Scharf Investments LLC Sells 148,141 Shares of Centene Co. (NYSE:CNC)

Scharf Investments LLC trimmed its holdings in shares of Centene Co. (NYSE:CNC) by 6.9% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,991,381 shares of the company’s stock after selling 148,141 shares during the quarter. Centene accounts for approximately 3.6% of Scharf Investments LLC’s portfolio, making the stock its 12th biggest holding. Scharf Investments LLC’s holdings in Centene were worth $120,638,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CNC. Park Place Capital Corp increased its stake in shares of Centene by 1,190.0% in the 3rd quarter. Park Place Capital Corp now owns 387 shares of the company’s stock worth $29,000 after purchasing an additional 357 shares in the last quarter. Private Trust Co. NA increased its position in Centene by 75.3% in the third quarter. Private Trust Co. NA now owns 773 shares of the company’s stock worth $58,000 after buying an additional 332 shares in the last quarter. True Wealth Design LLC bought a new position in shares of Centene in the third quarter worth about $66,000. Venturi Wealth Management LLC lifted its position in shares of Centene by 77.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 1,163 shares of the company’s stock valued at $88,000 after buying an additional 507 shares in the last quarter. Finally, Cromwell Holdings LLC increased its holdings in Centene by 588.0% in the 3rd quarter. Cromwell Holdings LLC now owns 1,266 shares of the company’s stock worth $95,000 after acquiring an additional 1,082 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Price Performance

Shares of CNC stock opened at $63.93 on Friday. The stock has a market capitalization of $32.28 billion, a price-to-earnings ratio of 11.10, a P/E/G ratio of 0.85 and a beta of 0.45. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. Centene Co. has a twelve month low of $55.03 and a twelve month high of $81.42. The stock has a fifty day simple moving average of $61.10 and a two-hundred day simple moving average of $67.17.

Wall Street Analysts Forecast Growth

CNC has been the topic of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. UBS Group raised Centene from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $79.00 to $80.00 in a research note on Friday, December 13th. JPMorgan Chase & Co. reissued an “overweight” rating and set a $75.00 target price (down previously from $80.00) on shares of Centene in a research note on Tuesday, December 17th. Oppenheimer cut their price objective on shares of Centene from $95.00 to $85.00 and set an “outperform” rating for the company in a report on Friday, December 13th. Finally, Sanford C. Bernstein lowered their target price on shares of Centene from $96.00 to $88.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Centene has an average rating of “Moderate Buy” and an average price target of $80.92.

Insider Buying and Selling

In related news, Director H James Dallas acquired 1,693 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was purchased at an average cost of $59.01 per share, for a total transaction of $99,903.93. Following the purchase, the director now directly owns 1,693 shares of the company’s stock, valued at $99,903.93. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Andrew Lynn Asher bought 17,200 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was bought at an average price of $58.14 per share, for a total transaction of $1,000,008.00. Following the purchase, the chief financial officer now directly owns 486,847 shares of the company’s stock, valued at $28,305,284.58. The trade was a 3.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 45,010 shares of company stock valued at $2,660,276 over the last three months. 0.33% of the stock is owned by company insiders.

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.