State of Alaska Department of Revenue Increases Stock Position in Centene Co. (NYSE:CNC)

State of Alaska Department of Revenue increased its position in shares of Centene Co. (NYSE:CNCGet Rating) by 15.0% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 94,402 shares of the company’s stock after buying an additional 12,313 shares during the quarter. State of Alaska Department of Revenue’s holdings in Centene were worth $7,986,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CNC. GHP Investment Advisors Inc. purchased a new position in Centene during the first quarter valued at $27,000. Chilton Capital Management LLC purchased a new position in Centene during the fourth quarter valued at $28,000. Massmutual Trust Co. FSB ADV lifted its holdings in Centene by 145.5% during the second quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the company’s stock valued at $30,000 after purchasing an additional 211 shares in the last quarter. Byrne Asset Management LLC purchased a new position in Centene during the fourth quarter valued at $33,000. Finally, Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. purchased a new position in Centene during the first quarter valued at $39,000. 94.74% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Richard A. Gephardt sold 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $80.01, for a total value of $264,033.00. Following the completion of the transaction, the director now owns 37,260 shares of the company’s stock, valued at $2,981,172.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Richard A. Gephardt sold 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, June 21st. The shares were sold at an average price of $80.01, for a total value of $264,033.00. Following the completion of the transaction, the director now owns 37,260 shares of the company’s stock, valued at $2,981,172.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard A. Gephardt sold 4,480 shares of the firm’s stock in a transaction that occurred on Friday, July 8th. The shares were sold at an average price of $88.00, for a total transaction of $394,240.00. Following the completion of the transaction, the director now directly owns 22,560 shares of the company’s stock, valued at approximately $1,985,280. The disclosure for this sale can be found here. Insiders sold a total of 28,200 shares of company stock valued at $2,458,274 over the last 90 days. 0.28% of the stock is owned by company insiders.

Centene Trading Down 2.0 %

Shares of CNC stock opened at $84.28 on Monday. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $48.17 billion, a PE ratio of 26.76, a price-to-earnings-growth ratio of 1.04 and a beta of 0.52. The company has a 50-day moving average of $91.68 and a two-hundred day moving average of $86.52. Centene Co. has a 1-year low of $60.81 and a 1-year high of $98.53.

Centene (NYSE:CNCGet Rating) last announced its earnings results on Tuesday, July 26th. The company reported $1.77 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.18. The company had revenue of $35.94 billion during 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%. Centene’s revenue was up 15.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 earnings per share. On average, analysts predict that Centene Co. will post 5.7 EPS for the current year.

Centene declared that its Board of Directors has initiated a share repurchase program on Friday, June 17th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the company to reacquire up to 6.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several research firms have issued reports on CNC. Bank of America downgraded shares of Centene from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $95.00 to $90.00 in a report on Thursday, May 26th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Centene from $91.00 to $99.00 in a research report on Wednesday, July 27th. Barclays initiated coverage on shares of Centene in a research report on Thursday, July 28th. They issued an “overweight” rating and a $107.00 target price for the company. Morgan Stanley reduced their target price on shares of Centene from $112.00 to $103.00 and set an “overweight” rating for the company in a research report on Thursday, June 23rd. Finally, Oppenheimer increased their target price on shares of Centene to $110.00 and gave the company an “outperform” rating in a research report on Wednesday, July 27th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Centene has a consensus rating of “Moderate Buy” and a consensus target price of $98.89.

Centene Profile

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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.

See Also

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Co. (NYSE:CNCGet Rating).

Institutional Ownership by Quarter for Centene (NYSE:CNC)

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