7,560 Shares in Centene Corporation $CNC Bought by International Assets Investment Management LLC

Key Points

• International Assets Investment Management LLC has acquired 7,560 shares of Centene Corporation valued at approximately $410,000 in the second quarter.
• Centene's CEO Sarah London and Director Theodore R. Samuels II have both made significant stock purchases, indicating potential insider confidence in the company.
• Several analyst ratings have downgraded Centene's stock price target, with the consensus rating currently at "Hold" and a target price of $39.50.

International Assets Investment Management LLC bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 7,560 shares of the company's stock, valued at approximately $410,000.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP purchased a new position in shares of Centene during the first quarter worth $26,000. Golden State Wealth Management LLC increased its holdings in Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after buying an additional 388 shares in the last quarter. Trust Co. of Toledo NA OH purchased a new position in Centene in the second quarter valued at $77,000. Geneos Wealth Management Inc. increased its holdings in Centene by 78.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company's stock valued at $89,000 after buying an additional 641 shares in the last quarter. Finally, OFI Invest Asset Management increased its holdings in Centene by 44.9% in the second quarter. OFI Invest Asset Management now owns 1,700 shares of the company's stock valued at $92,000 after buying an additional 527 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on CNC. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $38.00 price objective on shares of Centene in a report on Tuesday, August 26th. TD Cowen reaffirmed a "hold" rating and issued a $33.00 price objective (down previously from $73.00) on shares of Centene in a report on Monday, July 21st. UBS Group cut their target price on shares of Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. JPMorgan Chase & Co. cut their target price on shares of Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, July 29th. Finally, Bank of America cut shares of Centene from a "neutral" rating to an "underperform" rating and cut their target price for the stock from $52.00 to $30.00 in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $39.50.

Centene Stock Performance

CNC opened at $36.00 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $17.68 billion, a PE ratio of 8.91, a PEG ratio of 1.42 and a beta of 0.48. The firm's 50-day moving average price is $32.75 and its 200 day moving average price is $43.22. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $70.11.

Centene (NYSE:CNC - Get Free Report) last posted its earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.39). The firm had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The business's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, sell-side analysts expect that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insiders Place Their Bets

In other Centene news, CEO Sarah London purchased 19,230 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the purchase, the chief executive officer directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Theodore R. Samuels II purchased 9,000 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $27.62 per share, with a total value of $248,580.00. Following the purchase, the director owned 32,000 shares in the company, valued at $883,840. This trade represents a 39.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company's stock.

Centene Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.