IndexIQ Advisors LLC Purchases Shares of 84,193 Centene Corp (CNC)

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IndexIQ Advisors LLC purchased a new stake in Centene Corp (NYSE:CNC) during the 1st quarter, Holdings Channel reports. The fund purchased 84,193 shares of the company’s stock, valued at approximately $4,471,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. American International Group Inc. raised its position in shares of Centene by 99.7% in the first quarter. American International Group Inc. now owns 196,259 shares of the company’s stock valued at $10,421,000 after purchasing an additional 97,974 shares during the period. Toronto Dominion Bank increased its holdings in Centene by 239.7% during the 1st quarter. Toronto Dominion Bank now owns 948,624 shares of the company’s stock worth $50,364,000 after acquiring an additional 669,368 shares during the period. Mn Services Vermogensbeheer B.V. increased its holdings in Centene by 102.0% during the 1st quarter. Mn Services Vermogensbeheer B.V. now owns 224,958 shares of the company’s stock worth $11,945,000 after acquiring an additional 113,579 shares during the period. Sandy Spring Bank increased its holdings in Centene by 100.0% during the 1st quarter. Sandy Spring Bank now owns 1,400 shares of the company’s stock worth $74,000 after acquiring an additional 700 shares during the period. Finally, State Treasurer State of Michigan increased its holdings in Centene by 102.4% during the 1st quarter. State Treasurer State of Michigan now owns 119,048 shares of the company’s stock worth $6,321,000 after acquiring an additional 60,224 shares during the period. 49.14% of the stock is currently owned by institutional investors.

CNC stock opened at $54.47 on Wednesday. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04. Centene Corp has a one year low of $45.44 and a one year high of $74.49. The company has a market capitalization of $22.62 billion, a price-to-earnings ratio of 15.39, a P/E/G ratio of 0.93 and a beta of 1.21.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, April 23rd. The company reported $1.39 EPS for the quarter, topping the Zacks’ consensus estimate of $1.32 by $0.07. Centene had a net margin of 1.66% and a return on equity of 14.60%. The business had revenue of $18.44 billion during the quarter, compared to analysts’ expectations of $17.44 billion. During the same quarter in the previous year, the company earned $2.17 EPS. The business’s quarterly revenue was up 39.8% compared to the same quarter last year. As a group, equities research analysts forecast that Centene Corp will post 4.36 earnings per share for the current fiscal year.

In other Centene news, EVP Christopher D. Bowers sold 9,200 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The shares were sold at an average price of $65.01, for a total value of $598,092.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.50% of the stock is owned by insiders.

A number of research firms recently weighed in on CNC. Zacks Investment Research lowered shares of Centene from a “strong-buy” rating to a “hold” rating in a report on Monday, April 15th. ValuEngine lowered shares of Centene from a “sell” rating to a “strong sell” rating in a report on Thursday, April 18th. Cowen reaffirmed a “buy” rating and set a $77.00 target price on shares of Centene in a report on Sunday, March 31st. Cantor Fitzgerald reaffirmed a “buy” rating and set a $83.00 target price on shares of Centene in a report on Sunday, April 21st. Finally, Credit Suisse Group decreased their target price on shares of Centene from $76.00 to $63.00 and set a “neutral” rating on the stock in a report on Friday, March 29th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seventeen have given a buy rating to the company’s stock. Centene currently has a consensus rating of “Buy” and a consensus price target of $76.10.

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Centene Company Profile

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. The company's Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which covers dually eligible individuals, as well as aged, blind, or disabled programs.

See Also: Understanding Market Liquidity

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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