American International Group Inc. Lowers Stock Position in Centene Co. (NYSE:CNC)

American International Group Inc. lessened its holdings in Centene Co. (NYSE:CNC) by 0.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 165,293 shares of the company’s stock after selling 1,349 shares during the period. American International Group Inc.’s holdings in Centene were worth $12,972,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Centene in the 4th quarter worth approximately $25,000. Rise Advisors LLC purchased a new stake in Centene during the first quarter valued at approximately $25,000. Riggs Asset Managment Co. Inc. purchased a new stake in Centene during the fourth quarter valued at approximately $32,000. Neo Ivy Capital Management purchased a new stake in Centene during the fourth quarter valued at approximately $40,000. Finally, Access Investment Management LLC purchased a new stake in Centene during the fourth quarter valued at approximately $44,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Performance

CNC stock traded up $1.67 during midday trading on Thursday, hitting $67.79. 2,506,170 shares of the stock traded hands, compared to its average volume of 3,401,882. The firm has a market cap of $36.18 billion, a P/E ratio of 13.14, a PEG ratio of 0.84 and a beta of 0.50. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.17. The stock’s fifty day simple moving average is $69.33 and its 200-day simple moving average is $73.83. Centene Co. has a 1-year low of $60.83 and a 1-year high of $81.42.

Centene (NYSE:CNC) last released its quarterly earnings results on Friday, April 26th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.09 by $0.17. The company had revenue of $40.41 billion for 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 firm’s revenue was up 3.9% on a year-over-year basis. During the same quarter last year, the business earned $2.11 earnings per share. On average, analysts expect that Centene Co. will post 6.8 earnings per share for the current year.

Wall Street Analyst Weigh In

CNC has been the subject of a number of analyst reports. Jefferies Financial Group cut shares of Centene from a “buy” rating to a “hold” rating and decreased their target price for the company from $83.00 to $69.00 in a research report on Wednesday. Wells Fargo & Company decreased their target price on shares of Centene from $93.00 to $81.00 and set an “overweight” rating for the company in a research report on Monday. Deutsche Bank Aktiengesellschaft upped their price target on shares of Centene from $81.00 to $82.00 and gave the company a “hold” rating in a research note on Tuesday, April 30th. Cantor Fitzgerald restated an “overweight” rating and set a $90.00 price target on shares of Centene in a research note on Tuesday. Finally, Baird R W upgraded shares of Centene to a “hold” rating in a research note on Thursday, May 30th. Nine research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Centene currently has a consensus rating of “Hold” and a consensus price target of $83.93.

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 of the company’s stock, valued at $23,313,710.34. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 of the company’s stock, valued at $1,957,432. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 directly owns 300,357 shares in the company, valued at $23,313,710.34. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.

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.