Franklin Resources Inc. Cuts Stake in Centene Co. (NYSE:CNC)

Franklin Resources Inc. reduced its position in Centene Co. (NYSE:CNC) by 52.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 258,083 shares of the company’s stock after selling 288,044 shares during the period. Franklin Resources Inc.’s holdings in Centene were worth $18,814,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Harris Associates L P lifted its stake in Centene by 5.7% during the 3rd quarter. Harris Associates L P now owns 26,314,183 shares of the company’s stock valued at $1,980,932,000 after acquiring an additional 1,420,825 shares during the period. State Street Corp boosted its position in Centene by 0.5% in the third quarter. State Street Corp now owns 23,468,159 shares of the company’s stock worth $1,766,683,000 after purchasing an additional 111,654 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Centene by 3.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,768,534 shares of the company’s stock valued at $434,255,000 after purchasing an additional 194,566 shares during the last quarter. Bank of New York Mellon Corp grew its position in Centene by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 5,491,968 shares of the company’s stock valued at $364,117,000 after buying an additional 25,595 shares during the period. 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 acquiring an additional 636,683 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Centene

In other Centene news, CEO Sarah London acquired 4,117 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were purchased at an average cost of $60.80 per share, with a total value of $250,313.60. Following the purchase, the chief executive officer now owns 667,229 shares in the company, valued at approximately $40,567,523.20. The trade was a 0.62 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director H James Dallas acquired 1,693 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were acquired at an average cost of $59.01 per share, with a total value of $99,903.93. Following the completion of the purchase, the director now owns 1,693 shares in the company, valued at approximately $99,903.93. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 45,010 shares of company stock worth $2,660,276 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CNC. Oppenheimer decreased their price objective on Centene from $95.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, December 13th. StockNews.com downgraded Centene from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 28th. Barclays increased their price objective on shares of Centene from $91.00 to $93.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $90.00 target price on shares of Centene in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and set a $75.00 price objective (down previously from $80.00) on shares of Centene in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $80.92.

Centene Stock Performance

NYSE CNC opened at $59.71 on Friday. The company has a fifty day moving average of $61.01 and a two-hundred day moving average of $68.29. The company has a market capitalization of $30.15 billion, a PE ratio of 10.37, a P/E/G ratio of 0.78 and a beta of 0.46. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. Centene Co. has a 1 year low of $55.03 and a 1 year high of $81.42.

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.