Jennison Associates LLC Lowers Holdings in Centene Co. (NYSE:CNC)

Jennison Associates LLC lowered its stake in shares of Centene Co. (NYSE:CNC - Free Report) by 1.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,708,163 shares of the company's stock after selling 24,172 shares during the quarter. Jennison Associates LLC owned about 0.34% of Centene worth $128,591,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Vantage Investment Partners LLC increased its position in Centene by 17.1% during the 3rd quarter. Vantage Investment Partners LLC now owns 683,817 shares of the company's stock valued at $51,478,000 after buying an additional 99,904 shares in the last quarter. Diversified Trust Co raised its holdings in shares of Centene by 35.8% in the second quarter. Diversified Trust Co now owns 28,009 shares of the company's stock worth $1,857,000 after buying an additional 7,385 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Centene by 189.6% in the 1st quarter. Bessemer Group Inc. now owns 24,162 shares of the company's stock valued at $1,895,000 after acquiring an additional 15,819 shares during the period. Comerica Bank increased its holdings in shares of Centene by 7.3% in the first quarter. Comerica Bank now owns 118,597 shares of the company's stock valued at $9,307,000 after purchasing an additional 8,103 shares during the period. Finally, National Pension Service lifted its stake in Centene by 15.4% during the 3rd quarter. National Pension Service now owns 1,435,482 shares of the company's stock valued at $108,063,000 after acquiring an additional 191,768 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Trading Up 2.6 %

Centene stock traded up $1.48 during trading on Wednesday, reaching $59.29. 2,875,892 shares of the company were exchanged, compared to its average volume of 4,016,834. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The stock's 50 day simple moving average is $67.56 and its two-hundred day simple moving average is $70.76. The company has a market capitalization of $29.93 billion, a P/E ratio of 10.03, a PEG ratio of 0.79 and a beta of 0.49. Centene Co. has a 52-week low of $57.20 and a 52-week high of $81.42.

Analysts Set New Price Targets

Several brokerages have weighed in on CNC. Robert W. Baird cut their price target on Centene from $83.00 to $66.00 and set a "neutral" rating on the stock in a research report on Friday, October 25th. Cantor Fitzgerald restated an "overweight" rating and issued a $90.00 price objective on shares of Centene in a research report on Tuesday, October 1st. TD Cowen lifted their target price on shares of Centene from $80.00 to $89.00 and gave the company a "buy" rating in a report on Wednesday, July 31st. Sanford C. Bernstein dropped their price target on shares of Centene from $96.00 to $88.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 30th. Finally, Wells Fargo & Company reduced their target price on Centene from $91.00 to $90.00 and set an "overweight" rating for the company in a research note on Monday, November 4th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $83.92.

Insiders Place Their Bets

In other Centene news, CFO Andrew Lynn Asher acquired 17,200 shares of the business's stock in a transaction that occurred on Wednesday, November 13th. The stock was purchased at an average cost of $58.14 per share, with a total value of $1,000,008.00. Following the transaction, the chief financial officer now owns 486,847 shares of the company's stock, valued at $28,305,284.58. This trade represents a 3.66 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Sarah London purchased 4,117 shares of Centene stock in a transaction dated Friday, November 8th. The stock was bought at an average cost 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 in the company, valued at approximately $40,567,523.20. This trade represents a 0.62 % increase in their position. The disclosure for this purchase can be found here. 0.29% of the stock is owned by insiders.

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.