Wedge Capital Management L L P NC reduced its holdings in Centene Corporation (NYSE:CNC) by 11.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 456,881 shares of the company’s stock after selling 58,754 shares during the period. Wedge Capital Management L L P NC owned approximately 0.26% of Centene Corporation worth $44,212,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Centene Corporation by 4.9% in the second quarter. Vanguard Group Inc. now owns 16,726,500 shares of the company’s stock valued at $1,336,113,000 after buying an additional 774,474 shares during the period. State Street Corp lifted its holdings in Centene Corporation by 0.5% in the second quarter. State Street Corp now owns 7,154,348 shares of the company’s stock valued at $571,504,000 after buying an additional 35,040 shares during the period. Wells Fargo & Company MN lifted its holdings in Centene Corporation by 12.4% in the second quarter. Wells Fargo & Company MN now owns 4,193,466 shares of the company’s stock valued at $334,973,000 after buying an additional 462,936 shares during the period. Ameriprise Financial Inc. lifted its holdings in Centene Corporation by 318.6% in the second quarter. Ameriprise Financial Inc. now owns 3,504,359 shares of the company’s stock valued at $279,882,000 after buying an additional 2,667,189 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Centene Corporation by 13.1% in the second quarter. Dimensional Fund Advisors LP now owns 2,249,254 shares of the company’s stock valued at $179,673,000 after buying an additional 259,662 shares during the period. Institutional investors and hedge funds own 92.86% of the company’s stock.
Centene Corporation (NYSE:CNC) traded down $0.62 during trading on Friday, reaching $96.03. 850,880 shares of the company were exchanged, compared to its average volume of 2,160,000. The company has a market capitalization of $16.57 billion, a P/E ratio of 18.25, a P/E/G ratio of 1.46 and a beta of 0.67. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $98.71. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.71.
Centene Corporation (NYSE:CNC) last released its earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.11. The business had revenue of $11.90 billion during the quarter, compared to the consensus estimate of $11.75 billion. Centene Corporation had a net margin of 1.81% and a return on equity of 14.79%. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.12 earnings per share. analysts predict that Centene Corporation will post 4.98 earnings per share for the current fiscal year.
CNC has been the topic of several analyst reports. Bank of America Corporation increased their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the company a “buy” rating in a report on Friday, July 14th. Cantor Fitzgerald increased their target price on shares of Centene Corporation to $107.00 and gave the stock an “overweight” rating in a report on Wednesday, September 13th. ValuEngine upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating in a report on Thursday, July 27th. Zacks Investment Research lowered shares of Centene Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 4th. Finally, BMO Capital Markets assumed coverage on shares of Centene Corporation in a report on Tuesday, October 17th. They issued an “outperform” rating and a $120.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $97.53.
In related news, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.00% of the stock is currently owned by company insiders.
About Centene Corporation
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.
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