Raymond James Trust N.A. Grows Stake in Centene Corporation (CNC)
Raymond James Trust N.A. lifted its holdings in Centene Corporation (NYSE:CNC) by 21.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,399 shares of the company’s stock after acquiring an additional 948 shares during the quarter. Raymond James Trust N.A.’s holdings in Centene Corporation were worth $431,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in CNC. Bronfman E.L. Rothschild L.P. increased its stake in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock worth $118,000 after acquiring an additional 93 shares during the period. Seven Bridges Advisors LLC acquired a new stake in shares of Centene Corporation in the second quarter worth $123,000. IFP Advisors Inc increased its stake in shares of Centene Corporation by 9.6% in the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after acquiring an additional 170 shares during the period. MV Capital Management Inc. acquired a new stake in shares of Centene Corporation in the second quarter worth $186,000. Finally, Holderness Investments Co. acquired a new stake in shares of Centene Corporation in the first quarter worth $211,000. Hedge funds and other institutional investors own 92.26% of the company’s stock.
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In other Centene Corporation news, EVP Christopher D. Bowers sold 4,000 shares of the company’s 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $82.59, for a total transaction of $344,152.53. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,167 shares of company stock worth $3,470,973. 3.00% of the stock is owned by insiders.
Shares of Centene Corporation (NYSE CNC) opened at 95.98 on Friday. The firm has a market capitalization of $16.55 billion, a PE ratio of 21.06 and a beta of 0.63. Centene Corporation has a 52-week low of $50.00 and a 52-week 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 released its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.29. The company had revenue of $11.95 billion for the quarter, compared to analyst estimates of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.29 EPS. Equities analysts expect that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
CNC has been the topic of a number of research reports. J P Morgan Chase & Co lowered shares of Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 price objective on the stock. in a research note on Monday, May 22nd. Morgan Stanley initiated coverage on shares of Centene Corporation in a research note on Tuesday, June 6th. They issued an “overweight” rating and a $86.00 price objective on the stock. ValuEngine lowered shares of Centene Corporation from a “buy” rating to a “hold” rating in a research note on Tuesday, June 13th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective (up previously from $88.00) on shares of Centene Corporation in a research note on Monday, June 19th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $81.00 price target (up from $78.00) on shares of Centene Corporation in a report on Monday, June 19th. One research analyst has rated the stock with a sell rating, four have given a hold rating and sixteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $92.24.
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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