Meritage Portfolio Management reduced its stake in Centene Corp (NYSE:CNC) by 0.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 69,247 shares of the company’s stock after selling 437 shares during the period. Centene makes up about 0.9% of Meritage Portfolio Management’s holdings, making the stock its 18th largest holding. Meritage Portfolio Management’s holdings in Centene were worth $10,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors also recently bought and sold shares of CNC. FNY Investment Advisers LLC purchased a new stake in shares of Centene in the third quarter worth $106,000. Fort L.P. purchased a new stake in shares of Centene in the second quarter worth $122,000. IMA Wealth Inc. purchased a new stake in shares of Centene in the second quarter worth $124,000. TRUE Private Wealth Advisors purchased a new stake in shares of Centene in the third quarter worth $173,000. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Centene by 127.2% in the second quarter. Steward Partners Investment Advisory LLC now owns 1,254 shares of the company’s stock worth $155,000 after buying an additional 702 shares in the last quarter. 89.98% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on CNC. Bank of America increased their price objective on Centene from $145.00 to $158.00 and gave the stock a “buy” rating in a research report on Tuesday, July 24th. MED increased their price objective on Centene from $146.00 to $158.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 2nd. Piper Jaffray Companies restated a “buy” rating and set a $152.00 price target on shares of Centene in a research report on Wednesday, July 25th. Zacks Investment Research upgraded Centene from a “hold” rating to a “buy” rating and set a $152.00 price target on the stock in a research report on Wednesday, August 8th. Finally, Leerink Swann upgraded Centene from a “market perform” rating to an “outperform” rating and set a $159.68 price target on the stock in a research report on Wednesday, October 24th. Three investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $151.67.
Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, October 23rd. The company reported $1.79 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.77 by $0.02. The business had revenue of $16.18 billion for the quarter, compared to the consensus estimate of $15.93 billion. Centene had a return on equity of 14.42% and a net margin of 1.58%. The company’s revenue for the quarter was up 36.0% on a year-over-year basis. During the same quarter last year, the business posted $1.35 earnings per share. On average, analysts predict that Centene Corp will post 7.05 EPS for the current fiscal year.
In other news, EVP Christopher D. Bowers sold 3,800 shares of Centene stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $145.55, for a total value of $553,090.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert K. Ditmore sold 15,000 shares of Centene stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $145.06, for a total value of $2,175,900.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,800 shares of company stock worth $4,957,590. Company insiders own 3.00% of the company’s stock.
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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