Comerica Bank Reduces Holdings in Centene Corp (CNC)

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Comerica Bank decreased its holdings in Centene Corp (NYSE:CNC) by 22.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 60,145 shares of the company’s stock after selling 17,402 shares during the period. Comerica Bank’s holdings in Centene were worth $8,082,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also bought and sold shares of CNC. BlackRock Inc. lifted its position in shares of Centene by 15.5% during the 2nd quarter. BlackRock Inc. now owns 15,847,653 shares of the company’s stock worth $1,952,589,000 after purchasing an additional 2,122,661 shares during the last quarter. Jennison Associates LLC lifted 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 worth $260,346,000 after purchasing an additional 681,847 shares during the last quarter. Partner Fund Management L.P. purchased a new stake in shares of Centene during the 2nd quarter worth $80,237,000. PNC Financial Services Group Inc. lifted its position in shares of Centene by 1,217.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 603,000 shares of the company’s stock worth $74,297,000 after purchasing an additional 557,223 shares during the last quarter. Finally, CIBC Private Wealth Group LLC lifted its position in shares of Centene by 1,058.5% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 419,826 shares of the company’s stock worth $51,726,000 after purchasing an additional 383,588 shares during the last quarter. Institutional investors and hedge funds own 89.84% of the company’s stock.

Shares of CNC opened at $142.31 on Friday. Centene Corp has a 1-year low of $90.07 and a 1-year high of $148.24. The firm has a market capitalization of $26.88 billion, a P/E ratio of 28.29, a P/E/G ratio of 1.24 and a beta of 1.05. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.03 and a quick ratio of 1.03.

Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, October 23rd. The company reported $1.79 earnings per share for the quarter, beating analysts’ consensus estimates of $1.77 by $0.02. Centene had a net margin of 1.58% and a return on equity of 14.42%. The firm had revenue of $16.18 billion during the quarter, compared to analysts’ expectations of $15.93 billion. During the same period in the previous year, the company earned $1.35 earnings per share. Centene’s quarterly revenue was up 36.0% compared to the same quarter last year. As a group, sell-side analysts predict that Centene Corp will post 7.05 earnings per share for the current fiscal year.

CNC has been the subject of several recent analyst reports. Mitsubishi UFJ Financial Group initiated coverage on shares of Centene in a research report on Wednesday, September 19th. They set an “overweight” rating and a $170.00 price objective for the company. Zacks Investment Research raised shares of Centene from a “sell” rating to a “hold” rating in a research report on Thursday, October 4th. Oppenheimer lifted their price objective on shares of Centene from $146.00 to $158.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 2nd. Credit Suisse Group lifted their price objective on shares of Centene from $134.00 to $152.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 4th. Finally, Morgan Stanley lifted their price objective on shares of Centene from $136.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 25th. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $151.67.

In related news, EVP Christopher D. Bowers sold 3,800 shares of the business’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $145.55, for a total value of $553,090.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith H. Williamson sold 2,000 shares of the business’s stock in a transaction on Friday, September 28th. The shares were sold at an average price of $145.00, for a total transaction of $290,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,800 shares of company stock valued at $4,957,590. 3.00% of the stock is owned by corporate insiders.

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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.

See Also: Cash Flow

Institutional Ownership by Quarter for Centene (NYSE:CNC)

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