Scharf Investments LLC Trims Stock Holdings in Centene Co. (NYSE:CNC)

Scharf Investments LLC reduced its holdings in shares of Centene Co. (NYSE:CNC) by 6.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,991,381 shares of the company’s stock after selling 148,141 shares during the quarter. Centene comprises 3.6% of Scharf Investments LLC’s investment portfolio, making the stock its 12th biggest position. Scharf Investments LLC owned about 0.39% of Centene worth $120,638,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Park Place Capital Corp lifted its stake in Centene by 1,190.0% in the 3rd quarter. Park Place Capital Corp now owns 387 shares of the company’s stock worth $29,000 after purchasing an additional 357 shares in the last quarter. Private Trust Co. NA raised its position in shares of Centene by 75.3% in the third quarter. Private Trust Co. NA now owns 773 shares of the company’s stock worth $58,000 after buying an additional 332 shares in the last quarter. True Wealth Design LLC purchased a new position in Centene during the third quarter worth about $66,000. Venturi Wealth Management LLC increased its stake in Centene by 77.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,163 shares of the company’s stock worth $88,000 after acquiring an additional 507 shares during the last quarter. Finally, Cromwell Holdings LLC raised its holdings in shares of Centene by 588.0% in the 3rd quarter. Cromwell Holdings LLC now owns 1,266 shares of the company’s stock valued at $95,000 after acquiring an additional 1,082 shares in the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Trading Down 1.1 %

NYSE:CNC opened at $63.93 on Friday. Centene Co. has a one year low of $55.03 and a one year high of $81.42. The company’s 50-day simple moving average is $61.10 and its 200 day simple moving average is $67.17. The firm has a market capitalization of $32.28 billion, a P/E ratio of 11.10, a PEG ratio of 0.85 and a beta of 0.45. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10.

Insider Activity at Centene

In other Centene news, Director H James Dallas bought 1,693 shares of Centene stock in a transaction on Monday, December 16th. The stock was acquired at an average price of $59.01 per share, with a total value of $99,903.93. Following the acquisition, the director now owns 1,693 shares in the company, valued at approximately $99,903.93. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theodore R. Samuels II purchased 5,000 shares of the stock in a transaction dated Friday, December 13th. The shares were acquired at an average cost of $58.86 per share, for a total transaction of $294,300.00. Following the completion of the acquisition, the director now owns 23,000 shares of the company’s stock, valued at approximately $1,353,780. This represents a 27.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 45,010 shares of company stock valued at $2,660,276 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on CNC shares. Stephens decreased their price objective on shares of Centene from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Friday, December 13th. Robert W. Baird dropped their price objective on shares of Centene from $83.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, October 25th. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $75.00 target price (down previously from $80.00) on shares of Centene in a research note on Tuesday, December 17th. Truist Financial cut their price objective on Centene from $89.00 to $84.00 and set a “buy” rating for the company in a report on Friday, December 13th. Finally, Wells Fargo & Company decreased their price objective on Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $80.92.

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.