Sequoia Financial Advisors LLC increased its stake in shares of Centene Corp (NYSE:CNC) by 94.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,127 shares of the company’s stock after buying an additional 20,407 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Centene were worth $5,190,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in CNC. Global X Management Co. LLC grew its holdings in Centene by 14.5% during the first quarter. Global X Management Co. LLC now owns 8,889 shares of the company’s stock worth $950,000 after buying an additional 1,128 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Centene by 12.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 5,947 shares of the company’s stock valued at $636,000 after purchasing an additional 640 shares during the period. Commerzbank Aktiengesellschaft FI grew its stake in Centene by 199.7% in the 1st quarter. Commerzbank Aktiengesellschaft FI now owns 12,379 shares of the company’s stock valued at $1,323,000 after purchasing an additional 8,248 shares during the period. Alps Advisors Inc. grew its stake in Centene by 48.4% in the 1st quarter. Alps Advisors Inc. now owns 5,286 shares of the company’s stock valued at $565,000 after purchasing an additional 1,725 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in Centene by 66.1% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 64,675 shares of the company’s stock valued at $6,635,000 after purchasing an additional 25,737 shares during the period. Institutional investors and hedge funds own 90.07% of the company’s stock.
CNC has been the subject of a number of recent analyst reports. Oppenheimer upped their price objective on Centene from $130.00 to $138.00 in a research note on Monday, June 18th. Piper Jaffray Companies restated a “buy” rating and issued a $152.00 price objective on shares of Centene in a research note on Wednesday, July 25th. Bank of America upped their price objective on Centene from $145.00 to $158.00 and gave the company a “buy” rating in a research note on Tuesday, July 24th. Zacks Investment Research upgraded Centene from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a research note on Wednesday, August 8th. Finally, Leerink Swann upped their price objective on Centene from $120.00 to $130.00 and gave the company a “market perform” rating in a research note on Monday, June 18th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $142.41.
CNC stock opened at $145.31 on Friday. The firm has a market cap of $29.81 billion, a PE ratio of 28.89, a PEG ratio of 1.40 and a beta of 0.85. The company has a quick ratio of 1.26, a current ratio of 1.25 and a debt-to-equity ratio of 0.59. Centene Corp has a fifty-two week low of $83.56 and a fifty-two week high of $147.93.
Centene (NYSE:CNC) last issued its quarterly earnings data on Tuesday, July 24th. The company reported $1.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.03. The business had revenue of $14.18 billion for the quarter, compared to analysts’ expectations of $13.82 billion. Centene had a return on equity of 14.57% and a net margin of 2.06%. The firm’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.59 EPS. equities analysts forecast that Centene Corp will post 7.08 EPS for the current year.
In related news, EVP Keith H. Williamson sold 2,000 shares of the stock in a transaction dated Monday, June 11th. The stock was sold at an average price of $120.00, for a total transaction of $240,000.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert K. Ditmore sold 8,750 shares of the stock in a transaction dated Thursday, July 26th. The stock was sold at an average price of $131.44, for a total value of $1,150,100.00. Following the sale, the director now directly owns 472,241 shares in the company, valued at approximately $62,071,357.04. The disclosure for this sale can be found here. Insiders have sold a total of 13,750 shares of company stock worth $1,785,800 in the last three months. 3.00% of the stock is currently owned by insiders.
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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