Retirement Systems of Alabama Boosts Stake in Centene Corp (CNC)

Retirement Systems of Alabama lifted its position in Centene Corp (NYSE:CNC) by 103.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 192,389 shares of the company’s stock after buying an additional 97,734 shares during the period. Retirement Systems of Alabama’s holdings in Centene were worth $10,216,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Lindbrook Capital LLC bought a new stake in shares of Centene in the 4th quarter worth $31,000. Bessemer Group Inc. raised its stake in shares of Centene by 140.7% in the 4th quarter. Bessemer Group Inc. now owns 349 shares of the company’s stock worth $41,000 after buying an additional 204 shares in the last quarter. Prime Capital Investment Advisors LLC bought a new stake in shares of Centene in the 4th quarter worth $47,000. Huntington National Bank raised its stake in shares of Centene by 110.7% in the 1st quarter. Huntington National Bank now owns 472 shares of the company’s stock worth $25,000 after buying an additional 248 shares in the last quarter. Finally, North Star Investment Management Corp. raised its stake in shares of Centene by 100.0% in the 1st quarter. North Star Investment Management Corp. now owns 600 shares of the company’s stock worth $32,000 after buying an additional 300 shares in the last quarter. 45.57% of the stock is currently owned by institutional investors.

In other news, EVP Christopher D. Bowers sold 9,200 shares of Centene stock in a transaction on Friday, February 15th. The stock was sold at an average price of $65.01, for a total transaction of $598,092.00. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.50% of the company’s stock.

Shares of NYSE CNC opened at $48.20 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $19.92 billion, a P/E ratio of 13.62, a P/E/G ratio of 0.85 and a beta of 1.26. Centene Corp has a 52-week low of $45.44 and a 52-week high of $74.49.

Centene (NYSE:CNC) last issued its earnings results on Tuesday, February 5th. The company reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.33 by $0.05. The business had revenue of $16.56 billion for the quarter, compared to analysts’ expectations of $16.38 billion. Centene had a return on equity of 14.10% and a net margin of 1.50%. The company’s quarterly revenue was up 29.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.49 EPS. As a group, research analysts expect that Centene Corp will post 4.24 EPS for the current fiscal year.

A number of analysts have recently commented on the company. Zacks Investment Research raised Centene from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a research note on Monday, December 31st. Oppenheimer dropped their price objective on Centene from $165.00 to $83.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 6th. ValuEngine downgraded Centene from a “hold” rating to a “sell” rating in a research note on Wednesday, March 27th. Stephens assumed coverage on Centene in a research note on Monday, January 14th. They issued an “overweight” rating and a $73.50 price objective on the stock. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $76.00 price objective on shares of Centene in a research note on Thursday, February 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and fifteen have given a buy rating to the stock. Centene has a consensus rating of “Buy” and an average price target of $76.87.

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Centene Profile

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. The company's 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 covers 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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