Mirae Asset Global Investments Co. Ltd. Buys 12,839 Shares of Centene Co. (NYSE:CNC)

Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Centene Co. (NYSE:CNCGet Rating) by 12.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,870 shares of the company’s stock after buying an additional 12,839 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Centene were worth $9,840,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CNC. Glassman Wealth Services boosted its holdings in Centene by 19.5% during the fourth quarter. Glassman Wealth Services now owns 742 shares of the company’s stock worth $61,000 after buying an additional 121 shares in the last quarter. Whittier Trust Co. boosted its holdings in Centene by 4.4% during the first quarter. Whittier Trust Co. now owns 2,981 shares of the company’s stock worth $251,000 after buying an additional 125 shares in the last quarter. Clayton Partners LLC boosted its holdings in Centene by 0.4% during the first quarter. Clayton Partners LLC now owns 32,688 shares of the company’s stock worth $2,752,000 after buying an additional 127 shares in the last quarter. First Horizon Advisors Inc. boosted its holdings in Centene by 18.1% during the first quarter. First Horizon Advisors Inc. now owns 855 shares of the company’s stock worth $72,000 after buying an additional 131 shares in the last quarter. Finally, Burney Co. boosted its holdings in Centene by 0.6% during the first quarter. Burney Co. now owns 21,265 shares of the company’s stock worth $1,790,000 after buying an additional 137 shares in the last quarter. Institutional investors own 94.74% of the company’s stock.

Centene Trading Down 1.6 %

Shares of CNC opened at $83.41 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.70. Centene Co. has a 12-month low of $60.81 and a 12-month high of $98.53. The firm has a 50-day moving average price of $91.63 and a 200 day moving average price of $86.52. The firm has a market capitalization of $47.68 billion, a P/E ratio of 26.48, a P/E/G ratio of 1.04 and a beta of 0.52.

Centene (NYSE:CNCGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $1.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.59 by $0.18. Centene had a net margin of 1.35% and a return on equity of 12.92%. The firm had revenue of $35.94 billion during the quarter, compared to analyst estimates of $35.56 billion. During the same quarter in the prior year, the firm posted $1.25 earnings per share. Centene’s quarterly revenue was up 15.8% on a year-over-year basis. Sell-side analysts forecast that Centene Co. will post 5.7 EPS for the current year.

Centene declared that its board has approved a stock buyback plan on Friday, June 17th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Insider Activity at Centene

In other Centene news, Director Lori Jean Robinson sold 1,200 shares of the stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $92.77, for a total transaction of $111,324.00. Following the completion of the transaction, the director now owns 9,908 shares of the company’s stock, valued at $919,165.16. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Centene news, EVP Shannon Bagley sold 9,000 shares of the stock in a transaction dated Friday, July 29th. The shares were 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 $10,898,668.74. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lori Jean Robinson sold 1,200 shares of the firm’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 completion of the transaction, the director now directly owns 9,908 shares of the company’s stock, valued at approximately $919,165.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,900 shares of company stock valued at $2,194,241. 0.28% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of recent analyst reports. Cowen increased their price target on shares of Centene to $108.00 in a report on Tuesday, August 9th. Truist Financial upped their price objective on shares of Centene from $102.00 to $110.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 27th. Loop Capital initiated coverage on shares of Centene in a research report on Thursday, June 16th. They set a “buy” rating and a $100.00 price objective for the company. Bank of America cut shares of Centene from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $95.00 to $90.00 in a research report on Thursday, May 26th. Finally, Barclays initiated coverage on shares of Centene in a research report on Thursday, July 28th. They set an “overweight” rating and a $107.00 price objective for the company. Five equities research 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 company. According to data from MarketBeat, Centene currently has an average rating of “Moderate Buy” and a consensus price target of $98.89.

About Centene

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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.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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