Bank of New York Mellon Corp grew its holdings in shares of Centene Corp (NYSE:CNC) by 17.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,523,248 shares of the company’s stock after acquiring an additional 224,966 shares during the period. Bank of New York Mellon Corp owned about 0.74% of Centene worth $187,680,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Tavio Capital LLC bought a new position in shares of Centene during the second quarter valued at $20,773,000. Sentry Investment Management LLC bought a new position in shares of Centene during the second quarter valued at $1,679,000. Commonwealth Bank of Australia raised its stake in shares of Centene by 16.3% during the second quarter. Commonwealth Bank of Australia now owns 18,178 shares of the company’s stock valued at $2,234,000 after acquiring an additional 2,554 shares during the last quarter. Greenleaf Trust acquired a new stake in shares of Centene during the second quarter worth $301,000. Finally, Raymond James & Associates increased its position in shares of Centene by 3.3% during the second quarter. Raymond James & Associates now owns 216,225 shares of the company’s stock worth $26,641,000 after buying an additional 6,939 shares during the period. 89.98% of the stock is owned by hedge funds and other institutional investors.
NYSE:CNC opened at $129.31 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $26.32 billion, a price-to-earnings ratio of 25.71, a P/E/G ratio of 1.21 and a beta of 0.82. Centene Corp has a 12 month low of $90.07 and a 12 month high of $148.24.
Centene (NYSE:CNC) last posted its quarterly earnings results on Tuesday, October 23rd. The company reported $1.79 EPS for the quarter, topping analysts’ consensus estimates of $1.77 by $0.02. The business had revenue of $16.18 billion during the quarter, compared to analysts’ expectations of $15.93 billion. Centene had a net margin of 1.58% and a return on equity of 14.42%. The business’s quarterly revenue was up 36.0% on a year-over-year basis. During the same period last year, the company posted $1.35 earnings per share. As a group, research analysts anticipate that Centene Corp will post 7.05 EPS for the current year.
CNC has been the subject of several recent analyst reports. Mitsubishi UFJ Financial Group initiated coverage on shares of Centene in a research report on Wednesday, September 19th. They set an “overweight” rating and a $170.00 price objective for the company. Zacks Investment Research upgraded shares of Centene from a “sell” rating to a “hold” rating in a research report on Thursday, October 4th. Oppenheimer increased their price objective on shares of Centene from $146.00 to $158.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 2nd. Credit Suisse Group increased their price objective on shares of Centene from $134.00 to $152.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 4th. Finally, Morgan Stanley increased their price objective on shares of Centene from $136.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 25th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $151.67.
In other Centene news, Director Robert K. Ditmore sold 15,000 shares of the firm’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $145.06, for a total value of $2,175,900.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher D. Bowers sold 3,800 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $145.55, for a total transaction of $553,090.00. The disclosure for this sale can be found here. Insiders sold 35,800 shares of company stock valued at $4,957,590 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.
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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