Oppenheimer Asset Management Inc. trimmed its position in Centene Corporation (NYSE:CNC) by 6.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,098 shares of the company’s stock after selling 7,586 shares during the quarter. Oppenheimer Asset Management Inc. owned 0.07% of Centene worth $11,526,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. CFO4Life Group LLC grew its position in Centene by 0.4% in the second quarter. CFO4Life Group LLC now owns 6,598 shares of the company’s stock valued at $527,000 after acquiring an additional 25 shares during the period. MML Investors Services LLC grew its holdings in shares of Centene by 1.0% during the second quarter. MML Investors Services LLC now owns 3,587 shares of the company’s stock worth $287,000 after purchasing an additional 34 shares during the last quarter. Keybank National Association OH grew its holdings in shares of Centene by 1.1% during the second quarter. Keybank National Association OH now owns 3,180 shares of the company’s stock worth $254,000 after purchasing an additional 36 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Centene by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 12,799 shares of the company’s stock worth $1,022,000 after purchasing an additional 38 shares during the last quarter. Finally, Modera Wealth Management LLC grew its holdings in shares of Centene by 1.0% during the second quarter. Modera Wealth Management LLC now owns 5,086 shares of the company’s stock worth $406,000 after purchasing an additional 51 shares during the last quarter. Institutional investors and hedge funds own 92.33% of the company’s stock.
In other Centene news, Director Robert K. Ditmore sold 4,167 shares of the stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 3.00% of the company’s stock.
Centene (NYSE:CNC) last released its earnings results on Tuesday, October 24th. The company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.24 by $0.11. Centene had a return on equity of 14.79% and a net margin of 1.81%. The firm had revenue of $11.90 billion for the quarter, compared to analyst estimates of $11.75 billion. During the same quarter in the prior year, the firm posted $1.12 earnings per share. The company’s quarterly revenue was up 9.7% on a year-over-year basis. analysts forecast that Centene Corporation will post 4.98 EPS for the current fiscal year.
Several brokerages have recently commented on CNC. Deutsche Bank restated a “buy” rating and set a $111.00 target price (up previously from $95.00) on shares of Centene in a report on Thursday, September 14th. Cantor Fitzgerald restated a “buy” rating and set a $107.00 target price on shares of Centene in a report on Tuesday, October 24th. Cowen restated a “buy” rating and set a $115.00 target price on shares of Centene in a report on Tuesday, October 24th. Oppenheimer restated a “buy” rating and set a $105.00 target price on shares of Centene in a report on Tuesday, October 24th. Finally, Zacks Investment Research upgraded Centene from a “hold” rating to a “buy” rating and set a $107.00 target price on the stock in a report on Friday, September 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and seventeen have assigned a buy rating to the company. Centene currently has an average rating of “Buy” and a consensus price target of $99.11.
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Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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