State of Alaska Department of Revenue Reduces Stock Position in Centene Corp (NYSE:CNC)

State of Alaska Department of Revenue lowered its stake in shares of Centene Corp (NYSE:CNC) by 27.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 68,148 shares of the company’s stock after selling 25,206 shares during the period. State of Alaska Department of Revenue’s holdings in Centene were worth $3,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Toth Financial Advisory Corp lifted its position in shares of Centene by 100.0% during the first quarter. Toth Financial Advisory Corp now owns 480 shares of the company’s stock worth $25,000 after acquiring an additional 240 shares in the last quarter. Huntington National Bank lifted its position in shares of Centene by 110.7% during the first quarter. Huntington National Bank now owns 472 shares of the company’s stock worth $25,000 after acquiring an additional 248 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Centene during the first quarter worth $27,000. Shamrock Asset Management LLC lifted its position in shares of Centene by 100.0% during the first quarter. Shamrock Asset Management LLC now owns 522 shares of the company’s stock worth $28,000 after acquiring an additional 261 shares in the last quarter. Finally, North Star Investment Management Corp. lifted its position in shares of Centene by 100.0% during the first quarter. North Star Investment Management Corp. now owns 600 shares of the company’s stock worth $32,000 after acquiring an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 90.98% of the company’s stock.

In other news, Director Jessica L. Blume purchased 2,850 shares of the stock in a transaction on Friday, July 26th. The shares were acquired at an average price of $52.99 per share, for a total transaction of $151,021.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.50% of the company’s stock.

Shares of CNC stock traded down $0.28 on Friday, reaching $51.07. The company’s stock had a trading volume of 144,556 shares, compared to its average volume of 4,352,070. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.07 and a quick ratio of 1.07. Centene Corp has a 12-month low of $45.44 and a 12-month high of $74.49. The firm has a market cap of $21.07 billion, a P/E ratio of 14.44, a P/E/G ratio of 0.86 and a beta of 0.85. The company has a 50 day simple moving average of $53.21.

Centene (NYSE:CNC) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $1.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.10. Centene had a return on equity of 15.87% and a net margin of 1.84%. The business had revenue of $18.36 billion for the quarter, compared to the consensus estimate of $18.02 billion. During the same quarter last year, the business posted $0.90 earnings per share. The company’s revenue for the quarter was up 29.4% on a year-over-year basis. On average, analysts predict that Centene Corp will post 4.41 earnings per share for the current fiscal year.

A number of brokerages recently issued reports on CNC. SunTrust Banks lowered their price objective on Centene to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, April 24th. Zacks Investment Research downgraded Centene from a “buy” rating to a “hold” rating and set a $59.00 price objective on the stock. in a research report on Wednesday, May 29th. ValuEngine downgraded Centene from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Cantor Fitzgerald reiterated a “buy” rating and issued a $83.00 price objective on shares of Centene in a research report on Sunday, April 21st. Finally, Citigroup upgraded Centene from a “neutral” rating to a “buy” rating and set a $69.00 price objective on the stock in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $75.26.

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. 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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