Franklin Resources Inc. Has $18.81 Million Stake in Centene Co. (NYSE:CNC)

Franklin Resources Inc. reduced its stake in Centene Co. (NYSE:CNC - Free Report) by 52.7% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 258,083 shares of the company's stock after selling 288,044 shares during the period. Franklin Resources Inc. owned 0.05% of Centene worth $18,814,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Tidal Investments LLC increased its position in Centene by 21.8% in the 3rd quarter. Tidal Investments LLC now owns 42,117 shares of the company's stock valued at $3,171,000 after acquiring an additional 7,549 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Centene during the third quarter valued at $211,000. Sanctuary Advisors LLC raised its stake in shares of Centene by 18.3% during the third quarter. Sanctuary Advisors LLC now owns 60,155 shares of the company's stock valued at $4,528,000 after purchasing an additional 9,287 shares in the last quarter. Virtu Financial LLC acquired a new stake in Centene in the third quarter worth about $844,000. Finally, TD Private Client Wealth LLC increased its stake in Centene by 5.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 9,229 shares of the company's stock valued at $695,000 after buying an additional 501 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Centene

In other news, CFO Andrew Lynn Asher bought 17,200 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The shares were purchased at an average price of $58.14 per share, for a total transaction of $1,000,008.00. Following the acquisition, the chief financial officer now directly owns 486,847 shares of the company's stock, valued at $28,305,284.58. The trade was a 3.66 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Sarah London acquired 4,117 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were acquired at an average cost of $60.80 per share, with a total value of $250,313.60. Following the transaction, the chief executive officer now directly owns 667,229 shares in the company, valued at $40,567,523.20. The trade was a 0.62 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 45,010 shares of company stock worth $2,660,276 in the last 90 days. 0.33% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Jefferies Financial Group lowered shares of Centene from a "hold" rating to an "underperform" rating and reduced their price target for the stock from $68.00 to $52.00 in a research note on Tuesday, December 10th. Sanford C. Bernstein cut their price objective on Centene from $96.00 to $88.00 and set an "outperform" rating for the company in a report on Wednesday, October 30th. Robert W. Baird lowered their target price on Centene from $83.00 to $66.00 and set a "neutral" rating on the stock in a report on Friday, October 25th. Truist Financial reduced their price objective on shares of Centene from $89.00 to $84.00 and set a "buy" rating for the company in a research report on Friday, December 13th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $90.00 target price on shares of Centene in a report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $80.92.

Centene Stock Down 0.2 %

CNC stock traded down $0.13 during mid-day trading on Friday, hitting $59.58. The stock had a trading volume of 26,095,721 shares, compared to its average volume of 4,267,528. The stock has a market capitalization of $30.08 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 0.78 and a beta of 0.46. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. Centene Co. has a 1-year low of $55.03 and a 1-year high of $81.42. The company has a fifty day moving average of $61.01 and a 200 day moving average of $68.29.

Centene 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.