Acadian Asset Management LLC Has $11.84 Million Stake in Centene Corporation $CNC

Key Points

• Acadian Asset Management LLC reduced its stake in Centene Corporation by 37.5%, now holding 195,137 shares worth approximately $11.84 million.
• Centene reported a loss of $0.16 EPS for the most recent quarter, significantly missing analysts' expectations, despite revenues of $48.74 billion, which exceeded estimates.
• Recent analyst ratings show a consensus of "Hold" for Centene, with target prices ranging from $28.00 to $42.00, indicating a lack of confidence in the stock after recent performance.

Acadian Asset Management LLC decreased its stake in Centene Corporation (NYSE:CNC - Free Report) by 37.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,137 shares of the company's stock after selling 116,973 shares during the quarter. Acadian Asset Management LLC's holdings in Centene were worth $11,839,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of CNC. Pinney & Scofield Inc. acquired a new position in Centene in the fourth quarter worth $25,000. Ameriflex Group Inc. acquired a new position in Centene in the fourth quarter worth $26,000. Quarry LP acquired a new position in Centene in the first quarter worth $26,000. Studio Investment Management LLC acquired a new position in Centene in the fourth quarter worth $32,000. Finally, Golden State Wealth Management LLC boosted its stake in Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock worth $35,000 after purchasing an additional 388 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Trading Up 9.2%

NYSE:CNC opened at $34.15 on Friday. Centene Corporation has a 1-year low of $25.08 and a 1-year high of $77.29. The business's 50-day moving average price is $28.74 and its two-hundred day moving average price is $48.08. 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 $16.77 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 1.27 and a beta of 0.44.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Truist Financial dropped their target price on Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, July 28th. UBS Group dropped their target price on Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Wall Street Zen downgraded Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Robert W. Baird dropped their target price on Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Finally, Morgan Stanley dropped their target price on Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Centene has a consensus rating of "Hold" and a consensus target price of $37.93.

Insider Transactions at Centene

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

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.

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