Centene Corporation (NYSE:CNC) Shares Sold by Sumitomo Mitsui Asset Management Company LTD
Sumitomo Mitsui Asset Management Company LTD reduced its position in shares of Centene Corporation (NYSE:CNC) by 5.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,555 shares of the company’s stock after selling 785 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Centene Corporation were worth $1,082,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. Kentucky Retirement Systems acquired a new stake in shares of Centene Corporation during the fourth quarter worth $701,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Centene Corporation during the fourth quarter worth $313,000. Macquarie Group Ltd. increased its stake in shares of Centene Corporation by 15.2% in the fourth quarter. Macquarie Group Ltd. now owns 92,969 shares of the company’s stock worth $5,254,000 after buying an additional 12,250 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in shares of Centene Corporation by 3.9% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 148,296 shares of the company’s stock worth $10,567,000 after buying an additional 5,499 shares during the last quarter. Finally, CENTRAL TRUST Co increased its stake in shares of Centene Corporation by 5.0% in the first quarter. CENTRAL TRUST Co now owns 6,342 shares of the company’s stock worth $452,000 after buying an additional 300 shares during the last quarter. 93.60% of the stock is owned by institutional investors.
Centene Corporation (NYSE:CNC) opened at 82.38 on Friday. Centene Corporation has a one year low of $50.00 and a one year high of $87.94. The stock has a 50 day moving average price of $81.53 and a 200-day moving average price of $73.62. The firm has a market cap of $14.21 billion, a P/E ratio of 18.08 and a beta of 0.66.
Centene Corporation (NYSE:CNC) last issued its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.29. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The firm had revenue of $11.95 billion for the quarter, compared to analysts’ expectations of $11.69 billion. During the same quarter last year, the business earned $1.29 earnings per share. The company’s revenue was up 9.7% compared to the same quarter last year. Analysts predict that Centene Corporation will post $4.92 EPS for the current fiscal year.
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A number of equities research analysts have weighed in on CNC shares. Jefferies Group LLC reissued a “buy” rating and issued a $79.00 price target on shares of Centene Corporation in a report on Wednesday, April 19th. Cantor Fitzgerald reissued a “buy” rating and issued a $88.00 price target (up from $85.00) on shares of Centene Corporation in a report on Tuesday, April 25th. Stifel Nicolaus upped their price target on shares of Centene Corporation from $80.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Evercore ISI upped their price target on shares of Centene Corporation from $80.00 to $83.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Finally, Zacks Investment Research raised shares of Centene Corporation from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $86.82.
In other news, Director Robert K. Ditmore sold 3,900 shares of Centene Corporation stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $75.43, for a total transaction of $294,177.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The disclosure for this sale can be found here. In the last 90 days, 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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