Centene Co. (NYSE:CNC) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE boosted its holdings in Centene Co. (NYSE:CNCGet Rating) by 4.5% during the 1st quarter, Holdings Channel reports. The fund owned 2,778,521 shares of the company’s stock after acquiring an additional 119,418 shares during the quarter. Bank of America Corp DE’s holdings in Centene were worth $233,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in CNC. GHP Investment Advisors Inc. acquired a new position in shares of Centene during the 1st quarter valued at $27,000. Chilton Capital Management LLC acquired a new position in shares of Centene during the 4th quarter valued at $28,000. Byrne Asset Management LLC acquired a new position in shares of Centene during the 4th quarter valued at $33,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new position in shares of Centene during the 1st quarter valued at $39,000. Finally, Riverview Trust Co acquired a new position in shares of Centene during the 1st quarter valued at $42,000. 94.74% of the stock is currently owned by institutional investors and hedge funds.

Centene Stock Performance

Shares of Centene stock opened at $83.41 on Wednesday. The stock has a market cap of $47.68 billion, a PE ratio of 26.48, a price-to-earnings-growth ratio of 1.04 and a beta of 0.52. Centene Co. has a 12 month low of $60.81 and a 12 month high of $98.53. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.70. The business has a fifty day simple moving average of $91.63 and a 200-day simple moving average of $86.52.

Centene (NYSE:CNCGet Rating) last released 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. The firm had revenue of $35.94 billion during the quarter, compared to analysts’ expectations of $35.56 billion. Centene had a return on equity of 12.92% and a net margin of 1.35%. The business’s revenue for the quarter was up 15.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.25 earnings per share. On average, sell-side analysts anticipate that Centene Co. will post 5.7 EPS for the current fiscal year.

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CNC shares. Oppenheimer lifted their price target on Centene to $110.00 and gave the company an “outperform” rating in a research report on Wednesday, July 27th. Cowen raised their price objective on Centene to $108.00 in a research note on Tuesday, August 9th. Stephens raised their price objective on Centene to $110.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. Wells Fargo & Company lowered Centene from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $103.00 to $99.00 in a research note on Friday, August 26th. Finally, Bank of America lowered 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 note on Thursday, May 26th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $98.89.

Insider Activity at Centene

In other news, Director Richard A. Gephardt sold 10,220 shares of the stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $84.03, for a total transaction of $858,786.60. Following the transaction, the director now owns 27,040 shares in the company, valued at approximately $2,272,171.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Richard A. Gephardt sold 10,220 shares of Centene stock in a transaction on Thursday, June 23rd. The shares were sold at an average price of $84.03, for a total value of $858,786.60. Following the completion of the sale, the director now owns 27,040 shares of the company’s stock, valued at approximately $2,272,171.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Shannon Bagley sold 9,000 shares of the firm’s stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $92.21, for a total value of $829,890.00. Following the transaction, the executive vice president now owns 118,194 shares in the company, valued at $10,898,668.74. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,900 shares of company stock valued at $2,194,241. Insiders own 0.28% of the company’s stock.

Centene Company Profile

(Get Rating)

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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