Centene Corp (CNC) Position Trimmed by Texas Permanent School Fund

Texas Permanent School Fund trimmed its position in shares of Centene Corp (NYSE:CNC) by 8.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,078 shares of the company’s stock after selling 3,991 shares during the period. Texas Permanent School Fund’s holdings in Centene were worth $6,671,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Centene by 15.5% during the second quarter. BlackRock Inc. now owns 15,847,653 shares of the company’s stock worth $1,952,589,000 after buying an additional 2,122,661 shares in the last quarter. Jennison Associates LLC grew its position in shares of Centene by 47.6% during the second quarter. Jennison Associates LLC now owns 2,113,026 shares of the company’s stock worth $260,346,000 after buying an additional 681,847 shares in the last quarter. Partner Fund Management L.P. acquired a new position in Centene during the 2nd quarter worth $80,237,000. PNC Financial Services Group Inc. grew its holdings in Centene by 1,217.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 603,000 shares of the company’s stock worth $74,297,000 after acquiring an additional 557,223 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in Centene by 1,058.5% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 419,826 shares of the company’s stock worth $51,726,000 after acquiring an additional 383,588 shares in the last quarter. 90.05% of the stock is owned by institutional investors and hedge funds.

In other Centene news, EVP Keith H. Williamson sold 2,000 shares of Centene stock in a transaction that occurred on Friday, September 28th. The stock was sold at an average price of $145.00, for a total value of $290,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Christopher D. Bowers sold 3,800 shares of Centene stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $145.55, for a total value of $553,090.00. The disclosure for this sale can be found here. Insiders sold a total of 20,800 shares of company stock valued at $3,018,990 over the last ninety days. Company insiders own 3.00% of the company’s stock.



Several research analysts have weighed in on the stock. Bank of America raised their price objective on shares of Centene from $145.00 to $158.00 and gave the stock a “buy” rating in a report on Tuesday, July 24th. MED lifted their price target on Centene from $146.00 to $158.00 and gave the stock an “outperform” rating in a research note on Tuesday, October 2nd. Zacks Investment Research upgraded Centene from a “sell” rating to a “hold” rating in a research note on Thursday. Piper Jaffray Companies reiterated a “buy” rating and issued a $152.00 price target on shares of Centene in a research note on Wednesday, July 25th. Finally, Leerink Swann upgraded Centene from a “market perform” rating to an “outperform” rating and set a $159.68 price target for the company in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $151.67.

Centene stock opened at $131.45 on Friday. The firm has a market capitalization of $29.00 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 1.37 and a beta of 0.82. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.25 and a quick ratio of 1.26. Centene Corp has a 12 month low of $89.87 and a 12 month high of $148.24.

Centene (NYSE:CNC) last posted its quarterly earnings results on Tuesday, October 23rd. The company reported $1.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.77 by $0.02. Centene had a net margin of 2.06% and a return on equity of 14.57%. The business had revenue of $16.18 billion during the quarter, compared to analyst estimates of $15.93 billion. During the same period in the previous year, the business posted $1.35 EPS. The company’s quarterly revenue was up 36.0% on a year-over-year basis. On average, analysts anticipate that Centene Corp will post 7.08 earnings per share for the current fiscal year.

Centene Profile

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.

Read More: How can investors find ex-dividend dates?

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Corp (NYSE:CNC).

Institutional Ownership by Quarter for Centene (NYSE:CNC)

Receive News & Ratings for Centene Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Centene and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply