Wedbush Securities Inc. increased its position in shares of Centene Corp (NYSE:CNC) by 6.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,454 shares of the company’s stock after buying an additional 914 shares during the quarter. Wedbush Securities Inc.’s holdings in Centene were worth $669,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Compagnie Lombard Odier SCmA acquired a new position in Centene during the 2nd quarter worth approximately $30,000. North Star Investment Management Corp. acquired a new position in Centene during the 3rd quarter worth approximately $26,000. Reilly Financial Advisors LLC raised its stake in Centene by 133.3% during the 2nd quarter. Reilly Financial Advisors LLC now owns 700 shares of the company’s stock worth $37,000 after buying an additional 400 shares during the period. Transamerica Financial Advisors Inc. acquired a new position in Centene during the 2nd quarter worth approximately $48,000. Finally, Cullen Frost Bankers Inc. raised its stake in Centene by 1,566.7% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 900 shares of the company’s stock worth $47,000 after buying an additional 846 shares during the period. 96.85% of the stock is currently owned by institutional investors and hedge funds.
CNC has been the topic of a number of research reports. Morgan Stanley dropped their price target on Centene from $64.00 to $62.00 and set an “overweight” rating on the stock in a research note on Thursday, September 26th. Zacks Investment Research downgraded Centene from a “hold” rating to a “sell” rating and set a $50.00 price objective for the company. in a research note on Friday. Deutsche Bank began coverage on Centene in a research note on Thursday, September 12th. They issued a “buy” rating and a $62.00 price objective for the company. Finally, ValuEngine raised Centene from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $71.53.
Centene (NYSE:CNC) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $1.34 EPS for the quarter, topping the consensus estimate of $1.24 by $0.10. The firm had revenue of $18.36 billion during the quarter, compared to the consensus estimate of $18.02 billion. Centene had a return on equity of 15.87% and a net margin of 1.84%. The company’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.90 earnings per share. As a group, research analysts anticipate that Centene Corp will post 4.41 EPS for the current year.
In other Centene news, Director Jessica L. Blume bought 2,850 shares of Centene stock in a transaction dated Friday, July 26th. The stock was bought at an average cost of $52.99 per share, with a total value of $151,021.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.50% of the company’s stock.
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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