Centene Corp (CNC) Holdings Trimmed by Avalon Advisors LLC
Avalon Advisors LLC lessened its holdings in shares of Centene Corp (NYSE:CNC) by 12.9% during the fourth quarter, Holdings Channel reports. The institutional investor owned 107,803 shares of the company’s stock after selling 16,032 shares during the quarter. Avalon Advisors LLC’s holdings in Centene were worth $12,430,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Private Advisor Group LLC lifted its stake in shares of Centene by 229.2% in the 3rd quarter. Private Advisor Group LLC now owns 5,639 shares of the company’s stock valued at $816,000 after purchasing an additional 3,926 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Centene in the 3rd quarter valued at about $310,000. SG Americas Securities LLC lifted its stake in shares of Centene by 142.3% in the 3rd quarter. SG Americas Securities LLC now owns 35,760 shares of the company’s stock valued at $5,177,000 after purchasing an additional 21,002 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Centene by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 780,485 shares of the company’s stock valued at $112,999,000 after purchasing an additional 13,247 shares in the last quarter. Finally, Toronto Dominion Bank lifted its stake in shares of Centene by 44.7% in the 3rd quarter. Toronto Dominion Bank now owns 190,495 shares of the company’s stock valued at $27,576,000 after purchasing an additional 58,836 shares in the last quarter. 45.40% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Christopher D. Bowers sold 9,200 shares of the business’s stock in a transaction that occurred on Friday, February 15th. The stock was sold at an average price of $65.01, for a total value of $598,092.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark J. Brooks sold 2,540 shares of the business’s stock in a transaction that occurred on Tuesday, December 18th. The shares were sold at an average price of $121.26, for a total value of $308,000.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,740 shares of company stock worth $1,406,092. 2.40% of the stock is currently owned by corporate insiders.
Centene (NYSE:CNC) last announced its earnings results on Tuesday, February 5th. The company reported $1.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.33 by $0.05. Centene had a return on equity of 14.10% and a net margin of 1.50%. The company had revenue of $16.56 billion for the quarter, compared to analyst estimates of $16.38 billion. During the same period in the prior year, the company posted $0.49 EPS. Centene’s quarterly revenue was up 29.3% on a year-over-year basis. Sell-side analysts expect that Centene Corp will post 4.23 earnings per share for the current fiscal year.
Several equities analysts recently commented on the company. ValuEngine raised Centene from a “sell” rating to a “hold” rating in a research report on Friday, March 1st. Cowen assumed coverage on Centene in a research report on Thursday, February 28th. They set an “outperform” rating and a $77.00 price target on the stock. Cantor Fitzgerald reissued a “buy” rating and set a $83.00 price target on shares of Centene in a research report on Wednesday, February 27th. Jefferies Financial Group reissued a “buy” rating and set a $76.00 price target on shares of Centene in a research report on Thursday, February 7th. Finally, Oppenheimer reduced their price target on Centene from $165.00 to $83.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 6th. Three analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $77.64.
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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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