Convergence Investment Partners LLC Sells 3,339 Shares of Centene Corporation $CNC

Convergence Investment Partners LLC reduced its stake in Centene Corporation (NYSE:CNC) by 15.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,404 shares of the company’s stock after selling 3,339 shares during the period. Convergence Investment Partners LLC’s holdings in Centene were worth $999,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Invesco Ltd. increased its holdings in Centene by 5.1% in the 1st quarter. Invesco Ltd. now owns 11,091,964 shares of the company’s stock valued at $673,393,000 after acquiring an additional 536,508 shares during the last quarter. AQR Capital Management LLC increased its holdings in Centene by 42.7% in the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company’s stock valued at $669,820,000 after acquiring an additional 3,306,796 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Centene by 3.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company’s stock valued at $292,045,000 after acquiring an additional 143,573 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Centene by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,433,451 shares of the company’s stock valued at $269,134,000 after acquiring an additional 28,462 shares during the last quarter. Finally, LSV Asset Management increased its holdings in Centene by 23.7% in the 1st quarter. LSV Asset Management now owns 4,055,764 shares of the company’s stock valued at $246,225,000 after acquiring an additional 776,331 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Stock Performance

Shares of NYSE:CNC opened at $33.06 on Tuesday. The company has a market capitalization of $16.24 billion, a price-to-earnings ratio of 8.18, a PEG ratio of 1.34 and a beta of 0.48. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $66.81. The firm’s 50-day moving average is $33.09 and its 200 day moving average is $42.35. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC) last issued its quarterly earnings results on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.39). The firm had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The business’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.42 earnings per share. Research analysts predict that Centene Corporation will post 6.86 EPS for the current year.

Analyst Ratings Changes

CNC has been the topic of a number of research reports. UBS Group reduced their target price on shares of Centene from $45.00 to $31.00 and set a “neutral” rating on the stock in a report on Monday, July 28th. Sanford C. Bernstein reduced their target price on shares of Centene from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Friday, September 5th. Morgan Stanley boosted their target price on shares of Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 14th. Bank of America downgraded shares of Centene from a “neutral” rating to an “underperform” rating and reduced their target price for the stock from $52.00 to $30.00 in a report on Wednesday, July 16th. Finally, Barclays boosted their target price on shares of Centene from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, September 12th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $39.50.

Insider Buying and Selling

In other news, CEO Sarah London purchased 19,230 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the acquisition, the chief executive officer owned 845,275 shares of the company’s stock, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.36% of the company’s stock.

Centene Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.