Centene Corp (CNC): Are Hedge Funds Right About This Stock?

With a general bullishness amongst the heavyweights, key hedge funds were leading the bulls’ herd. Redmile Group created the largest position in Centene Corp (NYSE:CNC). Redmile Group had $40.5 million invested in the company at the end of the quarter. Millennium Management also initiated a $15.9 million position during the quarter. The other funds with brand new CNC positions are Carl Tiedemann and Michael Tiedemann’s TIG Advisors, David Keidan’s Buckingham Capital Management, and John Overdeck and David Siegel’s Two Sigma Advisors.

Let’s go over hedge fund activity in other stocks similar to Centene Corp (NYSE:CNC). We will take a look at Jones Lang LaSalle Inc (NYSE:JLL), Omega Healthcare Investors Inc (NYSE:OHI), Camden Property Trust (NYSE:CPT), and Fomento Economico Mexicano SAB (ADR) (NYSE:FMX). This group of stocks’ market caps is similar to Centene Corp (NYSE:CNC)’s market cap.

As you can see, these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $264 million. That figure was $489 million in Centene Corp (NYSE:CNC)’s case. Jones Lang LaSalle Inc (NYSE:JLL) is the most popular stock in this table. On the other hand, Omega Healthcare Investors Inc (NYSE:OHI) is the least popular one with only 14 bullish hedge fund positions. Compared to these stocks, Centene Corp (NYSE:CNC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.