Jennison Associates LLC lessened its stake in Centene Corporation (NYSE:CNC) by 24.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,370,810 shares of the company’s stock after selling 455,364 shares during the period. Jennison Associates LLC owned approximately 0.79% of Centene Corporation worth $132,653,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in CNC. Arrowstreet Capital Limited Partnership bought a new stake in shares of Centene Corporation in the 2nd quarter worth approximately $455,000. Handelsbanken Fonder AB lifted its holdings in shares of Centene Corporation by 29.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 178,000 shares of the company’s stock worth $17,225,000 after acquiring an additional 40,000 shares during the last quarter. Artemis Investment Management LLP bought a new stake in shares of Centene Corporation in the 2nd quarter worth approximately $15,326,000. Schwab Charles Investment Management Inc. lifted its holdings in shares of Centene Corporation by 28.8% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock worth $62,992,000 after acquiring an additional 176,403 shares during the last quarter. Finally, AJO LP bought a new stake in shares of Centene Corporation in the 2nd quarter worth approximately $100,314,000. 92.88% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts have recently weighed in on the stock. Citigroup Inc. boosted their price objective on shares of Centene Corporation from $80.00 to $89.00 and gave the stock a “sell” rating in a report on Wednesday, July 26th. Cowen and Company restated an “outperform” rating and issued a $105.00 price objective (up from $77.00) on shares of Centene Corporation in a report on Wednesday, September 13th. Leerink Swann restated a “market perform” rating and issued a $90.00 price objective (up from $78.00) on shares of Centene Corporation in a report on Wednesday, September 13th. UBS AG reiterated a “buy” rating and set a $95.00 price target (up from $88.00) on shares of Centene Corporation in a report on Wednesday, July 26th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $94.00 price target (up from $86.00) on shares of Centene Corporation in a report on Wednesday, July 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seventeen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $97.53.
Centene Corporation (NYSE:CNC) traded up $0.40 during trading hours on Friday, hitting $93.68. 653,468 shares of the stock were exchanged, compared to its average volume of 2,068,885. The stock has a market cap of $16,097.00, a P/E ratio of 17.77, a PEG ratio of 1.42 and a beta of 0.67. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.71. Centene Corporation has a 12-month low of $50.33 and a 12-month high of $98.71.
Centene Corporation (NYSE:CNC) last released its earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.24 by $0.11. The firm had revenue of $11.90 billion for the quarter, compared to the consensus estimate of $11.75 billion. Centene Corporation had a net margin of 1.81% and a return on equity of 14.79%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.12 EPS. analysts expect that Centene Corporation will post 4.98 EPS for the current fiscal year.
In other news, Director Robert K. Ditmore sold 4,167 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.00% of the stock is owned by corporate insiders.
Centene Corporation Profile
Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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