131,148 Shares in Centene Corporation (CNC) Acquired by BT Investment Management Ltd
BT Investment Management Ltd acquired a new position in Centene Corporation (NYSE:CNC) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 131,148 shares of the company’s stock, valued at approximately $10,476,000. BT Investment Management Ltd owned about 0.08% of Centene Corporation at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in Centene Corporation by 3.8% in the 1st quarter. Vanguard Group Inc. now owns 15,952,026 shares of the company’s stock worth $1,136,742,000 after purchasing an additional 590,551 shares during the last quarter. BlackRock Inc. raised its position in Centene Corporation by 3,408.1% in the 1st quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock worth $1,105,275,000 after purchasing an additional 15,068,340 shares during the last quarter. State Street Corp raised its position in Centene Corporation by 2.4% in the 1st quarter. State Street Corp now owns 7,119,308 shares of the company’s stock worth $507,340,000 after purchasing an additional 169,286 shares during the last quarter. Wells Fargo & Company MN raised its position in Centene Corporation by 12.4% in the 2nd quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock worth $334,973,000 after purchasing an additional 462,936 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in Centene Corporation by 318.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock worth $279,882,000 after purchasing an additional 2,667,189 shares during the last quarter. Hedge funds and other institutional investors own 92.26% of the company’s stock.
Several research firms recently weighed in on CNC. Zacks Investment Research upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating and set a $107.00 price objective for the company in a research report on Friday. Deutsche Bank AG restated a “buy” rating and issued a $111.00 price objective (up previously from $95.00) on shares of Centene Corporation in a research report on Thursday. Leerink Swann restated a “market perform” rating and issued a $90.00 price objective (up previously from $78.00) on shares of Centene Corporation in a research report on Wednesday. Cowen and Company restated an “outperform” rating and issued a $105.00 price objective (up previously from $77.00) on shares of Centene Corporation in a research report on Wednesday. Finally, Cantor Fitzgerald boosted their price objective on shares of Centene Corporation to $107.00 and gave the stock an “overweight” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and sixteen have issued a buy rating to the stock. Centene Corporation presently has a consensus rating of “Buy” and an average target price of $92.24.
Centene Corporation (NYSE:CNC) traded up 0.06% during mid-day trading on Friday, hitting $95.98. 1,945,209 shares of the company were exchanged. The company has a market capitalization of $16.55 billion, a P/E ratio of 21.06 and a beta of 0.63. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.72. The company’s 50-day moving average is $85.97 and its 200 day moving average is $78.02.
Centene Corporation (NYSE:CNC) last announced its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, topping analysts’ consensus estimates of $1.30 by $0.29. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The business had revenue of $11.95 billion during the quarter, compared to the consensus estimate of $11.69 billion. During the same quarter last year, the firm earned $1.29 earnings per share. Centene Corporation’s quarterly revenue was up 9.7% on a year-over-year basis. Analysts expect that Centene Corporation will post $4.92 EPS for the current year.
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In related news, Director Robert K. Ditmore sold 4,167 shares of Centene Corporation stock in a transaction on Thursday, July 27th. The shares were sold at an average price of $82.59, for a total transaction of $344,152.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation 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 disclosure for this sale can be found here. Insiders have sold 43,167 shares of company stock valued at $3,470,973 in the last three months. 3.00% of the stock is owned by insiders.
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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