Wright Investors Service Inc. decreased its stake in shares of Centene Corp (NYSE:CNC) by 22.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,282 shares of the company’s stock after selling 7,439 shares during the quarter. Wright Investors Service Inc.’s holdings in Centene were worth $1,378,000 at the end of the most recent reporting period.
A number of other institutional investors also recently made changes to their positions in the stock. BlackRock Inc. lifted its position in Centene by 101.6% during the first quarter. BlackRock Inc. now owns 36,536,247 shares of the company’s stock worth $1,940,075,000 after buying an additional 18,409,531 shares in the last quarter. Northern Trust Corp lifted its position in Centene by 103.3% during the first quarter. Northern Trust Corp now owns 4,704,989 shares of the company’s stock worth $249,834,000 after buying an additional 2,390,842 shares in the last quarter. FMR LLC raised its position in Centene by 89.6% in the first quarter. FMR LLC now owns 4,677,540 shares of the company’s stock valued at $248,377,000 after purchasing an additional 2,209,884 shares during the period. Janus Henderson Group PLC raised its position in Centene by 114.3% in the first quarter. Janus Henderson Group PLC now owns 4,657,134 shares of the company’s stock valued at $247,296,000 after purchasing an additional 2,484,279 shares during the period. Finally, Wells Fargo & Company MN raised its position in Centene by 72.8% in the first quarter. Wells Fargo & Company MN now owns 4,130,361 shares of the company’s stock valued at $219,322,000 after purchasing an additional 1,740,267 shares during the period. Hedge funds and other institutional investors own 89.86% of the company’s stock.
NYSE:CNC traded up $0.21 on Thursday, reaching $47.99. The company’s stock had a trading volume of 222,105 shares, compared to its average volume of 4,911,111. Centene Corp has a 12-month low of $45.44 and a 12-month high of $74.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $19.84 billion, a price-to-earnings ratio of 13.55, a price-to-earnings-growth ratio of 0.77 and a beta of 0.83. The company has a 50 day moving average of $51.77.
Centene (NYSE:CNC) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.10. The firm had revenue of $18.36 billion for the quarter, compared to the consensus estimate of $18.02 billion. Centene had a return on equity of 15.87% and a net margin of 1.84%. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.90 EPS. Research analysts anticipate that Centene Corp will post 4.41 earnings per share for the current fiscal year.
A number of research firms have commented on CNC. Cantor Fitzgerald restated a “buy” rating and issued a $83.00 target price on shares of Centene in a research report on Sunday, April 21st. Zacks Investment Research downgraded Centene from a “buy” rating to a “hold” rating and set a $59.00 target price on the stock. in a research report on Wednesday, May 29th. ValuEngine downgraded Centene from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. SunTrust Banks reduced their target price on Centene to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, April 24th. Finally, Morgan Stanley reduced their target price on Centene from $75.00 to $71.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the company. Centene currently has an average rating of “Buy” and a consensus target price of $75.26.
In other news, Director Jessica L. Blume acquired 2,850 shares of the business’s stock in a transaction that occurred on Friday, July 26th. The shares were purchased at an average price of $52.99 per share, for a total transaction of $151,021.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.50% of the stock is currently owned by insiders.
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.
Further Reading: Limitations of the P/E Growth ratio
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