Edgestream Partners L.P. Buys 18,448 Shares of Centene Corporation (CNC)
Edgestream Partners L.P. raised its stake in shares of Centene Corporation (NYSE:CNC) by 121.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 33,689 shares of the company’s stock after purchasing an additional 18,448 shares during the period. Centene Corporation accounts for about 1.0% of Edgestream Partners L.P.’s investment portfolio, making the stock its 20th biggest holding. Edgestream Partners L.P.’s holdings in Centene Corporation were worth $2,691,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in CNC. BlackRock Inc. grew its holdings in Centene Corporation by 3,408.1% during the first quarter. BlackRock Inc. now owns 15,510,470 shares of the company’s stock valued at $1,105,275,000 after purchasing an additional 15,068,340 shares during the period. OppenheimerFunds Inc. grew its holdings in Centene Corporation by 271.2% during the first quarter. OppenheimerFunds Inc. now owns 1,799,160 shares of the company’s stock valued at $128,208,000 after purchasing an additional 1,314,514 shares during the period. Pioneer Investment Management Inc. grew its holdings in Centene Corporation by 1,534.7% during the first quarter. Pioneer Investment Management Inc. now owns 1,369,670 shares of the company’s stock valued at $97,603,000 after purchasing an additional 1,285,885 shares during the period. AQR Capital Management LLC grew its holdings in Centene Corporation by 108.0% during the first quarter. AQR Capital Management LLC now owns 2,088,867 shares of the company’s stock valued at $148,853,000 after purchasing an additional 1,084,628 shares during the period. Finally, Wellington Management Group LLP bought a new stake in Centene Corporation during the first quarter valued at about $55,478,000. 92.26% of the stock is owned by institutional investors and hedge funds.
In other Centene Corporation news, EVP Christopher D. Bowers sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $79.43, for a total value of $317,720.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $82.59, for a total transaction of $344,152.53. The disclosure for this sale can be found here. Insiders sold a total of 47,517 shares of company stock worth $3,807,576 over the last three months. Corporate insiders own 3.00% of the company’s stock.
Centene Corporation (NYSE:CNC) traded up 0.75% during midday trading on Thursday, hitting $88.98. The company had a trading volume of 149,254 shares. Centene Corporation has a 1-year low of $50.00 and a 1-year high of $89.23. The firm has a market capitalization of $15.35 billion, a P/E ratio of 19.53 and a beta of 0.63. The company has a 50 day moving average price of $84.15 and a 200 day moving average price of $77.00.
Centene Corporation (NYSE:CNC) last released its earnings results on Tuesday, July 25th. The company reported $1.59 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.30 by $0.29. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. The business had revenue of $11.95 billion for the quarter, compared to analyst estimates of $11.69 billion. During the same period last year, the company posted $1.29 EPS. The business’s revenue was up 9.7% on a year-over-year basis. Equities research analysts forecast that Centene Corporation will post $4.92 earnings per share for the current fiscal year.
Several analysts have issued reports on CNC shares. Zacks Investment Research lowered Centene Corporation from a “buy” rating to a “hold” rating in a report on Wednesday, May 10th. J P Morgan Chase & Co lowered Centene Corporation from an “overweight” rating to a “neutral” rating and set a $75.00 price target for the company. in a report on Monday, May 22nd. Morgan Stanley started coverage on Centene Corporation in a report on Tuesday, June 6th. They set an “overweight” rating and a $86.00 price target for the company. ValuEngine lowered Centene Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target (up previously from $88.00) on shares of Centene Corporation in a report on Monday, June 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $86.82.
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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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