Korea Investment CORP Cuts Position in Centene Corporation (CNC)

Korea Investment CORP decreased its stake in Centene Corporation (NYSE:CNC) by 75.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 115,786 shares of the company’s stock after selling 357,768 shares during the period. Korea Investment CORP owned 0.07% of Centene Corporation worth $9,249,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the company. Bronfman E.L. Rothschild L.P. increased its stake in shares of Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock valued at $118,000 after buying an additional 93 shares during the period. Quadrant Capital Group LLC increased its stake in shares of Centene Corporation by 5.6% in the first quarter. Quadrant Capital Group LLC now owns 2,263 shares of the company’s stock valued at $155,000 after buying an additional 120 shares during the period. Creative Planning increased its stake in shares of Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock valued at $176,000 after buying an additional 127 shares during the period. Howard Hughes Medical Institute increased its stake in shares of Centene Corporation by 96.7% in the first quarter. Howard Hughes Medical Institute now owns 2,685 shares of the company’s stock valued at $191,000 after buying an additional 1,320 shares during the period. Finally, Reliance Trust Co. of Delaware bought a new stake in shares of Centene Corporation during the first quarter valued at approximately $201,000. Hedge funds and other institutional investors own 93.09% of the company’s stock.

Centene Corporation (NYSE:CNC) traded down 0.16% during trading on Friday, reaching $83.49. 872,566 shares of the company’s stock were exchanged. The firm has a market cap of $14.40 billion, a price-to-earnings ratio of 18.32 and a beta of 0.66. The firm’s 50-day moving average price is $82.43 and its 200-day moving average price is $75.20. Centene Corporation has a 12 month low of $50.00 and a 12 month high of $87.94.

Centene Corporation (NYSE:CNC) last announced its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.29. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The firm had revenue of $11.95 billion during the quarter, compared to analyst estimates of $11.69 billion. During the same period last year, the firm posted $1.29 EPS. The business’s revenue was up 9.7% compared to the same quarter last year. On average, equities research analysts anticipate that Centene Corporation will post $4.92 EPS for the current year.

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Several brokerages have commented on CNC. Cantor Fitzgerald restated a “buy” rating and set a $90.00 target price on shares of Centene Corporation in a report on Tuesday, July 25th. Morgan Stanley started coverage on shares of Centene Corporation in a report on Tuesday, June 6th. They issued an “overweight” rating and a $86.00 price objective on the stock. J P Morgan Chase & Co downgraded shares of Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 price objective on the stock. in a report on Monday, May 22nd. Stifel Nicolaus lifted their price objective on shares of Centene Corporation from $80.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $85.00 price objective (up from $83.00) on shares of Centene Corporation in a report on Saturday, April 29th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and fifteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $86.82.

In other news, EVP Christopher D. Bowers sold 4,000 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total transaction of $317,720.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Mark J. Brooks sold 2,161 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $75.43, for a total value of $163,004.23. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 53,578 shares of company stock valued at $4,264,757. Insiders own 3.00% of the company’s stock.

Centene Corporation Company Profile

Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.

Institutional Ownership by Quarter for Centene Corporation (NYSE:CNC)

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