Centene Corp (CNC) Position Trimmed by Commonwealth of Pennsylvania Public School Empls Retrmt SYS
Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in shares of Centene Corp (NYSE:CNC) by 21.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,844 shares of the company’s stock after selling 4,634 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Centene were worth $2,439,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNC. Principal Financial Group Inc. grew its holdings in Centene by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 515,596 shares of the company’s stock valued at $55,102,000 after purchasing an additional 8,920 shares in the last quarter. Cornerstone Wealth Management LLC acquired a new stake in Centene during the 2nd quarter valued at $157,000. Steward Partners Investment Advisory LLC grew its holdings in Centene by 127.2% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 1,254 shares of the company’s stock valued at $155,000 after purchasing an additional 702 shares in the last quarter. Texas Permanent School Fund grew its holdings in Centene by 11.7% during the 2nd quarter. Texas Permanent School Fund now owns 50,069 shares of the company’s stock valued at $6,169,000 after purchasing an additional 5,241 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its holdings in Centene by 340.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 25,094 shares of the company’s stock valued at $3,092,000 after purchasing an additional 19,394 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.
NYSE CNC opened at $133.53 on Thursday. Centene Corp has a 12 month low of $94.33 and a 12 month high of $148.24. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market cap of $26.76 billion, a price-to-earnings ratio of 19.36, a P/E/G ratio of 1.23 and a beta of 1.05.
In other news, Director Robert K. Ditmore sold 15,000 shares of the firm’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $145.06, for a total value of $2,175,900.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Christopher D. Bowers sold 3,800 shares of the firm’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $145.55, for a total transaction of $553,090.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,800 shares of company stock worth $4,957,590 over the last quarter. 3.00% of the stock is currently owned by insiders.
A number of research firms recently weighed in on CNC. MED reaffirmed an “outperform” rating and set a $146.00 price target (up from $138.00) on shares of Centene in a report on Wednesday, July 25th. Credit Suisse Group raised their price target on shares of Centene from $134.00 to $152.00 and gave the company a “neutral” rating in a report on Tuesday, September 4th. Morgan Stanley raised their price target on shares of Centene from $136.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 25th. Zacks Investment Research upgraded shares of Centene from a “hold” rating to a “buy” rating and set a $152.00 price objective on the stock in a research note on Wednesday, August 8th. Finally, Oppenheimer increased their price objective on shares of Centene from $146.00 to $158.00 and gave the company an “outperform” rating in a research note on Tuesday, October 2nd. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $151.67.
Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.
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