10.85 billion during the quarter, compared to the consensus estimate of $10.96 million. During the same quarter in the prior year, the business earned $0.87 EPS. The firm’s revenue for the quarter was up 86.3% compared to the same quarter last year. On average, equities research analysts forecast that Centene Corp. will post $4.33 EPS for the current year.
A number of research analysts recently weighed in on the company. Leerink Swann lowered Centene Corp. from an “outperform” rating to a “market perform” rating and set a $80.00 target price on the stock. in a report on Tuesday, September 6th. Jefferies Group reissued a “buy” rating and set a $82.00 target price on shares of Centene Corp. in a report on Sunday, October 16th. FBR & Co reissued a “buy” rating on shares of Centene Corp. in a report on Thursday, September 1st. Zacks Investment Research lowered Centene Corp. from a “buy” rating to a “hold” rating in a report on Monday, August 1st. Finally, Evercore ISI assumed coverage on Centene Corp. in a report on Thursday, September 22nd. They set a “buy” rating and a $79.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and fourteen have issued a buy rating to the stock. Centene Corp. currently has a consensus rating of “Buy” and a consensus price target of $79.41.
In other news, EVP Kenneth Rone Baldwin sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $66.58, for a total value of $399,480.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Carol Goldman sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $66.36, for a total value of $663,600.00. The disclosure for this sale can be found here. 4.50% of the stock is owned by insiders.
About Centene Corp.
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.