OppenheimerFunds Inc. Decreases Position in Centene Corp (CNC)

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OppenheimerFunds Inc. lowered its position in Centene Corp (NYSE:CNC) by 0.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,522,561 shares of the company’s stock after selling 456 shares during the quarter. OppenheimerFunds Inc.’s holdings in Centene were worth $187,595,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Martingale Asset Management L P lifted its holdings in Centene by 5.7% in the 2nd quarter. Martingale Asset Management L P now owns 7,313 shares of the company’s stock worth $902,000 after buying an additional 397 shares in the last quarter. LS Investment Advisors LLC lifted its holdings in Centene by 5.0% in the 2nd quarter. LS Investment Advisors LLC now owns 8,819 shares of the company’s stock worth $1,087,000 after buying an additional 416 shares in the last quarter. Green Square Capital LLC raised its stake in shares of Centene by 9.2% in the 1st quarter. Green Square Capital LLC now owns 6,140 shares of the company’s stock valued at $656,000 after purchasing an additional 516 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Centene by 16.8% in the 2nd quarter. American Century Companies Inc. now owns 3,819 shares of the company’s stock valued at $471,000 after purchasing an additional 550 shares in the last quarter. Finally, Howard Capital Management Inc. raised its stake in shares of Centene by 26.7% in the 1st quarter. Howard Capital Management Inc. now owns 2,716 shares of the company’s stock valued at $276,000 after purchasing an additional 572 shares in the last quarter. Hedge funds and other institutional investors own 90.07% of the company’s stock.

In other Centene news, Director Robert K. Ditmore sold 8,750 shares of the company’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $131.44, for a total value of $1,150,100.00. Following the completion of the transaction, the director now owns 472,241 shares in the company, valued at approximately $62,071,357.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Brandy Burkhalter sold 3,000 shares of the company’s stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $131.90, for a total transaction of $395,700.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,750 shares of company stock worth $1,785,800. 3.00% of the stock is owned by company insiders.

CNC opened at $145.31 on Friday. The stock has a market cap of $29.81 billion, a P/E ratio of 28.89, a price-to-earnings-growth ratio of 1.40 and a beta of 0.85. Centene Corp has a fifty-two week low of $83.56 and a fifty-two week high of $147.93. The company has a current ratio of 1.25, a quick ratio of 1.26 and a debt-to-equity ratio of 0.59.

Centene (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 24th. The company reported $1.80 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.03. The firm had revenue of $14.18 billion for the quarter, compared to analyst estimates of $13.82 billion. Centene had a net margin of 2.06% and a return on equity of 14.57%. Centene’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.59 earnings per share. sell-side analysts predict that Centene Corp will post 7.08 earnings per share for the current fiscal year.

A number of equities research analysts have recently issued reports on the stock. Bank of America upped their target price on shares of Centene from $145.00 to $158.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Leerink Swann upped their target price on shares of Centene from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Monday, June 18th. Piper Jaffray Companies restated a “buy” rating and issued a $152.00 target price on shares of Centene in a research note on Wednesday, July 25th. MED restated an “outperform” rating and issued a $146.00 target price (up previously from $138.00) on shares of Centene in a research note on Wednesday, July 25th. Finally, Cantor Fitzgerald upped their target price on shares of Centene to $137.00 and gave the company an “overweight” rating in a research note on Monday, June 18th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $142.41.

About Centene

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.

See Also: Fiduciary

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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