Top 5 Stock Picks of Roberto Mignone’s Bridger Management

3. Centene Corporation (NYSE:CNC)

Bridger Management’s Stake Value: $26,931,000
Percentage of Bridger Management’s 13F Portfolio: 6.07%
Number of Hedge Fund Holders: 58

Centene Corporation (NYSE:CNC) is a diversified healthcare corporation that focuses mainly on offering services to government-sponsored healthcare programs. Stephen Baxter, a Wells Fargo analyst, downgraded Centene Corporation (NYSE:CNC) from ‘Overweight’ to ‘Equal Weight’ on August 28 and lowered the price objective from $103 to $99. In a research note to investors, Baxter stated that contract awards made by the California Department of Health Care Services for the state’s Medicaid Managed Care program indicated a “near worst scenario” for Centene Corporation (NYSE:CNC).

Insider Monkey hedge fund database reveals that in the first quarter of 2022, 60 hedge funds were bullish on Centene Corporation (NYSE:CNC). However, in the second quarter of 2022, the number declined to 58 hedge funds. The most prominent stake was held by Viking Global, with 8.29 million shares worth $701.74 million.

According to the 13F filings for the second quarter of 2022, Bridger Management held 318,300 shares of Centene Corporation (NYSE:CNC), amounting to $26.93 million. Centene Corporation (NYSE:CNC) was the eighth-largest holding of the hedge fund and represented 6.07% of its 13F portfolio in the second quarter of 2022.