Alberta Investment Management Corp Boosts Stock Holdings in Centene Corporation (NYSE:CNC)

Key Points

• Alberta Investment Management Corp has increased its holdings in Centene Corporation by 8.3% during the first quarter, now owning 871,803 shares valued at approximately $52.9 million.
• Several analysts have recently lowered their price targets for Centene, with the average target now at $45.31, while recommendations range from "buy" to "sell."
• Centene reported a loss of ($0.16) earnings per share for the recent quarter, missing expectations, despite a 22.4% year-over-year revenue increase to $48.74 billion.

Alberta Investment Management Corp lifted its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 8.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 871,803 shares of the company's stock after purchasing an additional 66,903 shares during the period. Alberta Investment Management Corp owned 0.18% of Centene worth $52,927,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Pinney & Scofield Inc. purchased a new position in shares of Centene in the 4th quarter worth approximately $25,000. Hurley Capital LLC bought a new stake in Centene during the fourth quarter worth $26,000. Ameriflex Group Inc. purchased a new position in Centene in the fourth quarter worth $26,000. Studio Investment Management LLC bought a new position in Centene in the 4th quarter valued at $32,000. Finally, Golden State Wealth Management LLC increased its position in shares of Centene by 203.1% during the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after purchasing an additional 388 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

Insider Buying and Selling at Centene

In other Centene news, Director Theodore R. Samuels II acquired 9,000 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average price of $27.62 per share, with a total value of $248,580.00. Following the completion of the purchase, the director owned 32,000 shares of the company's stock, valued at approximately $883,840. This represents a 39.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Mizuho reduced their price target on shares of Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Truist Financial reduced their target price on shares of Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Monday. Oppenheimer decreased their price target on shares of Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday. JPMorgan Chase & Co. dropped their price objective on Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Wells Fargo & Company downgraded Centene from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $72.00 to $30.00 in a research report on Wednesday, July 23rd. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, Centene currently has an average rating of "Hold" and an average target price of $45.31.

Centene Trading Up 1.1%

Shares of CNC opened at $26.06 on Friday. Centene Corporation has a twelve month low of $25.11 and a twelve month high of $80.59. The stock has a market cap of $12.80 billion, a PE ratio of 6.45, a P/E/G ratio of 1.07 and a beta of 0.44. The company has a quick ratio of 1.11, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. The business's 50-day moving average price is $44.00 and its 200-day moving average price is $54.85.

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 analysts' consensus estimates of $0.23 by ($0.39). Centene had a return on equity of 9.57% and a net margin of 1.15%. The firm had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. During the same period last year, the company posted $2.42 EPS. The business's revenue was up 22.4% on a year-over-year basis. On average, equities analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

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.

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