First Citizens Bank & Trust Co. Reduces Position in Centene Corp. (CNC)
First Citizens Bank & Trust Co. reduced its position in Centene Corp. (NYSE:CNC) by 45.5% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 7,971 shares of the company’s stock after selling 6,661 shares during the period. First Citizens Bank & Trust Co.’s holdings in Centene Corp. were worth $569,000 as of its most recent filing with the SEC.
Other hedge funds also recently added to or reduced their stakes in the company. Robecosam AG bought a new stake in Centene Corp. during the first quarter worth approximately $107,000. Duncker Streett & Co. Inc. boosted its stake in Centene Corp. by 28.0% in the second quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the company’s stock worth $114,000 after buying an additional 350 shares during the period. IFP Advisors Inc boosted its stake in Centene Corp. by 6.9% in the first quarter. IFP Advisors Inc now owns 1,960 shares of the company’s stock worth $121,000 after buying an additional 127 shares during the period. Quadrant Capital Group LLC boosted its stake in Centene Corp. by 11.0% in the second quarter. Quadrant Capital Group LLC now owns 2,170 shares of the company’s stock worth $151,000 after buying an additional 215 shares during the period. Finally, Tompkins Financial Corp boosted its stake in Centene Corp. by 243.8% in the second quarter. Tompkins Financial Corp now owns 2,235 shares of the company’s stock worth $159,000 after buying an additional 1,585 shares during the period. Institutional investors own 92.91% of the company’s stock.
Shares of Centene Corp. (NYSE:CNC) traded down 0.27% during midday trading on Friday, reaching $60.06. 1,007,040 shares of the company’s stock traded hands. The company has a market capitalization of $10.25 billion, a PE ratio of 23.18 and a beta of 0.94. Centene Corp. has a 52 week low of $47.36 and a 52 week high of $75.57. The stock’s 50 day moving average is $66.19 and its 200-day moving average is $65.76.
Centene Corp. (NYSE:CNC) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $1.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.09 by $0.20. Centene Corp. had a return on equity of 14.27% and a net margin of 1.19%. The firm earned $10.90 billion during the quarter, compared to the consensus estimate of $10.80 billion. During the same period last year, the company earned $0.72 earnings per share. The company’s revenue for the quarter was up 97.9% on a year-over-year basis. On average, analysts forecast that Centene Corp. will post $4.37 earnings per share for the current fiscal year.
A number of analysts recently commented on the stock. FBR & Co reiterated a “buy” rating on shares of Centene Corp. in a research note on Monday, June 20th. Morgan Stanley upgraded shares of Centene Corp. from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $84.00 to $86.00 in a research note on Wednesday, June 29th. Wedbush reiterated an “outperform” rating and issued a $85.00 target price on shares of Centene Corp. in a research note on Wednesday, September 7th. Leerink Swann reissued an “outperform” rating and set a $80.00 price target (up from $78.00) on shares of Centene Corp. in a research report on Monday, June 20th. Finally, Barclays PLC raised shares of Centene Corp. from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $76.00 to $82.00 in a research report on Monday, June 20th. One equities 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. The company has an average rating of “Buy” and an average price target of $80.76.
In related news, VP Carol Goldman sold 10,000 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $66.36, for a total transaction of $663,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kenneth Rone Baldwin sold 6,000 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $66.58, for a total value of $399,480.00. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company’s stock.
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.
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