Eminence Capital LP reduced its position in shares of Centene Corp (NYSE:CNC) by 7.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,602,387 shares of the company’s stock after selling 223,899 shares during the period. Centene comprises 1.8% of Eminence Capital LP’s portfolio, making the stock its 27th largest position. Eminence Capital LP owned 0.63% of Centene worth $136,469,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of CNC. BlackRock Inc. lifted its position in shares of Centene by 101.6% during the first quarter. BlackRock Inc. now owns 36,536,247 shares of the company’s stock worth $1,940,075,000 after purchasing an additional 18,409,531 shares in the last quarter. Viking Global Investors LP lifted its position in shares of Centene by 233.3% during the second quarter. Viking Global Investors LP now owns 13,994,550 shares of the company’s stock worth $733,874,000 after purchasing an additional 9,795,824 shares in the last quarter. Invesco Ltd. raised its holdings in Centene by 91.2% in the second quarter. Invesco Ltd. now owns 6,368,307 shares of the company’s stock valued at $333,956,000 after acquiring an additional 3,037,351 shares in the last quarter. Third Point LLC acquired a new stake in Centene in the second quarter valued at $131,100,000. Finally, Northern Trust Corp raised its holdings in Centene by 103.3% in the first quarter. Northern Trust Corp now owns 4,704,989 shares of the company’s stock valued at $249,834,000 after acquiring an additional 2,390,842 shares in the last quarter. 97.07% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on CNC. Zacks Investment Research cut shares of Centene from a “buy” rating to a “hold” rating and set a $49.00 price target on the stock. in a report on Monday, September 2nd. Deutsche Bank began coverage on shares of Centene in a report on Thursday, September 12th. They issued a “buy” rating and a $62.00 price target on the stock. ValuEngine cut shares of Centene from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 2nd. Finally, Morgan Stanley dropped their target price on shares of Centene from $71.00 to $64.00 and set an “overweight” rating on the stock in a report on Friday, August 23rd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and thirteen have issued a buy rating to the company. Centene presently has a consensus rating of “Buy” and an average price target of $73.10.
Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.24 by $0.10. The business had revenue of $18.36 billion during the quarter, compared to analyst estimates of $18.02 billion. Centene had a net margin of 1.84% and a return on equity of 15.87%. The company’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.90 earnings per share. Sell-side analysts anticipate that Centene Corp will post 4.42 EPS for the current fiscal year.
In other news, Director Jessica L. Blume purchased 2,850 shares of the stock in a transaction dated Friday, July 26th. The stock was acquired at an average price of $52.99 per share, for a total transaction of $151,021.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.50% of the stock is currently owned by corporate insiders.
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.
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