Centene Corporation (CNC) Shares Bought by Riverhead Capital Management LLC
Riverhead Capital Management LLC lifted its stake in shares of Centene Corporation (NYSE:CNC) by 51.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,396 shares of the company’s stock after buying an additional 8,619 shares during the quarter. Riverhead Capital Management LLC’s holdings in Centene Corporation were worth $2,029,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Centene Corporation by 3,408.1% during the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock valued at $1,105,275,000 after purchasing an additional 15,068,340 shares during the period. OppenheimerFunds Inc. increased its holdings in Centene Corporation by 271.2% during the first quarter. OppenheimerFunds Inc. now owns 1,799,160 shares of the company’s stock valued at $128,208,000 after buying an additional 1,314,514 shares during the last quarter. Pioneer Investment Management Inc. increased its holdings in Centene Corporation by 1,534.7% during the first quarter. Pioneer Investment Management Inc. now owns 1,369,670 shares of the company’s stock valued at $97,603,000 after buying an additional 1,285,885 shares during the last quarter. AJO LP purchased a new stake in Centene Corporation during the second quarter valued at approximately $100,314,000. Finally, AQR Capital Management LLC increased its holdings in Centene Corporation by 108.0% during the first quarter. AQR Capital Management LLC now owns 2,088,867 shares of the company’s stock valued at $148,853,000 after buying an additional 1,084,628 shares during the last quarter. Institutional investors own 92.26% of the company’s stock.
CNC has been the subject of a number of analyst reports. Bank of America Corporation increased their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, July 14th. ValuEngine raised shares of Centene Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Zacks Investment Research cut shares of Centene Corporation from a “buy” rating to a “hold” rating in a research note on Friday, August 4th. BidaskClub cut shares of Centene Corporation from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, J P Morgan Chase & Co cut shares of Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 price objective for the company. in a research note on Monday, May 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and fifteen have issued a buy rating to the stock. Centene Corporation has a consensus rating of “Buy” and a consensus price target of $91.65.
In related news, EVP Christopher D. Bowers sold 4,000 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total transaction of $317,720.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert K. Ditmore sold 4,167 shares of the stock in a transaction on Thursday, July 27th. The stock was sold at an average price of $82.59, for a total value of $344,152.53. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,167 shares of company stock valued at $3,470,973. Corporate insiders own 3.00% of the company’s stock.
Shares of Centene Corporation (NYSE:CNC) opened at 95.91 on Friday. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $98.72. The firm has a market capitalization of $16.54 billion, a PE ratio of 21.05 and a beta of 0.63. The company has a 50-day moving average of $85.55 and a 200-day moving average of $77.84.
Centene Corporation (NYSE:CNC) last posted its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, beating the Thomson Reuters’ 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 business had revenue of $11.95 billion during the quarter, compared to the consensus estimate of $11.69 billion. During the same period in the prior year, the company earned $1.29 earnings per share. The company’s revenue was up 9.7% compared to the same quarter last year. Equities research analysts predict that Centene Corporation will post $4.92 EPS for the current fiscal year.
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Centene Corporation Profile
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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