Empowered Funds LLC Decreases Position in Centene Co. (NYSE:CNC)

Empowered Funds LLC lessened its holdings in Centene Co. (NYSE:CNC) by 17.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 97,080 shares of the company’s stock after selling 20,904 shares during the period. Empowered Funds LLC’s holdings in Centene were worth $7,619,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sciencast Management LP purchased a new stake in shares of Centene during the 1st quarter worth $886,000. LSV Asset Management lifted its position in shares of Centene by 0.3% during the 1st quarter. LSV Asset Management now owns 2,237,351 shares of the company’s stock worth $175,587,000 after purchasing an additional 6,051 shares during the last quarter. Empirical Finance LLC lifted its position in shares of Centene by 3.3% during the 1st quarter. Empirical Finance LLC now owns 19,957 shares of the company’s stock worth $1,566,000 after purchasing an additional 642 shares during the last quarter. Oxbow Advisors LLC lifted its position in shares of Centene by 3.4% during the 1st quarter. Oxbow Advisors LLC now owns 59,983 shares of the company’s stock worth $4,707,000 after purchasing an additional 1,997 shares during the last quarter. Finally, Buck Wealth Strategies LLC purchased a new stake in Centene in the first quarter valued at $2,012,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Up 0.9 %

CNC traded up $0.61 during trading hours on Friday, reaching $67.86. 4,033,719 shares of the stock traded hands, compared to its average volume of 3,546,665. The firm’s fifty day simple moving average is $70.98 and its two-hundred day simple moving average is $74.33. The company has a market cap of $36.21 billion, a price-to-earnings ratio of 13.49, a PEG ratio of 0.87 and a beta of 0.50. Centene Co. has a fifty-two week low of $60.83 and a fifty-two week high of $81.42. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.17.

Centene (NYSE:CNC) last released its quarterly earnings results on Friday, April 26th. The company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.17. The business had revenue of $40.41 billion during the quarter, compared to analyst estimates of $36.43 billion. Centene had a net margin of 1.76% and a return on equity of 14.19%. The business’s revenue was up 3.9% on a year-over-year basis. During the same period last year, the business earned $2.11 EPS. As a group, analysts forecast that Centene Co. will post 6.81 earnings per share for the current fiscal year.

Insider Buying and Selling at Centene

In other Centene news, President Kenneth J. Fasola sold 8,000 shares of the stock in a transaction on Monday, May 13th. The shares were sold at an average price of $77.62, for a total transaction of $620,960.00. Following the transaction, the president now directly owns 300,357 shares in the company, valued at approximately $23,313,710.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Centene news, Director Christopher J. Coughlin sold 878 shares of the stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $76.75, for a total transaction of $67,386.50. Following the transaction, the director now directly owns 25,504 shares in the company, valued at approximately $1,957,432. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Kenneth J. Fasola sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $77.62, for a total transaction of $620,960.00. Following the completion of the transaction, the president now owns 300,357 shares in the company, valued at $23,313,710.34. The disclosure for this sale can be found here. 0.33% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Centene from $81.00 to $82.00 and gave the company a “hold” rating in a research report on Tuesday, April 30th. Barclays lifted their price objective on shares of Centene from $101.00 to $104.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price objective on shares of Centene in a research note on Wednesday, June 12th. Wells Fargo & Company lifted their price objective on shares of Centene from $89.00 to $93.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Finally, Robert W. Baird started coverage on shares of Centene in a research note on Thursday, May 30th. They issued a “neutral” rating and a $83.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Centene currently has an average rating of “Moderate Buy” and a consensus target price of $86.00.

About Centene

Centene Corporation operates as a healthcare enterprise that provides programs and services to under-insured and uninsured families, commercial organizations, and military families in the United States. The company operates through Medicaid, Medicare, Commercial, and Other segments. The Medicaid segment offers health plan coverage, including medicaid expansion, aged, blind, disabled, children's health insurance program, foster care, medicare-medicaid plans, long-term services and support.