NN Investment Partners Holdings N.V. Trims Position in Centene Corp (CNC)

NN Investment Partners Holdings N.V. lessened its holdings in Centene Corp (NYSE:CNC) by 14.6% during the 3rd quarter, Holdings Channel reports. The firm owned 136,094 shares of the company’s stock after selling 23,246 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Centene were worth $19,704,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CWM LLC increased its position in Centene by 445.1% in the third quarter. CWM LLC now owns 1,788 shares of the company’s stock worth $259,000 after purchasing an additional 1,460 shares during the last quarter. Levin Capital Strategies L.P. purchased a new stake in Centene in the 3rd quarter worth approximately $515,000. Oppenheimer & Co. Inc. boosted its position in Centene by 24.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 35,630 shares of the company’s stock worth $5,158,000 after purchasing an additional 6,998 shares in the last quarter. State Treasurer State of Michigan lifted its position in shares of Centene by 0.7% during the 3rd quarter. State Treasurer State of Michigan now owns 61,124 shares of the company’s stock valued at $8,850,000 after buying an additional 400 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of Centene by 15.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 281,832 shares of the company’s stock valued at $40,667,000 after buying an additional 38,246 shares in the last quarter. Institutional investors own 89.98% of the company’s stock.

In other Centene news, Director Robert K. Ditmore sold 15,000 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $145.06, for a total value of $2,175,900.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Christopher D. Bowers sold 3,800 shares of the firm’s stock in a transaction on Monday, September 10th. The stock was 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 35,800 shares of company stock valued at $4,957,590 over the last ninety days. Corporate insiders own 3.00% of the company’s stock.



A number of brokerages have recently issued reports on CNC. Credit Suisse Group increased their target price on Centene from $134.00 to $152.00 and gave the company a “neutral” rating in a research report on Tuesday, September 4th. Morgan Stanley increased their target price on Centene from $138.00 to $175.00 and gave the company an “overweight” rating in a research report on Wednesday, September 5th. Oppenheimer increased their target price on Centene from $146.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday, October 2nd. MED increased their target price on Centene from $146.00 to $158.00 and gave the company an “outperform” rating in a research report on Tuesday, October 2nd. Finally, Zacks Investment Research upgraded Centene from a “sell” rating to a “hold” rating in a report on Thursday, October 4th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $151.67.

Shares of CNC stock opened at $128.15 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $26.13 billion, a price-to-earnings ratio of 25.48, a PEG ratio of 1.18 and a beta of 0.82. Centene Corp has a fifty-two week low of $90.07 and a fifty-two week high of $148.24.

Centene (NYSE:CNC) last issued its earnings results on Tuesday, October 23rd. The company reported $1.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.77 by $0.02. Centene had a return on equity of 14.42% and a net margin of 1.58%. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.93 billion. During the same period last year, the company earned $1.35 EPS. The company’s revenue for the quarter was up 36.0% on a year-over-year basis. Sell-side analysts expect that Centene Corp will post 7.05 EPS for the current 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.

Further Reading: Why do company’s buyback their stock?

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