2,477,200 Shares in Centene Corporation $CNC Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp bought a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,477,200 shares of the company's stock, valued at approximately $159,011,000. Bank of New York Mellon Corp owned approximately 0.50% of Centene at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CNC. Chicago Partners Investment Group LLC increased its position in Centene by 114.1% during the fourth quarter. Chicago Partners Investment Group LLC now owns 45,798 shares of the company's stock valued at $1,885,000 after acquiring an additional 24,411 shares during the last quarter. Focus Partners Advisor Solutions LLC bought a new stake in shares of Centene in the 2nd quarter worth about $4,514,000. GSA Capital Partners LLP purchased a new position in shares of Centene during the 2nd quarter worth about $2,134,000. Gateway Investment Advisers LLC grew its holdings in Centene by 599.0% during the 4th quarter. Gateway Investment Advisers LLC now owns 52,816 shares of the company's stock valued at $2,173,000 after purchasing an additional 45,260 shares during the last quarter. Finally, Sanctuary Advisors LLC raised its holdings in shares of Centene by 27.4% in the fourth quarter. Sanctuary Advisors LLC now owns 80,694 shares of the company's stock worth $3,321,000 after buying an additional 17,356 shares during the period. 93.63% of the stock is owned by institutional investors.

Centene Price Performance

NYSE CNC opened at $64.94 on Monday. The firm's fifty day simple moving average is $64.96 and its two-hundred day simple moving average is $52.46. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. Centene Corporation has a 12-month low of $28.24 and a 12-month high of $69.36. The firm has a market capitalization of $32.08 billion, a P/E ratio of -6.22, a P/E/G ratio of 0.35 and a beta of 1.08.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.51 EPS for the quarter, beating the consensus estimate of $1.09 by $1.42. The firm had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The business's revenue for the quarter was up 9.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.16) EPS. Analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Insider Activity at Centene

In other news, General Counsel Christopher Koster sold 47,603 shares of Centene stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $65.36, for a total transaction of $3,111,332.08. Following the completion of the sale, the general counsel directly owned 305,354 shares in the company, valued at approximately $19,957,937.44. The trade was a 13.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.37% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CNC shares. Morgan Stanley set a $66.00 price objective on Centene in a report on Wednesday, July 29th. Mizuho set a $63.00 price objective on Centene and gave the stock a "neutral" rating in a research note on Monday, June 8th. Barclays reissued an "overweight" rating and set a $80.00 price target (up from $75.00) on shares of Centene in a research report on Wednesday, July 29th. JPMorgan Chase & Co. raised their price target on Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a research note on Tuesday, August 4th. Finally, Stifel Nicolaus set a $79.00 price target on shares of Centene in a research report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Centene presently has an average rating of "Hold" and a consensus price target of $70.05.

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.

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