Assenagon Asset Management S.A. Has $99.68 Million Position in Centene Corporation $CNC

Key Points

• Assenagon Asset Management S.A. reduced its stake in Centene Corporation by 49.1%, now holding 1,836,427 shares valued at approximately $99.68 million.
• Recent analyst ratings on Centene have seen significant cuts, with TD Cowen lowering its target price from $73.00 to $33.00 and Wells Fargo reducing its price objective from $72.00 to $30.00.
• Centene reported a quarterly earnings miss with EPS of ($0.16), falling short of the expected $0.23, while revenues increased 22.4% year-over-year to $48.74 billion.

Assenagon Asset Management S.A. lessened its stake in Centene Corporation (NYSE:CNC - Free Report) by 49.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,836,427 shares of the company's stock after selling 1,771,786 shares during the period. Assenagon Asset Management S.A. owned 0.37% of Centene worth $99,681,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in CNC. Polianta Ltd acquired a new position in Centene during the 2nd quarter worth approximately $1,253,000. Focus Partners Wealth increased its position in Centene by 83.1% during the 1st quarter. Focus Partners Wealth now owns 42,270 shares of the company's stock worth $2,566,000 after purchasing an additional 19,181 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Centene by 3.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company's stock worth $292,045,000 after purchasing an additional 143,573 shares during the period. Sapient Capital LLC acquired a new position in Centene during the 2nd quarter worth approximately $493,000. Finally, AG2R LA Mondiale Gestion D Actifs acquired a new position in Centene during the 1st quarter worth approximately $1,288,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Performance

NYSE CNC traded up $0.10 during trading hours on Tuesday, reaching $32.80. The company's stock had a trading volume of 4,294,329 shares, compared to its average volume of 9,283,762. The business has a 50-day simple moving average of $28.74 and a 200 day simple moving average of $46.64. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $75.38. The stock has a market cap of $16.11 billion, a PE ratio of 8.13, a PEG ratio of 1.29 and a beta of 0.44. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The company reported ($0.16) 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 for the quarter, compared to analyst estimates of $44.71 billion. During the same quarter in the prior year, the business earned $2.42 EPS. Centene's revenue was up 22.4% compared to the same quarter last year. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities research analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CNC has been the topic of several recent analyst reports. Robert W. Baird dropped their target price on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. JPMorgan Chase & Co. cut their price target on Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $38.00 price target on shares of Centene in a report on Tuesday, August 26th. Morgan Stanley cut their price target on Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a report on Monday, August 4th. Finally, Bank of America downgraded Centene from a "neutral" rating to an "underperform" rating and cut their price target for the company from $52.00 to $30.00 in a report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Centene has an average rating of "Hold" and a consensus target price of $38.33.

Insider Buying and Selling

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