Los Angeles Capital Management & Equity Research Inc. Cuts Stake in Centene Corporation (CNC)
Los Angeles Capital Management & Equity Research Inc. lessened its holdings in Centene Corporation (NYSE:CNC) by 76.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 197,718 shares of the company’s stock after selling 627,033 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned about 0.11% of Centene Corporation worth $19,133,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of CNC. Ameriprise Financial Inc. raised its stake in shares of Centene Corporation by 318.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock valued at $279,882,000 after acquiring an additional 2,667,189 shares during the period. AJO LP acquired a new stake in Centene Corporation during the 2nd quarter valued at $100,314,000. Vanguard Group Inc. grew its holdings in Centene Corporation by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock valued at $1,336,113,000 after purchasing an additional 774,474 shares in the last quarter. Numeric Investors LLC grew its holdings in Centene Corporation by 270.1% during the 2nd quarter. Numeric Investors LLC now owns 1,001,500 shares of the company’s stock valued at $80,000,000 after purchasing an additional 730,900 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in Centene Corporation during the 2nd quarter valued at $41,189,000. 93.43% of the stock is currently owned by institutional investors and hedge funds.
Centene Corporation (NYSE:CNC) opened at $92.15 on Thursday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.99 and a quick ratio of 0.99. Centene Corporation has a 52-week low of $54.40 and a 52-week high of $98.71. The stock has a market cap of $15,900.00, a PE ratio of 17.72, a PEG ratio of 1.42 and a beta of 0.67.
Centene Corporation (NYSE:CNC) last posted its quarterly earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.11. Centene Corporation had a net margin of 1.81% and a return on equity of 14.79%. The company had revenue of $11.90 billion for the quarter, compared to the consensus estimate of $11.75 billion. During the same period last year, the firm posted $1.12 EPS. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. research analysts anticipate that Centene Corporation will post 4.98 earnings per share for the current year.
A number of equities research analysts recently weighed in on the stock. Citigroup Inc. raised their price target on shares of Centene Corporation from $80.00 to $89.00 and gave the company a “sell” rating in a report on Wednesday, July 26th. Cowen and Company reaffirmed an “outperform” rating and set a $105.00 price target (up from $77.00) on shares of Centene Corporation in a report on Wednesday, September 13th. Leerink Swann reaffirmed a “market perform” rating and set a $90.00 price target (up from $78.00) on shares of Centene Corporation in a report on Wednesday, September 13th. UBS AG reaffirmed a “buy” rating and set a $95.00 price target (up from $88.00) on shares of Centene Corporation in a report on Wednesday, July 26th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $94.00 price target (up from $86.00) on shares of Centene Corporation in a report on Wednesday, July 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have given a buy rating to the company’s stock. Centene Corporation has an average rating of “Buy” and an average price target of $99.11.
In other news, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 3.00% of the company’s stock.
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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