CIBC Asset Management Inc Buys 5,025 Shares of Centene Co. (NYSE:CNC)

CIBC Asset Management Inc raised its stake in shares of Centene Co. (NYSE:CNC) by 7.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 76,893 shares of the company’s stock after purchasing an additional 5,025 shares during the quarter. CIBC Asset Management Inc’s holdings in Centene were worth $5,789,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CNC. Edgestream Partners L.P. raised its stake in shares of Centene by 38.3% during the first quarter. Edgestream Partners L.P. now owns 5,636 shares of the company’s stock worth $442,000 after acquiring an additional 1,560 shares in the last quarter. Covestor Ltd increased its stake in shares of Centene by 16.9% in the first quarter. Covestor Ltd now owns 2,526 shares of the company’s stock worth $198,000 after buying an additional 365 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Centene by 61.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 120,570 shares of the company’s stock worth $9,462,000 after buying an additional 45,937 shares during the period. Seven Eight Capital LP purchased a new position in shares of Centene in the first quarter worth $350,000. Finally, UniSuper Management Pty Ltd boosted its holdings in Centene by 275.6% in the first quarter. UniSuper Management Pty Ltd now owns 18,785 shares of the company’s stock valued at $1,474,000 after acquiring an additional 13,784 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CNC shares. Robert W. Baird dropped their price target on shares of Centene from $83.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 target price on shares of Centene in a research note on Tuesday, October 1st. StockNews.com cut shares of Centene from a “strong-buy” rating to a “buy” rating in a research note on Monday, October 28th. Wells Fargo & Company reduced their target price on shares of Centene from $91.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, Oppenheimer reduced their target price on shares of Centene from $110.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.92.

Insider Activity at Centene

In other Centene news, CFO Andrew Lynn Asher purchased 17,200 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was bought at an average cost of $58.14 per share, with a total value of $1,000,008.00. Following the acquisition, the chief financial officer now directly owns 486,847 shares of the company’s stock, valued at approximately $28,305,284.58. This represents a 3.66 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sarah London purchased 4,117 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were acquired at an average cost of $60.80 per share, with a total value of $250,313.60. Following the completion of the acquisition, the chief executive officer now directly owns 667,229 shares in the company, valued at $40,567,523.20. The trade was a 0.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.33% of the stock is currently owned by company insiders.

Centene Stock Performance

Shares of CNC stock opened at $57.46 on Monday. The business’s 50 day moving average is $68.06 and its two-hundred day moving average is $70.99. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $29.01 billion, a P/E ratio of 9.98, a P/E/G ratio of 0.79 and a beta of 0.49. Centene Co. has a 12-month low of $57.25 and a 12-month high of $81.42.

Centene Profile

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children’s health insurance program, foster care, medicare-medicaid plans, long-term services and support.