Comerica Bank Reduces Position in Centene Corporation (CNC)
Comerica Bank lowered its position in shares of Centene Corporation (NYSE:CNC) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 55,724 shares of the company’s stock after selling 1,992 shares during the period. Comerica Bank’s holdings in Centene Corporation were worth $4,692,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CNC. Seven Bridges Advisors LLC acquired a new position in Centene Corporation during the second quarter worth about $123,000. Bronfman E.L. Rothschild L.P. increased its position in Centene Corporation by 5.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,662 shares of the company’s stock worth $118,000 after buying an additional 93 shares during the last quarter. IFP Advisors Inc increased its position in Centene Corporation by 9.6% in the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock worth $155,000 after buying an additional 170 shares during the last quarter. MV Capital Management Inc. acquired a new position in Centene Corporation during the second quarter worth about $186,000. Finally, Creative Planning increased its position in Centene Corporation by 5.4% in the first quarter. Creative Planning now owns 2,476 shares of the company’s stock worth $176,000 after buying an additional 127 shares during the last quarter. Institutional investors own 93.09% of the company’s stock.
Shares of Centene Corporation (NYSE CNC) opened at 85.90 on Friday. The company’s 50-day moving average price is $83.11 and its 200-day moving average price is $75.97. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $87.94. The company has a market capitalization of $14.82 billion, a PE ratio of 18.85 and a beta of 0.66.
Centene Corporation (NYSE:CNC) last released its quarterly earnings data on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.29. Centene Corporation had a return on equity of 14.62% and a net margin of 1.72%. The business had revenue of $11.95 billion during the quarter, compared to analysts’ expectations of $11.69 billion. During the same quarter last year, the business posted $1.29 EPS. The business’s revenue was up 9.7% on a year-over-year basis. On average, equities analysts expect that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
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A number of research firms have issued reports on CNC. BidaskClub upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating in a research report on Thursday. Piper Jaffray Companies restated a “buy” rating and set a $105.00 target price on shares of Centene Corporation in a research report on Thursday, July 27th. Jefferies Group LLC restated a “buy” rating and set a $98.00 target price on shares of Centene Corporation in a research report on Thursday, July 27th. ValuEngine upgraded shares of Centene Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Finally, Cantor Fitzgerald restated a “buy” rating and set a $90.00 target price on shares of Centene Corporation in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $86.82.
In other Centene Corporation news, Chairman Michael F. Neidorff sold 35,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $80.26, for a total value of $2,809,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert K. Ditmore sold 3,900 shares of the stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $75.43, for a total value of $294,177.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 53,578 shares of company stock valued at $4,264,757. Company insiders own 3.00% of the company’s stock.
About Centene Corporation
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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