Bank of New York Mellon Corp Buys 224,966 Shares of Centene Corp (CNC)

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Bank of New York Mellon Corp raised its stake in shares of Centene Corp (NYSE:CNC) by 17.3% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 1,523,248 shares of the company’s stock after buying an additional 224,966 shares during the period. Bank of New York Mellon Corp owned about 0.74% of Centene worth $187,680,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wells Fargo & Company MN grew its position in shares of Centene by 5.2% during the 2nd quarter. Wells Fargo & Company MN now owns 3,309,046 shares of the company’s stock valued at $407,707,000 after acquiring an additional 162,597 shares during the period. JPMorgan Chase & Co. grew its position in shares of Centene by 1.0% during the 1st quarter. JPMorgan Chase & Co. now owns 2,725,000 shares of the company’s stock valued at $291,222,000 after acquiring an additional 26,402 shares during the period. Jennison Associates LLC grew its position in shares of Centene by 47.6% during the 2nd quarter. Jennison Associates LLC now owns 2,113,026 shares of the company’s stock valued at $260,346,000 after acquiring an additional 681,847 shares during the period. Northern Trust Corp grew its position in shares of Centene by 0.8% during the 1st quarter. Northern Trust Corp now owns 1,994,281 shares of the company’s stock valued at $213,129,000 after acquiring an additional 16,383 shares during the period. Finally, Amundi Pioneer Asset Management Inc. grew its position in shares of Centene by 8.1% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 1,508,601 shares of the company’s stock valued at $161,224,000 after acquiring an additional 113,569 shares during the period. Institutional investors and hedge funds own 76.73% of the company’s stock.

CNC has been the topic of a number of analyst reports. Morgan Stanley raised their target price on Centene from $126.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, April 25th. Wells Fargo & Co raised their target price on Centene from $126.00 to $142.00 and gave the company an “outperform” rating in a research report on Monday, June 18th. Cantor Fitzgerald raised their target price on Centene to $137.00 and gave the company an “overweight” rating in a research report on Monday, June 18th. Leerink Swann raised their target price on Centene from $120.00 to $130.00 and gave the company a “market perform” rating in a research report on Monday, June 18th. Finally, BMO Capital Markets raised their target price on Centene to $150.00 and gave the company an “outperform” rating in a research report on Monday, June 18th. Four equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $139.18.

In other news, Director Robert K. Ditmore sold 8,750 shares of the business’s stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $131.44, for a total transaction of $1,150,100.00. Following the transaction, the director now directly owns 472,241 shares in the company, valued at approximately $62,071,357.04. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Keith H. Williamson sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $120.00, for a total value of $240,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 13,750 shares of company stock worth $1,785,800. 3.00% of the stock is currently owned by insiders.

CNC stock opened at $143.71 on Friday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.26 and a current ratio of 1.25. Centene Corp has a 12-month low of $83.03 and a 12-month high of $145.38. The stock has a market capitalization of $28.43 billion, a P/E ratio of 28.57, a PEG ratio of 1.33 and a beta of 0.79.

Centene (NYSE:CNC) last posted its quarterly earnings data on Tuesday, July 24th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.77 by $0.03. Centene had a return on equity of 14.57% and a net margin of 2.06%. The company had revenue of $14.18 billion for the quarter, compared to analysts’ expectations of $13.82 billion. During the same period in the previous year, the firm posted $1.59 EPS. Centene’s revenue was up 18.6% compared to the same quarter last year. analysts expect that Centene Corp will post 7.08 earnings per share for the current year.

Centene Company Profile

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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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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