Public Employees Retirement System of Ohio increased its stake in shares of Centene Corporation (NYSE:CNC) by 10.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,720 shares of the company’s stock after acquiring an additional 7,554 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Centene were worth $7,908,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in CNC. IFP Advisors Inc increased its position in Centene by 9.6% during the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after acquiring an additional 170 shares during the period. Schwab Charles Investment Management Inc. increased its position in Centene by 28.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock worth $62,992,000 after acquiring an additional 176,403 shares during the period. Alps Advisors Inc. bought a new position in Centene during the second quarter worth $230,000. Legal & General Group Plc increased its position in Centene by 4.5% during the second quarter. Legal & General Group Plc now owns 832,547 shares of the company’s stock worth $66,504,000 after acquiring an additional 36,031 shares during the period. Finally, KBC Group NV increased its holdings in Centene by 2.2% in the 2nd quarter. KBC Group NV now owns 31,148 shares of the company’s stock valued at $2,489,000 after buying an additional 680 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Jesse N. Hunter sold 10,000 shares of the business’s stock in a transaction on Tuesday, December 19th. The shares were sold at an average price of $98.73, for a total value of $987,300.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert K. Ditmore sold 4,167 shares of the business’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $90.42, for a total transaction of $376,780.14. The disclosure for this sale can be found here. 3.00% of the stock is currently owned by insiders.
Centene (NYSE:CNC) last issued its earnings results on Tuesday, October 24th. The company reported $1.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.11. Centene had a net margin of 1.81% and a return on equity of 14.79%. The company had revenue of $11.90 billion for the quarter, compared to the consensus estimate of $11.75 billion. During the same quarter in the previous year, the company earned $1.12 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. sell-side analysts expect that Centene Corporation will post 4.98 earnings per share for the current fiscal year.
Several brokerages have issued reports on CNC. Cantor Fitzgerald reissued a “buy” rating and issued a $115.00 price target on shares of Centene in a report on Monday. Oppenheimer reissued a “buy” rating and issued a $105.00 price target on shares of Centene in a report on Friday, September 29th. Piper Jaffray Companies reissued a “buy” rating and issued a $134.00 price target on shares of Centene in a report on Monday. Jefferies Group boosted their price target on shares of Centene from $112.00 to $115.00 and gave the company a “buy” rating in a report on Monday. Finally, Leerink Swann reissued a “market perform” rating and issued a $90.00 price target (up previously from $78.00) on shares of Centene in a report on Wednesday, September 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $101.94.
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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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