Mirae Asset Global Investments Co. Ltd. Buys 183,113 Shares of Centene Corporation $CNC

Mirae Asset Global Investments Co. Ltd. purchased a new stake in Centene Corporation (NYSE:CNC) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 183,113 shares of the company’s stock, valued at approximately $11,375,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CNC. BlackRock Inc. bought a new stake in shares of Centene in the second quarter valued at about $2,660,422,000. Wellington Management Group LLP boosted its position in Centene by 423.0% during the second quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after acquiring an additional 10,757,914 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Centene by 12.4% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,517,580 shares of the company’s stock worth $354,173,000 after purchasing an additional 608,249 shares during the period. Assenagon Asset Management S.A. increased its position in shares of Centene by 21.6% during the third quarter. Assenagon Asset Management S.A. now owns 4,518,785 shares of the company’s stock worth $302,818,000 after acquiring an additional 802,756 shares in the last quarter. Finally, Bank of America Corp DE purchased a new stake in Centene in the 2nd quarter valued at $285,713,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Up 12.7%

CNC opened at $76.03 on Thursday. Centene Corporation has a twelve month low of $31.63 and a twelve month high of $77.05. The company has a market cap of $37.64 billion, a PE ratio of 26.04, a price-to-earnings-growth ratio of 0.40 and a beta of 1.07. The company has a 50-day moving average price of $66.38 and a 200 day moving average price of $55.62. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.69.

Centene (NYSE:CNC) last released its earnings results on Tuesday, October 27th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.10 by $0.48. The firm had revenue of $50.65 billion during the quarter, compared to analysts’ expectations of $47.12 billion. Centene had a return on equity of 12.15% and a net margin of 0.72%. Centene’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.50 EPS. Sell-side analysts expect that Centene Corporation will post 5.26 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CNC. Zacks Research lowered Centene from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Wells Fargo & Company boosted their price objective on Centene from $69.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, October 30th. Mizuho set a $72.00 price target on shares of Centene in a research note on Wednesday, October 28th. Royal Bank Of Canada boosted their price target on Centene from $70.00 to $71.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 9th. Finally, Morgan Stanley set a $71.00 price target on shares of Centene and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Nine research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $73.80.

Insider Buying and Selling at Centene

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the business’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the completion of the sale, the general counsel owned 248,854 shares of the company’s stock, valued at approximately $16,648,332.60. The trade was a 18.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.37% of the company’s stock.

About Centene

Centene Corporation is a diversified healthcare enterprise that provides government-sponsored and commercial health insurance programs and related healthcare services. The company’s offerings are primarily focused on Medicaid, Medicare, and health insurance marketplace plans, with an emphasis on serving individuals and families who may have limited access to traditional healthcare coverage.

Centene operates Medicaid health plans through state-based contracts and offers Medicare Advantage, Medicare prescription drug, and Medicare Supplement products through its Wellcare brand.