CIBC Asset Management Inc Boosts Holdings in Centene Co. (NYSE:CNC)

CIBC Asset Management Inc lifted its stake in Centene Co. (NYSE:CNC) by 3.3% in the 3rd quarter, HoldingsChannel reports. The firm owned 52,900 shares of the company’s stock after buying an additional 1,690 shares during the quarter. CIBC Asset Management Inc’s holdings in Centene were worth $3,296,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in Centene by 4.3% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 29,512,722 shares of the company’s stock valued at $2,152,363,000 after acquiring an additional 1,205,189 shares during the period. Boston Partners lifted its position in Centene by 1.8% during the 3rd quarter. Boston Partners now owns 9,520,749 shares of the company’s stock valued at $593,388,000 after acquiring an additional 165,333 shares during the period. Geode Capital Management LLC lifted its position in Centene by 3.6% during the 2nd quarter. Geode Capital Management LLC now owns 9,030,717 shares of the company’s stock valued at $656,524,000 after acquiring an additional 309,675 shares during the period. Bank of New York Mellon Corp lifted its position in Centene by 2.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,303,060 shares of the company’s stock valued at $532,612,000 after acquiring an additional 208,390 shares during the period. Finally, Deutsche Bank AG lifted its position in Centene by 12.2% during the 3rd quarter. Deutsche Bank AG now owns 6,552,718 shares of the company’s stock valued at $408,299,000 after acquiring an additional 714,016 shares during the period. 90.60% of the stock is owned by institutional investors.

In other news, EVP Mark J. Brooks sold 8,296 shares of the business’s stock in a transaction on Thursday, October 28th. The shares were sold at an average price of $70.17, for a total value of $582,130.32. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael F. Neidorff sold 50,000 shares of the business’s stock in a transaction on Tuesday, December 14th. The stock was sold at an average price of $79.71, for a total transaction of $3,985,500.00. The disclosure for this sale can be found here. Insiders have sold 127,419 shares of company stock worth $9,752,253 in the last ninety days. Insiders own 1.80% of the company’s stock.

Shares of NYSE:CNC opened at $80.55 on Friday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.12 and a quick ratio of 1.12. Centene Co. has a 1-year low of $57.16 and a 1-year high of $85.44. The company has a market capitalization of $47.00 billion, a P/E ratio of 64.96, a P/E/G ratio of 1.13 and a beta of 0.54. The firm’s 50 day simple moving average is $77.83 and its two-hundred day simple moving average is $70.83.

Centene (NYSE:CNC) last issued its quarterly earnings results on Monday, October 25th. The company reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.03). Centene had a net margin of 0.60% and a return on equity of 10.33%. The firm had revenue of $32.41 billion for the quarter, compared to analysts’ expectations of $31.63 billion. During the same period in the prior year, the firm earned $1.26 EPS. Centene’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, sell-side analysts anticipate that Centene Co. will post 5.12 earnings per share for the current fiscal year.

Several brokerages have issued reports on CNC. Sanford C. Bernstein lifted their target price on shares of Centene from $94.00 to $108.00 in a report on Tuesday. BMO Capital Markets lifted their target price on shares of Centene from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Monday, December 13th. Stephens lifted their target price on shares of Centene from $82.00 to $102.00 and gave the stock an “overweight” rating in a report on Monday, December 13th. Morgan Stanley lifted their target price on shares of Centene from $86.00 to $109.00 and gave the stock an “overweight” rating in a report on Friday, December 17th. Finally, Barclays started coverage on shares of Centene in a research note on Friday, January 7th. They issued an “overweight” rating and a $95.00 price target for the company. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Centene currently has an average rating of “Buy” and an average price target of $89.43.

Centene Profile

Centene Corp. operates as a healthcare enterprise, which engages in the provision of programs and services to government sponsored healthcare programs. It operates through the following segments: Managed Care and Specialty Services. The Medicaid Managed Care segment provides health plan coverage to individuals through government subsidized programs through Medicaid.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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