Centene Corp (CNC) Stake Lessened by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lowered its position in shares of Centene Corp (NYSE:CNC) by 6.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 547,125 shares of the company’s stock after selling 34,798 shares during the period. CIBC Private Wealth Group LLC owned approximately 0.27% of Centene worth $63,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC increased its holdings in Centene by 39.5% in the 4th quarter. Flagship Harbor Advisors LLC now owns 706 shares of the company’s stock valued at $81,000 after purchasing an additional 200 shares during the last quarter. Csenge Advisory Group acquired a new stake in Centene in the 3rd quarter valued at approximately $105,000. FNY Investment Advisers LLC acquired a new stake in Centene in the 3rd quarter valued at approximately $106,000. Capital Guardian Trust Co. acquired a new stake in Centene in the 3rd quarter valued at approximately $111,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in Centene by 39.0% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 1,087 shares of the company’s stock valued at $125,000 after purchasing an additional 305 shares during the last quarter. Institutional investors and hedge funds own 93.34% of the company’s stock.

Several research firms recently weighed in on CNC. Zacks Investment Research upgraded shares of Centene from a “hold” rating to a “buy” rating and set a $61.00 target price for the company in a report on Monday, December 31st. Oppenheimer decreased their price target on shares of Centene from $165.00 to $83.00 and set an “outperform” rating for the company in a research report on Wednesday, February 6th. Stephens assumed coverage on shares of Centene in a research report on Monday, January 14th. They issued an “overweight” rating and a $73.50 price target for the company. Jefferies Financial Group reissued a “buy” rating and issued a $76.00 price target on shares of Centene in a research report on Thursday, February 7th. Finally, Leerink Swann raised shares of Centene from a “market perform” rating to an “outperform” rating and set a $79.84 price target for the company in a research report on Wednesday, October 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $77.65.

In other news, CFO Jeffrey A. Schwaneke sold 4,000 shares of Centene stock in a transaction on Tuesday, January 15th. The shares were sold at an average price of $125.00, for a total transaction of $500,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark J. Brooks sold 2,540 shares of Centene stock in a transaction on Tuesday, December 18th. The stock was sold at an average price of $121.26, for a total transaction of $308,000.40. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Shares of CNC stock opened at $61.95 on Tuesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.00 and a quick ratio of 1.03. Centene Corp has a 52 week low of $48.81 and a 52 week high of $74.49. The company has a market capitalization of $25.83 billion, a price-to-earnings ratio of 17.50, a price-to-earnings-growth ratio of 1.11 and a beta of 1.32.

Centene (NYSE:CNC) last issued its quarterly earnings results on Tuesday, February 5th. The company reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.05. Centene had a net margin of 1.50% and a return on equity of 14.10%. The company had revenue of $16.56 billion during the quarter, compared to analysts’ expectations of $16.38 billion. The firm’s revenue was up 29.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.49 EPS. As a group, equities analysts forecast that Centene Corp will post 4.23 EPS for the current fiscal year.

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About Centene

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.

Further Reading: Do investors pay a separate front-end load every time they buy additional shares?

Institutional Ownership by Quarter for Centene (NYSE:CNC)

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