Meridian Management Co. Boosts Holdings in Centene Co. (NYSE:CNC)

Meridian Management Co. raised its holdings in shares of Centene Co. (NYSE:CNC) by 4.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,371 shares of the company’s stock after acquiring an additional 2,650 shares during the quarter. Centene makes up 1.3% of Meridian Management Co.’s investment portfolio, making the stock its 23rd largest position. Meridian Management Co.’s holdings in Centene were worth $5,072,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Swedbank AB acquired a new stake in shares of Centene during the 1st quarter worth about $914,080,000. Boston Partners boosted its stake in shares of Centene by 0.4% during the 1st quarter. Boston Partners now owns 8,652,177 shares of the company’s stock worth $678,033,000 after purchasing an additional 32,427 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Centene by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,491,968 shares of the company’s stock worth $364,117,000 after purchasing an additional 25,595 shares during the last quarter. Capital International Investors boosted its stake in shares of Centene by 60.2% during the 1st quarter. Capital International Investors now owns 5,216,486 shares of the company’s stock worth $409,390,000 after purchasing an additional 1,959,460 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Centene by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,113,759 shares of the company’s stock worth $339,042,000 after purchasing an additional 636,683 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Up 1.0 %

CNC opened at $60.75 on Tuesday. The firm has a market capitalization of $30.67 billion, a P/E ratio of 10.55, a P/E/G ratio of 0.82 and a beta of 0.49. The firm’s 50 day moving average is $69.34 and its 200-day moving average is $71.41. Centene Co. has a 52-week low of $59.77 and a 52-week high of $81.42. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CNC shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 target price on shares of Centene in a research report on Tuesday, October 1st. Oppenheimer decreased their target price on shares of Centene from $110.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Truist Financial decreased their target price on shares of Centene from $92.00 to $89.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. TD Cowen raised their target price on shares of Centene from $80.00 to $89.00 and gave the stock a “buy” rating in a research report on Wednesday, July 31st. Finally, Wells Fargo & Company decreased their target price on shares of Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Centene has a consensus rating of “Moderate Buy” and a consensus price target of $83.92.

Insider Activity

In other news, CEO Sarah London acquired 4,117 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were bought at an average price of $60.80 per share, for a total transaction of $250,313.60. Following the completion of the purchase, the chief executive officer now directly owns 667,229 shares of the company’s stock, valued at approximately $40,567,523.20. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.33% of the company’s stock.

Centene Company Profile

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.