Millennium Management LLC Has $97.43 Million Position in Centene Corp (CNC)

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Millennium Management LLC lifted its holdings in Centene Corp (NYSE:CNC) by 92.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 790,781 shares of the company’s stock after buying an additional 379,858 shares during the quarter. Millennium Management LLC owned 0.39% of Centene worth $97,432,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. CI Investments Inc. purchased a new stake in shares of Centene in the first quarter valued at approximately $44,885,000. Stifel Financial Corp boosted its position in Centene by 35.9% during the first quarter. Stifel Financial Corp now owns 47,597 shares of the company’s stock worth $5,084,000 after purchasing an additional 12,563 shares in the last quarter. Iguana Healthcare Management LLC purchased a new stake in Centene during the first quarter worth $3,206,000. Greenleaf Trust purchased a new stake in Centene during the second quarter worth $301,000. Finally, Schwab Charles Investment Management Inc. boosted its position in Centene by 9.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 897,930 shares of the company’s stock worth $110,634,000 after purchasing an additional 74,746 shares in the last quarter. Hedge funds and other institutional investors own 90.07% of the company’s stock.

In other news, EVP Christopher D. Bowers sold 3,800 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $145.55, for a total value of $553,090.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert K. Ditmore sold 15,000 shares of the business’s stock in a transaction on Monday, September 10th. The stock was sold at an average price of $145.06, for a total value of $2,175,900.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,550 shares of company stock valued at $4,274,790. Insiders own 3.00% of the company’s stock.

A number of research firms have commented on CNC. Piper Jaffray Companies reiterated a “buy” rating and set a $152.00 target price on shares of Centene in a research report on Wednesday, July 25th. Oppenheimer boosted their target price on Centene from $130.00 to $138.00 in a research report on Monday, June 18th. Leerink Swann boosted their target price on Centene from $120.00 to $130.00 and gave the stock a “market perform” rating in a research report on Monday, June 18th. Credit Suisse Group boosted their target price on Centene from $125.00 to $134.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 25th. Finally, Cantor Fitzgerald boosted their target price on Centene to $137.00 and gave the stock an “overweight” rating in a research report on Monday, June 18th. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Centene presently has a consensus rating of “Buy” and an average target price of $144.38.

NYSE CNC opened at $145.24 on Friday. Centene Corp has a fifty-two week low of $83.56 and a fifty-two week high of $148.24. The firm has a market capitalization of $29.61 billion, a PE ratio of 22.94, a P/E/G ratio of 1.39 and a beta of 0.85. The company has a quick ratio of 1.26, a current ratio of 1.25 and a debt-to-equity ratio of 0.59.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, July 24th. The company reported $1.80 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.77 by $0.03. Centene had a return on equity of 14.57% and a net margin of 2.06%. The company had revenue of $14.18 billion during the quarter, compared to analysts’ expectations of $13.82 billion. During the same period in the previous year, the firm posted $1.59 earnings per share. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. research analysts predict that Centene Corp will post 7.08 earnings per share for the current fiscal year.

About Centene

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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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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