State of Michigan Retirement System lifted its stake in shares of Centene Corp (NYSE:CNC) by 10.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 147,880 shares of the company’s stock after buying an additional 13,996 shares during the period. State of Michigan Retirement System’s holdings in Centene were worth $9,398,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in CNC. Advisor Group Holdings Inc. purchased a new stake in Centene in the first quarter valued at $2,211,000. Piedmont Investment Advisors Inc. raised its position in Centene by 64.0% during the first quarter. Piedmont Investment Advisors Inc. now owns 54,504 shares of the company’s stock valued at $3,238,000 after acquiring an additional 21,272 shares in the last quarter. State Street Corp lifted its holdings in Centene by 45.2% in the first quarter. State Street Corp now owns 24,458,142 shares of the company’s stock valued at $1,453,058,000 after acquiring an additional 7,617,774 shares during the period. Clarius Group LLC boosted its position in Centene by 7.3% in the 2nd quarter. Clarius Group LLC now owns 3,847 shares of the company’s stock worth $244,000 after purchasing an additional 263 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in Centene by 41.7% in the 1st quarter. AQR Capital Management LLC now owns 135,974 shares of the company’s stock worth $8,078,000 after purchasing an additional 40,033 shares in the last quarter. 93.58% of the stock is currently owned by hedge funds and other institutional investors.
NYSE CNC opened at $65.25 on Friday. The business has a fifty day moving average price of $64.50 and a 200 day moving average price of $63.43. Centene Corp has a one year low of $41.62 and a one year high of $74.70. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.14 and a current ratio of 1.22. The company has a market cap of $37.79 billion, a P/E ratio of 22.89, a P/E/G ratio of 0.95 and a beta of 0.73.
In other Centene news, Director John R. Roberts sold 10,000 shares of the firm’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $70.00, for a total value of $700,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kenneth A. Burdick sold 35,000 shares of Centene stock in a transaction on Monday, May 11th. The stock was sold at an average price of $67.09, for a total value of $2,348,150.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 222,861 shares of company stock valued at $14,674,987. 1.90% of the stock is owned by insiders.
Several research firms recently issued reports on CNC. SVB Leerink began coverage on shares of Centene in a research note on Wednesday, July 1st. They issued an “outperform” rating and a $78.00 target price for the company. SunTrust Banks upped their price objective on shares of Centene from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Credit Suisse Group restated a “hold” rating and set a $72.50 target price on shares of Centene in a research report on Wednesday, April 29th. Bank of America restated a “buy” rating and issued a $82.00 price target on shares of Centene in a research note on Wednesday, April 29th. Finally, Morgan Stanley increased their price target on Centene from $85.00 to $89.00 and gave the stock an “overweight” rating in a research report on Monday, April 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $82.92.
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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