State Street Corp grew its position in shares of Centene Co. (NYSE:CNC) by 0.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 25,325,355 shares of the company’s stock after acquiring an additional 24,393 shares during the quarter. State Street Corp owned about 4.37% of Centene worth $1,477,228,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. grew its stake in shares of Centene by 21.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 18,929 shares of the company’s stock valued at $1,203,000 after buying an additional 3,291 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Centene by 7.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 149,260 shares of the company’s stock valued at $9,485,000 after purchasing an additional 10,612 shares during the last quarter. Banque Cantonale Vaudoise boosted its holdings in Centene by 235.5% in the second quarter. Banque Cantonale Vaudoise now owns 22,508 shares of the company’s stock valued at $1,431,000 after purchasing an additional 15,800 shares during the last quarter. Creative Financial Designs Inc. ADV purchased a new position in Centene in the second quarter valued at about $86,000. Finally, Three Peaks Capital Management LLC boosted its holdings in Centene by 80.5% in the second quarter. Three Peaks Capital Management LLC now owns 42,268 shares of the company’s stock valued at $2,686,000 after purchasing an additional 18,852 shares during the last quarter. Institutional investors own 86.65% of the company’s stock.
In related news, COO Brandy Burkhalter sold 8,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 5th. The stock was sold at an average price of $67.00, for a total value of $536,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael F. Neidorff sold 300,000 shares of the firm’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $70.12, for a total value of $21,036,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 444,224 shares of company stock worth $30,287,907 over the last quarter. Insiders own 1.90% of the company’s stock.
Centene (NYSE:CNC) last announced its quarterly earnings results on Sunday, November 1st. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.30. The business had revenue of $29.09 billion for the quarter, compared to analysts’ expectations of $28.30 billion. Centene had a return on equity of 13.45% and a net margin of 2.00%. The business’s quarterly revenue was up 53.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.96 EPS. Sell-side analysts predict that Centene Co. will post 4.98 earnings per share for the current year.
A number of research analysts recently commented on the company. Barclays increased their price target on Centene from $72.00 to $84.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Piper Sandler increased their price target on Centene from $83.00 to $89.00 and gave the company an “overweight” rating in a report on Wednesday, November 11th. Stephens downgraded Centene from an “overweight” rating to an “equal weight” rating in a report on Tuesday, September 22nd. Deutsche Bank Aktiengesellschaft reduced their price target on Centene from $87.00 to $83.00 and set a “buy” rating for the company in a report on Wednesday, October 28th. Finally, Credit Suisse Group reduced their price target on Centene from $72.50 to $67.50 and set a “neutral” rating for the company in a report on Wednesday, October 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $82.53.
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.
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