Centene Corporation $CNC Stock Position Lifted by Amundi

Key Points

• Amundi increased its stake in Centene Corporation by 14.3% during the first quarter, owning approximately 3.19 million shares valued at $204.81 million.
• Centene reported a loss of ($0.16) EPS for the last quarter, missing analysts' expectations, although its revenue surpassed expectations at $48.74 billion, up 22.4% year-over-year.
• Several analysts have downgraded Centene's stock with target prices ranging from $28.00 to $38.00, reflecting a consensus rating of "Hold."

Amundi increased its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 14.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,185,736 shares of the company's stock after buying an additional 398,966 shares during the period. Amundi owned about 0.64% of Centene worth $204,811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently added to or reduced their stakes in the stock. 683 Capital Management LLC purchased a new stake in shares of Centene during the first quarter worth about $16,088,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Centene by 37.0% in the first quarter. Adage Capital Partners GP L.L.C. now owns 646,228 shares of the company's stock worth $39,233,000 after acquiring an additional 174,516 shares during the last quarter. Perbak Capital Partners LLP purchased a new position in shares of Centene in the first quarter worth about $320,000. Ashton Thomas Securities LLC grew its stake in Centene by 122.8% during the 1st quarter. Ashton Thomas Securities LLC now owns 56,855 shares of the company's stock valued at $3,452,000 after acquiring an additional 31,338 shares in the last quarter. Finally, First Manhattan CO. LLC. acquired a new stake in Centene in the 1st quarter valued at about $28,830,000. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on CNC shares. Wall Street Zen lowered Centene from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. TD Cowen reiterated a "hold" rating and issued a $33.00 price objective (down from $73.00) on shares of Centene in a report on Monday, July 21st. Mizuho cut their price objective on Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Cantor Fitzgerald reissued a "neutral" rating and issued a $38.00 price target on shares of Centene in a research note on Tuesday, August 26th. Finally, Truist Financial reduced their price target on shares of Centene from $42.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Three 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.com, Centene has an average rating of "Hold" and an average target price of $37.93.

Insider Activity

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

Centene Stock Performance

NYSE CNC traded down $0.54 on Wednesday, hitting $30.52. 5,021,417 shares of the company's stock were exchanged, compared to its average volume of 8,979,689. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $77.29. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The firm's 50-day moving average price is $28.78 and its two-hundred day moving average price is $48.37. The firm has a market cap of $14.99 billion, a price-to-earnings ratio of 7.55, a P/E/G ratio of 1.17 and a beta of 0.44.

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

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.