Fulton Bank N.A. lowered its stake in shares of Centene Co. (NYSE:CNC – Get Rating) by 8.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,291 shares of the company’s stock after selling 657 shares during the quarter. Fulton Bank N.A.’s holdings in Centene were worth $617,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Gateway Investment Advisers LLC increased its holdings in shares of Centene by 7.8% during the first quarter. Gateway Investment Advisers LLC now owns 7,630 shares of the company’s stock valued at $642,000 after acquiring an additional 555 shares in the last quarter. Huntington National Bank increased its holdings in shares of Centene by 30.8% during the first quarter. Huntington National Bank now owns 1,309 shares of the company’s stock valued at $110,000 after acquiring an additional 308 shares in the last quarter. Whittier Trust Co. increased its holdings in shares of Centene by 4.4% during the first quarter. Whittier Trust Co. now owns 2,981 shares of the company’s stock valued at $251,000 after acquiring an additional 125 shares in the last quarter. Metis Global Partners LLC increased its holdings in shares of Centene by 81.3% during the first quarter. Metis Global Partners LLC now owns 9,225 shares of the company’s stock valued at $776,000 after acquiring an additional 4,136 shares in the last quarter. Finally, Kentucky Retirement Systems increased its holdings in Centene by 5.2% in the 1st quarter. Kentucky Retirement Systems now owns 37,193 shares of the company’s stock worth $3,131,000 after buying an additional 1,853 shares during the period. Institutional investors and hedge funds own 94.74% of the company’s stock.
Insider Buying and Selling at Centene
In other news, Director Lori Jean Robinson sold 1,200 shares of the business’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $92.77, for a total value of $111,324.00. Following the sale, the director now directly owns 9,908 shares of the company’s stock, valued at approximately $919,165.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Lori Jean Robinson sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $92.77, for a total transaction of $111,324.00. Following the sale, the director now directly owns 9,908 shares of the company’s stock, valued at approximately $919,165.16. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Shannon Bagley sold 9,000 shares of the business’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $92.21, for a total transaction of $829,890.00. Following the completion of the transaction, the executive vice president now owns 118,194 shares of the company’s stock, valued at approximately $10,898,668.74. The disclosure for this sale can be found here. Insiders have sold 28,200 shares of company stock valued at $2,458,274 over the last 90 days. 0.28% of the stock is owned by insiders.
Centene Trading Down 2.0 %
Centene (NYSE:CNC – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.77 EPS for the quarter, beating the consensus estimate of $1.59 by $0.18. The firm had revenue of $35.94 billion for the quarter, compared to analyst estimates of $35.56 billion. Centene had a net margin of 1.35% and a return on equity of 12.92%. The business’s revenue for the quarter was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.25 EPS. As a group, equities analysts predict that Centene Co. will post 5.7 earnings per share for the current year.
Centene declared that its board has approved a stock repurchase plan on Friday, June 17th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
Analyst Ratings Changes
Several equities analysts recently weighed in on the stock. Loop Capital assumed coverage on shares of Centene in a report on Thursday, June 16th. They issued a “buy” rating and a $100.00 price target on the stock. Stephens increased their price target on shares of Centene to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. Wells Fargo & Company downgraded Centene from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $103.00 to $99.00 in a research note on Friday, August 26th. Jefferies Financial Group upgraded Centene from a “hold” rating to a “buy” rating and upped their price objective for the stock from $82.00 to $115.00 in a research report on Thursday, July 14th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Centene from $91.00 to $99.00 in a research report on Wednesday, July 27th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $98.89.
Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its 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 cover dually eligible individuals, as well as aged, blind, or disabled programs.
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