Independent Portfolio Consultants Lowers stake in Centene Corp (CNC)

Centene Corp (CNC) : Independent Portfolio Consultants reduced its stake in Centene Corp by 19.82% during the most recent quarter end. The investment management company now holds a total of 29,758 shares of Centene Corp which is valued at $2,145,849 after selling 7,355 shares in Centene Corp , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Centene Corp makes up approximately 0.65% of Independent Portfolio Consultants’s portfolio.

Other Hedge Funds, Including , Nisa Investment Advisors reduced its stake in CNC by selling 2,993 shares or 3.11% in the most recent quarter. The Hedge Fund company now holds 93,278 shares of CNC which is valued at $6,726,277. Centene Corp makes up approx 0.09% of Nisa Investment Advisors’s portfolio.Somerset Trust Co reduced its stake in CNC by selling 5 shares or 0.06% in the most recent quarter. The Hedge Fund company now holds 8,330 shares of CNC which is valued at $602,092. Centene Corp makes up approx 0.36% of Somerset Trust Co’s portfolio.Cue Financial Group reduced its stake in CNC by selling 130 shares or 0.62% in the most recent quarter. The Hedge Fund company now holds 20,870 shares of CNC which is valued at $1,508,484. Centene Corp makes up approx 1.26% of Cue Financial Group’s portfolio.Mazama Capital Management Inc boosted its stake in CNC in the latest quarter, The investment management firm added 35,501 additional shares and now holds a total of 84,542 shares of Centene Corp which is valued at $5,996,564. Centene Corp makes up approx 1.17% of Mazama Capital Management Inc’s portfolio.

Centene Corp opened for trading at $71.63 and hit $72.28 on the upside on Monday, eventually ending the session at $72.11, with a gain of 1.09% or 0.78 points. The heightened volatility saw the trading volume jump to 8,30,667 shares. Company has a market cap of $12,293 M.

On the company’s financial health, Centene Corp reported $0.74 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Apr 26, 2016. Analyst had a consensus of $0.70. The company had revenue of $6953.00 million for the quarter, compared to analysts expectations of $6715.96 million. The company’s revenue was up 35.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.52 EPS.

Many Wall Street Analysts have commented on Centene Corp. Centene Corp was Upgraded by Morgan Stanley to ” Overweight” on Jun 29, 2016. Company shares were Upgraded by Barclays on Jun 20, 2016 to ” Overweight”, Firm has raised the Price Target to $ 82 from a previous price target of $76 .Centene Corp was Initiated by Bernstein to “Mkt Perform” on Jun 16, 2016.

Centene Corporation is a healthcare company. The Company provides programs and services to Government sponsored healthcare programs. It offers member-focused services by assisting in accessing care coordinating referrals to related health and social services and addressing member concerns and questions. It also provides education and outreach programs to inform and assist members in accessing healthcare services. The Company operates in two segments: Managed Care and Specialty Services. The Managed Care segment provides health plan coverage to individuals through Government subsidized programs including Medicaid the State Children’s Health Insurance Program (CHIP) Long Term Care (LTC) Foster Care dual-eligible individuals (Duals) and the Supplemental Security Income Program also known as the Aged Blind or Disabled Program (ABD). The Specialty Services segment consists of the Company’s specialty companies offering auxiliary healthcare services and products.

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