Mackenzie Financial Corp trimmed its stake in shares of Centene Co. (NYSE:CNC – Free Report) by 69.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 376,978 shares of the company’s stock after selling 866,409 shares during the quarter. Mackenzie Financial Corp’s holdings in Centene were worth $23,829,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the stock. Cibc World Market Inc. lifted its position in shares of Centene by 1,401.4% in the 1st quarter. Cibc World Market Inc. now owns 46,333 shares of the company’s stock worth $3,901,000 after buying an additional 43,247 shares during the last quarter. Vontobel Holding Ltd. lifted its position in shares of Centene by 7.2% in the 1st quarter. Vontobel Holding Ltd. now owns 9,734 shares of the company’s stock worth $841,000 after buying an additional 657 shares during the last quarter. Blair William & Co. IL lifted its position in shares of Centene by 104.7% in the 1st quarter. Blair William & Co. IL now owns 43,760 shares of the company’s stock worth $3,684,000 after buying an additional 22,382 shares during the last quarter. Brighton Jones LLC bought a new position in shares of Centene in the 1st quarter worth about $203,000. Finally, Candriam Luxembourg S.C.A. lifted its position in shares of Centene by 10.0% in the 1st quarter. Candriam Luxembourg S.C.A. now owns 37,404 shares of the company’s stock worth $3,149,000 after buying an additional 3,414 shares during the last quarter. 90.11% of the stock is currently owned by institutional investors.
Centene Stock Performance
Shares of CNC opened at $67.31 on Tuesday. The firm’s 50 day moving average is $66.43 and its 200-day moving average is $69.41. The stock has a market capitalization of $36.94 billion, a P/E ratio of 25.50, a P/E/G ratio of 0.89 and a beta of 0.58. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.07 and a quick ratio of 1.07. Centene Co. has a 12-month low of $61.34 and a 12-month high of $98.53.
Analysts Set New Price Targets
Several brokerages recently weighed in on CNC. Barclays cut their price objective on shares of Centene from $90.00 to $86.00 in a research report on Wednesday, April 26th. StockNews.com began coverage on shares of Centene in a research report on Thursday, May 18th. They issued a “strong-buy” rating on the stock. JPMorgan Chase & Co. cut their price objective on shares of Centene from $81.00 to $77.00 in a research report on Friday. Stephens cut their price objective on shares of Centene from $95.00 to $87.00 in a research report on Wednesday, April 26th. Finally, Credit Suisse Group cut their price objective on shares of Centene from $94.00 to $87.00 in a research report on Wednesday, April 26th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $88.00.
Insider Transactions at Centene
In other news, Director Lori Jean Robinson sold 1,400 shares of Centene stock in a transaction that occurred on Thursday, April 27th. The shares were sold at an average price of $66.59, for a total value of $93,226.00. Following the transaction, the director now directly owns 8,508 shares of the company’s stock, valued at $566,547.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.28% of the stock is currently owned by insiders.
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. It operates in two segments, Managed Care and Specialty Services. The 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 cover dually eligible individuals, as well as aged, blind, or disabled programs.
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