VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Stake in Centene Corporation $CNC

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Centene Corporation (NYSE:CNC) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 646,708 shares of the company’s stock, valued at approximately $41,512,000.

A number of other large investors also recently made changes to their positions in CNC. California State Teachers Retirement System boosted its holdings in shares of Centene by 5,937.7% during the second quarter. California State Teachers Retirement System now owns 46,149,208 shares of the company’s stock worth $2,962,318,000 after purchasing an additional 45,384,854 shares during the period. BlackRock Inc. acquired a new position in Centene in the 2nd quarter valued at approximately $2,660,422,000. AQR Capital Management LLC lifted its position in Centene by 117.0% in the 4th quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company’s stock worth $1,308,518,000 after buying an additional 17,143,904 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Centene by 423.0% during the 2nd quarter. Wellington Management Group LLP now owns 13,301,215 shares of the company’s stock valued at $853,805,000 after buying an additional 10,757,914 shares during the period. Finally, Norges Bank purchased a new position in shares of Centene during the 4th quarter valued at $332,044,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Stock Down 0.2%

CNC opened at $66.92 on Monday. The firm has a market cap of $33.06 billion, a P/E ratio of -6.41, a price-to-earnings-growth ratio of 0.42 and a beta of 1.10. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.15 and a current ratio of 1.15. The business has a 50 day moving average price of $65.56 and a 200 day moving average price of $54.28. Centene Corporation has a twelve month low of $28.24 and a twelve month high of $69.36.

Centene (NYSE:CNC) last announced its quarterly earnings results on Monday, July 27th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The company had revenue of $53.58 billion for the quarter, compared to the consensus estimate of $47.64 billion. During the same quarter last year, the company posted ($0.16) earnings per share. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Research analysts forecast that Centene Corporation will post 4.89 EPS for the current year.

Wall Street Analysts Forecast Growth

CNC has been the subject of several recent research reports. Raymond James Financial set a $75.00 price objective on Centene in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft raised Centene from a “hold” rating to a “buy” rating and raised their price target for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. Robert W. Baird lifted their price target on Centene from $46.00 to $66.00 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Zacks Research upgraded Centene from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 29th. Finally, Cantor Fitzgerald raised their price objective on shares of Centene from $60.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, Centene has an average rating of “Hold” and an average price target of $70.05.

Insider Transactions at Centene

In related news, General Counsel Christopher Koster sold 56,500 shares of Centene stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $66.90, for a total value of $3,779,850.00. Following the transaction, the general counsel owned 248,854 shares in the company, valued at $16,648,332.60. This trade represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.37% of the company’s stock.

Centene Company Profile

Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children’s Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene’s offerings extend beyond traditional insurance to include a range of specialty and support services.