Miller Investment Management LP lowered its stake in shares of Centene Corp (NYSE:CNC) by 7.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 420,226 shares of the company’s stock after selling 33,764 shares during the quarter. Centene accounts for 5.0% of Miller Investment Management LP’s portfolio, making the stock its 5th biggest position. Miller Investment Management LP’s holdings in Centene were worth $22,037,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of the company. Huntington National Bank boosted its holdings in Centene by 110.7% in the 1st quarter. Huntington National Bank now owns 472 shares of the company’s stock worth $25,000 after buying an additional 248 shares during the period. Toth Financial Advisory Corp boosted its holdings in Centene by 100.0% in the 1st quarter. Toth Financial Advisory Corp now owns 480 shares of the company’s stock worth $25,000 after buying an additional 240 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new position in Centene in the 1st quarter worth approximately $27,000. Shamrock Asset Management LLC boosted its holdings in Centene by 100.0% in the 1st quarter. Shamrock Asset Management LLC now owns 522 shares of the company’s stock worth $28,000 after buying an additional 261 shares during the period. Finally, Zions Bancorporation N.A. boosted its holdings in Centene by 131.5% in the 1st quarter. Zions Bancorporation N.A. now owns 602 shares of the company’s stock worth $32,000 after buying an additional 342 shares during the period. Institutional investors own 89.86% of the company’s stock.
In other news, Director Jessica L. Blume purchased 2,850 shares of the business’s stock in a transaction on Friday, July 26th. The stock was purchased at an average cost of $52.99 per share, with a total value of $151,021.50. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 2.50% of the stock is owned by company insiders.
NYSE:CNC remained flat at $$47.98 during trading hours on Wednesday. 1,095,134 shares of the company’s stock traded hands, compared to its average volume of 6,366,863. The business’s 50 day simple moving average is $51.90. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.58. Centene Corp has a 1 year low of $45.44 and a 1 year high of $74.49. The firm has a market cap of $20.57 billion, a PE ratio of 13.55, a price-to-earnings-growth ratio of 0.78 and a beta of 0.83.
Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $1.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.10. Centene had a net margin of 1.84% and a return on equity of 15.87%. The firm had revenue of $18.36 billion during the quarter, compared to the consensus estimate of $18.02 billion. During the same period last year, the firm earned $0.90 EPS. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. On average, analysts anticipate that Centene Corp will post 4.41 EPS for the current fiscal year.
CNC has been the subject of several analyst reports. Zacks Investment Research downgraded shares of Centene from a “buy” rating to a “hold” rating and set a $59.00 price objective for the company. in a report on Wednesday, May 29th. SunTrust Banks cut their price objective on shares of Centene to $80.00 and set a “buy” rating for the company in a report on Wednesday, April 24th. Morgan Stanley cut their price objective on shares of Centene from $75.00 to $71.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $83.00 price objective on shares of Centene in a report on Sunday, April 21st. Finally, Citigroup raised shares of Centene from a “neutral” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Centene presently has an average rating of “Buy” and a consensus target price of $75.26.
Centene Company Profile
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. The company's Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which covers dually eligible individuals, as well as aged, blind, or disabled programs.
Further Reading: Ex-Dividend
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