ClariVest Asset Management LLC Has $11.91 Million Stake in Centene Corp (CNC)
ClariVest Asset Management LLC raised its holdings in shares of Centene Corp (NYSE:CNC) by 2,910.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 96,702 shares of the company’s stock after acquiring an additional 93,490 shares during the quarter. ClariVest Asset Management LLC’s holdings in Centene were worth $11,914,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in CNC. BlackRock Inc. boosted its position in shares of Centene by 15.5% during the 2nd quarter. BlackRock Inc. now owns 15,847,653 shares of the company’s stock worth $1,952,589,000 after acquiring an additional 2,122,661 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Centene by 47.6% during the 2nd quarter. Jennison Associates LLC now owns 2,113,026 shares of the company’s stock worth $260,346,000 after acquiring an additional 681,847 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Centene by 1,217.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 603,000 shares of the company’s stock worth $74,297,000 after acquiring an additional 557,223 shares in the last quarter. Roystone Capital Management LP boosted its position in shares of Centene by 678.4% during the 1st quarter. Roystone Capital Management LP now owns 520,000 shares of the company’s stock worth $55,572,000 after acquiring an additional 453,200 shares in the last quarter. Finally, Mackay Shields LLC acquired a new position in shares of Centene during the 1st quarter worth about $46,698,000. 90.07% of the stock is owned by institutional investors and hedge funds.
In other Centene news, EVP Keith H. Williamson sold 2,000 shares of the stock in a transaction that occurred on Monday, June 11th. The stock was sold at an average price of $120.00, for a total transaction of $240,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert K. Ditmore sold 8,750 shares of the stock in a transaction that occurred on Thursday, July 26th. The stock was sold at an average price of $131.44, for a total value of $1,150,100.00. Following the sale, the director now directly owns 472,241 shares of the company’s stock, valued at $62,071,357.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,750 shares of company stock valued at $1,785,800. Insiders own 3.00% of the company’s stock.
Centene (NYSE:CNC) last announced its earnings results on Tuesday, July 24th. The company reported $1.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.77 by $0.03. The firm had revenue of $14.18 billion during the quarter, compared to analysts’ expectations of $13.82 billion. Centene had a return on equity of 14.57% and a net margin of 2.06%. The business’s revenue was up 18.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.59 EPS. research analysts forecast that Centene Corp will post 7.08 earnings per share for the current fiscal year.
Several research firms have recently issued reports on CNC. Barclays began coverage on Centene in a research report on Monday, July 23rd. They set an “overweight” rating and a $158.00 price objective for the company. MED reaffirmed an “outperform” rating and set a $146.00 price objective (up from $138.00) on shares of Centene in a research report on Wednesday, July 25th. Credit Suisse Group upped their price objective on Centene from $112.00 to $125.00 and gave the stock a “neutral” rating in a research report on Monday, June 18th. Citigroup reaffirmed a “neutral” rating and set a $147.00 price objective on shares of Centene in a research report on Wednesday, July 18th. Finally, Morgan Stanley upped their target price on Centene from $136.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 25th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $139.18.
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. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.
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