Van ECK Associates Corp increased its stake in shares of Centene Co. (NYSE:CNC – Get Rating) by 11.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,727 shares of the company’s stock after purchasing an additional 602 shares during the quarter. Van ECK Associates Corp’s holdings in Centene were worth $446,000 at the end of the most recent reporting period.
Other institutional investors have also added to or reduced their stakes in the company. Chilton Capital Management LLC acquired a new position in Centene during the 2nd quarter worth approximately $25,000. Fieldpoint Private Securities LLC grew its holdings in Centene by 112.0% during the 2nd quarter. Fieldpoint Private Securities LLC now owns 335 shares of the company’s stock worth $28,000 after acquiring an additional 177 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in Centene by 145.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 356 shares of the company’s stock worth $30,000 after acquiring an additional 211 shares during the last quarter. Crewe Advisors LLC bought a new stake in Centene during the 2nd quarter worth approximately $31,000. Finally, Larson Financial Group LLC grew its holdings in Centene by 30.1% during the 2nd quarter. Larson Financial Group LLC now owns 592 shares of the company’s stock worth $50,000 after acquiring an additional 137 shares during the last quarter. 93.28% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
CNC has been the topic of a number of research reports. StockNews.com raised shares of Centene from a “buy” rating to a “strong-buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Centene from $99.00 to $94.00 in a report on Wednesday, October 26th. JPMorgan Chase & Co. reduced their price objective on shares of Centene from $103.00 to $98.00 and set an “overweight” rating on the stock in a research note on Friday, January 6th. Credit Suisse Group upped their price objective on shares of Centene from $104.00 to $106.00 and gave the company an “outperform” rating in a research note on Monday, December 19th. Finally, Barclays reduced their price objective on shares of Centene from $107.00 to $100.00 and set an “overweight” rating on the stock in a research note on Monday, October 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $101.35.
Centene Stock Performance
Centene (NYSE:CNC – Get Rating) last released its quarterly earnings data on Tuesday, October 25th. The company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.08. The firm had revenue of $35.84 billion for the quarter, compared to the consensus estimate of $35.45 billion. Centene had a net margin of 1.42% and a return on equity of 13.08%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.26 earnings per share. On average, analysts expect that Centene Co. will post 5.72 EPS for the current fiscal year.
Centene announced that its Board of Directors has approved a stock buyback plan on Friday, December 16th that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the company to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.
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.
- Get a free copy of the StockNews.com research report on Centene (CNC)
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