CS Mckee LP Reduces Stake in Centene Corporation (CNC)
CS Mckee LP cut its stake in Centene Corporation (NYSE:CNC) by 1.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 232,880 shares of the company’s stock after selling 4,555 shares during the quarter. CS Mckee LP owned approximately 0.14% of Centene Corporation worth $18,602,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Mckinley Capital Management LLC Delaware bought a new stake in Centene Corporation in the second quarter worth $101,000. Seven Bridges Advisors LLC bought a new stake in Centene Corporation in the second quarter worth $123,000. IFP Advisors Inc boosted its holdings 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 purchasing an additional 170 shares in the last quarter. MV Capital Management Inc. bought a new stake in Centene Corporation in the second quarter worth $186,000. Finally, Sii Investments Inc. WI bought a new stake in Centene Corporation in the second quarter worth $202,000. 92.35% of the stock is currently owned by institutional investors and hedge funds.
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In related news, Director Robert K. Ditmore sold 4,167 shares of Centene Corporation stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $82.59, for a total transaction of $344,152.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christopher D. Bowers sold 4,000 shares of Centene Corporation stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $79.43, for a total transaction of $317,720.00. The disclosure for this sale can be found here. Insiders own 3.00% of the company’s stock.
Centene Corporation (NYSE CNC) traded down 0.80% during midday trading on Monday, hitting $97.23. 354,519 shares of the company traded hands. Centene Corporation has a 12-month low of $50.00 and a 12-month high of $98.71. The stock’s 50-day moving average price is $91.09 and its 200 day moving average price is $80.65. The company has a market capitalization of $16.73 billion, a price-to-earnings ratio of 28.36 and a beta of 0.68.
Centene Corporation (NYSE:CNC) last announced its earnings results on Tuesday, July 25th. The company reported $1.59 EPS for the quarter, topping the consensus estimate of $1.30 by $0.29. The business had revenue of $11.95 billion during the quarter, compared to the consensus estimate of $11.69 billion. Centene Corporation had a net margin of 1.72% and a return on equity of 14.62%. Centene Corporation’s revenue was up 9.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.29 EPS. On average, equities analysts forecast that Centene Corporation will post $4.92 EPS for the current year.
A number of equities research analysts recently issued reports on CNC shares. Zacks Investment Research cut shares of Centene Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 4th. Bank of America Corporation upped their price objective on shares of Centene Corporation from $93.00 to $95.00 and gave the stock a “buy” rating in a report on Friday, July 14th. Credit Suisse Group reiterated a “neutral” rating and issued a $81.00 price objective (up from $78.00) on shares of Centene Corporation in a report on Monday, June 19th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $90.00 price objective (up from $88.00) on shares of Centene Corporation in a report on Monday, June 19th. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $111.00 price objective (up from $95.00) on shares of Centene Corporation in a report on Thursday, September 14th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $93.44.
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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