California Public Employees Retirement System cut its stake in shares of Centene Corp (NYSE:CNC) by 17.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 870,974 shares of the company’s stock after selling 187,479 shares during the quarter. California Public Employees Retirement System owned about 0.21% of Centene worth $37,678,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of CNC. Viking Global Investors LP increased its holdings in shares of Centene by 233.3% during the second quarter. Viking Global Investors LP now owns 13,994,550 shares of the company’s stock valued at $733,874,000 after acquiring an additional 9,795,824 shares in the last quarter. Invesco Ltd. increased its holdings in Centene by 91.2% in the 2nd quarter. Invesco Ltd. now owns 6,368,307 shares of the company’s stock worth $333,956,000 after buying an additional 3,037,351 shares in the last quarter. Boston Partners increased its holdings in Centene by 111.8% in the 2nd quarter. Boston Partners now owns 4,976,011 shares of the company’s stock worth $260,985,000 after buying an additional 2,626,873 shares in the last quarter. Third Point LLC bought a new stake in Centene in the 2nd quarter worth about $131,100,000. Finally, Maverick Capital Ltd. increased its holdings in Centene by 57.4% in the 2nd quarter. Maverick Capital Ltd. now owns 6,123,308 shares of the company’s stock worth $321,106,000 after buying an additional 2,233,222 shares in the last quarter. Hedge funds and other institutional investors own 96.72% of the company’s stock.
Several research firms recently commented on CNC. Morgan Stanley reduced their price objective on Centene from $64.00 to $62.00 and set an “overweight” rating for the company in a report on Thursday, September 26th. Deutsche Bank reduced their price objective on Centene from $62.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. ValuEngine upgraded Centene from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 2nd. Credit Suisse Group reduced their price objective on Centene from $63.00 to $57.00 and set a “neutral” rating for the company in a report on Wednesday, October 23rd. Finally, Zacks Investment Research downgraded Centene from a “hold” rating to a “sell” rating and set a $50.00 price objective for the company. in a report on Friday, October 18th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and ten have given a buy rating to the stock. Centene presently has an average rating of “Buy” and an average target price of $70.05.
Shares of NYSE:CNC opened at $50.83 on Thursday. The stock has a market capitalization of $21.40 billion, a price-to-earnings ratio of 11.81, a PEG ratio of 0.82 and a beta of 0.87. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01. The stock’s 50-day simple moving average is $46.56 and its two-hundred day simple moving average is $50.39. Centene Corp has a 52-week low of $41.62 and a 52-week high of $74.49.
Centene (NYSE:CNC) last announced its earnings results on Tuesday, October 22nd. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.01. The business had revenue of $18.98 billion for the quarter, compared to analysts’ expectations of $18.39 billion. Centene had a return on equity of 15.54% and a net margin of 1.87%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $1.79 earnings per share. As a group, equities analysts forecast that Centene Corp will post 4.42 earnings per share for the current fiscal year.
In other Centene news, Director Robert K. Ditmore sold 49,019 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $50.01, for a total value of $2,451,440.19. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.50% of the company’s stock.
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. The company's 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 covers dually eligible individuals, as well as aged, blind, or disabled programs.
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