Chevy Chase Trust Holdings LLC decreased its position in Centene Co. (NYSE:CNC) by 1.4% in the 2nd quarter. The institutional investor owned 315,694 shares of the company’s stock after selling 4,361 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.06% of Centene worth $21,294,000 as of its most recent SEC filing. Other large investors have also recently added to or reduced their stakes in the company.
Resources Investment Advisors LLC raised its holdings in Centene by 36.5% in the 1st quarter. Resources Investment Advisors LLC now owns 5,009 shares of the company’s stock valued at $317,000 after acquiring an additional 1,340 shares in the last quarter.
Toroso Investments LLC raised its holdings in Centene by 161.8% in the 1st quarter. Toroso Investments LLC now owns 25,545 shares of the company’s stock valued at $1,615,000 after acquiring an additional 15,787 shares in the last quarter.
Altfest L J & Co. Inc. acquired a new position in Centene in the 1st quarter valued at approximately $206,000.
Diversified Trust Co grew its stake in shares of Centene by 51.6% in the 2nd quarter. Diversified Trust Co now owns 14,326 shares of the company’s stock valued at $966,000 after purchasing an additional 4,878 shares during the period.
Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of Centene by 9.4% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 15,044 shares of the company’s stock valued at $951,000 after purchasing an additional 1,287 shares during the period. Institutional investors and hedge funds own 90.92% of the company’s stock.
Shares of CNC opened at $70.21 on Friday. The firm has a market capitalization of $38.02 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 0.95 and a beta of 0.52. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.11 and a current ratio of 1.11. The business’s fifty-day moving average price is $66.28 and its two-hundred-day moving average price is $66.46. Centene Co. has a 52 week low of $60.83 and a 52 week high of $87.84.
Centene last posted its quarterly earnings results on Friday, July 28th. The company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The company had revenue of $37.61 billion for the quarter, compared to the consensus estimate of $36.56 billion. Centene had a return on equity of 14.15% and a net margin of 1.83%. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.77 EPS. On average, analysts predict that Centene Co. will post 6.46 earnings per share for the current year.
Several research firms have recently weighed in on CNC. StockNews.com began coverage on Centene in a research note on Thursday. They issued a “strong-buy” rating on the stock. Oppenheimer reiterated an “outperform” rating and issued a $110.00 price objective on shares of Centene in a research note on Monday, July 31st. Cantor Fitzgerald restated an “overweight” rating and set a $82.00 price target on shares of Centene in a research report on Thursday, September 14th. Morgan Stanley lowered Centene from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $94.00 to $73.00 in a research report on Wednesday, August 30th. Finally, UBS Group began coverage on Centene in a research report on Tuesday, June 20th. They set a “neutral” rating and a $72.00 price target on the stock. Nine research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $83.35.
Sources:
– SEC filing by Chevy Chase Trust Holdings LLC
– MarketBeat.com
– Yahoo Finance
Definitions:
– Position: The amount of a security, commodity, or currency that is owned (held) by an individual, dealer, institution, or other fiscal entity.
– Institutional investor: A nonbank person or organization that trades securities in large enough share quantities or dollar amounts to qualify for preferential treatment and lower commissions. Institutional investors face fewer protective regulations because it is assumed they are more knowledgeable and better able to protect themselves.
– Stakes: The amount of money risked on a gamble, investment, or business venture.
– Holding: A term used to describe the securities held by an investor, investment company or financial institution.
– Share: A unit of ownership that represents an equal proportion of a company’s capital.
– Quick ratio: A measure of a company’s ability to meet its short-term obligations using its most liquid assets.
– Moving average: A commonly used statistical calculation that is used to analyze data points by creating a series of averages of different subsets of the full data set.
– Beta: A measure of a stock’s volatility in relation to the market.
– Debt-to-equity ratio: A financial ratio indicating the relative proportion of shareholders’ equity and debt used to finance a company’s assets.
– Return on equity: A measure of profitability that calculates how many dollars of profit a company generates with each dollar of shareholders’ equity.
– Net margin: The percentage of revenue remaining after all operating expenses, interest, taxes, and preferred stock dividends have been deducted.
– Consensus estimate: The average or median forecast of a group of analysts for a particular piece of data or event.
– Earnings per share (EPS): The portion of a company’s profit allocated to each outstanding share of common stock.
– Revenue: The total amount of money that a company receives from its business activities during a given period, usually from the sale of goods and services to customers.
– Equity: The residual interest in the assets of the entity after deducting liabilities.
– Market capitalization: The total dollar market value of all of a company’s outstanding shares.
Sources:
– Investopedia
– Yahoo Finance