Victory Capital Management Inc. Reduces Position in Centene Corp (CNC)

Victory Capital Management Inc. lowered its holdings in Centene Corp (NYSE:CNC) by 16.1% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 670,982 shares of the company’s stock after selling 128,901 shares during the period. Victory Capital Management Inc. owned approximately 0.33% of Centene worth $97,144,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. FNY Investment Advisers LLC acquired a new position in shares of Centene in the third quarter valued at approximately $106,000. Fort L.P. acquired a new position in shares of Centene in the second quarter valued at approximately $122,000. IMA Wealth Inc. acquired a new position in shares of Centene in the second quarter valued at approximately $124,000. TRUE Private Wealth Advisors acquired a new position in shares of Centene in the third quarter valued at approximately $173,000. Finally, Steward Partners Investment Advisory LLC lifted its stake in Centene by 127.2% in the second quarter. Steward Partners Investment Advisory LLC now owns 1,254 shares of the company’s stock worth $155,000 after acquiring an additional 702 shares during the last quarter. Hedge funds and other institutional investors own 89.98% of the company’s stock.

A number of research analysts recently issued reports on CNC shares. Piper Jaffray Companies reiterated a “buy” rating and issued a $152.00 price target on shares of Centene in a research note on Wednesday, July 25th. Bank of America lifted their price target on shares of Centene from $145.00 to $158.00 and gave the stock a “buy” rating in a research note on Tuesday, July 24th. Zacks Investment Research upgraded shares of Centene from a “hold” rating to a “buy” rating and set a $152.00 price target for the company in a research note on Wednesday, August 8th. Citigroup reiterated a “neutral” rating and issued a $147.00 price target on shares of Centene in a research note on Wednesday, July 18th. Finally, Credit Suisse Group lifted their price target on shares of Centene from $134.00 to $152.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 4th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Centene presently has an average rating of “Buy” and a consensus price target of $151.67.

Shares of Centene stock opened at $129.31 on Friday. Centene Corp has a 52-week low of $90.07 and a 52-week high of $148.24. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.59. The company has a market capitalization of $26.55 billion, a P/E ratio of 19.21, a PEG ratio of 1.22 and a beta of 1.05.

Centene (NYSE:CNC) last issued its quarterly earnings data on Tuesday, October 23rd. The company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.77 by $0.02. The business had revenue of $16.18 billion during the quarter, compared to the consensus estimate of $15.93 billion. Centene had a net margin of 1.58% and a return on equity of 14.42%. The company’s revenue was up 36.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.35 EPS. On average, equities research analysts anticipate that Centene Corp will post 7.05 EPS for the current fiscal year.

In other news, EVP Keith H. Williamson sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, September 28th. The shares were sold at an average price of $145.00, for a total transaction of $290,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Christopher D. Bowers sold 3,800 shares of the business’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $145.55, for a total transaction of $553,090.00. The disclosure for this sale can be found here. Insiders have sold a total of 35,800 shares of company stock valued at $4,957,590 in the last 90 days. Insiders own 3.00% of the company’s stock.

About Centene

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. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.

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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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