Bank of America Corp DE Purchases Shares of 4,451,054 Centene Corporation $CNC

Key Points

• Bank of America acquired 4.45 million Centene shares worth approximately $285.7 million, giving it a 0.90% stake. Institutional investors collectively own 93.63% of the company.
• Centene reaffirmed its 2026 adjusted earnings outlook, while its latest quarterly results exceeded expectations with $2.51 in EPS and $53.58 billion in revenue. However, projected full-year EPS of $4.80 remains below the $4.89 analyst consensus.
• Analyst sentiment is mixed: the stock has a consensus “Hold” rating and an average price target of $70.05, while Centene’s general counsel recently sold 56,500 shares at an average price of $66.90.

Bank of America Corp DE acquired a new position in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 4,451,054 shares of the company's stock, valued at approximately $285,713,000. Bank of America Corp DE owned approximately 0.90% of Centene at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MidFirst Bank bought a new position in shares of Centene in the 2nd quarter valued at about $32,000. Bayban purchased a new position in shares of Centene in the 4th quarter worth approximately $33,000. MV Capital Management Inc. bought a new position in shares of Centene during the 4th quarter valued at approximately $34,000. Fiduciary Financial Advisors purchased a new stake in Centene during the 2nd quarter valued at $34,000. Finally, Elyxium Wealth LLC bought a new stake in Centene in the fourth quarter worth $41,000. 93.63% of the stock is currently owned by institutional investors.

Key Headlines Impacting Centene

Here are the key news stories impacting Centene this week:

• Positive Sentiment: Centene reaffirmed its 2026 adjusted earnings outlook at the Deutsche Bank Healthcare Summit. The company’s continued confidence in its forecast, following an earlier guidance improvement, supports the view that operating performance is stabilizing. Centene Reaffirms 2026 Adjusted Earnings Outlook
• Positive Sentiment: Analyst commentary favors Centene over Oscar Health because of its more diversified market presence, cash generation and recent share-price strength, reinforcing the stock’s long-term growth case among ACA insurers. Oscar Health vs. Centene: Which ACA Insurer Is the Better Buy?
• Positive Sentiment: Centene appeared on Zacks’ list of Rank #1 “Strong Buy” growth stocks. Other research also highlighted CNC as a momentum and value candidate trading near a 52-week high, which may attract growth and value-oriented investors. Best Growth Stocks to Buy for September 16th
• Neutral Sentiment: Centene’s presentation at the Deutsche Bank Healthcare Summit gave investors additional management commentary, but the available transcript coverage did not identify a major new strategic announcement beyond the earnings outlook. Centene Corporation Presents at Deutsche Bank 2026 Healthcare Summit
• Negative Sentiment: The company’s stated 2026 EPS guidance of approximately $4.80 is below the consensus estimate of $4.89. Although guidance was reaffirmed, the gap could temper enthusiasm after the recent rally. Centene Reaffirms 2026 Earnings Guidance at Healthcare Summit
• Negative Sentiment: Analyst opinions on Centene remain mixed, creating uncertainty over whether the stock can sustain its advance toward the 52-week high despite favorable valuation and guidance commentary. Analysts’ Opinions Are Mixed on These Healthcare Stocks

Insiders Place Their Bets

In other Centene news, General Counsel Christopher Koster sold 56,500 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the sale, the general counsel owned 248,854 shares of the company's stock, valued at approximately $16,648,332.60. This trade represents a 18.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Centene Stock Performance

CNC stock opened at $66.05 on Thursday. Centene Corporation has a 1-year low of $31.63 and a 1-year high of $69.63. The business has a 50-day moving average price of $65.53 and a 200 day moving average price of $55.60. The company has a market capitalization of $32.63 billion, a P/E ratio of -6.33, a PEG ratio of 0.43 and a beta of 1.10. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15.

Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Monday, July 27th. The company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $1.42. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The company had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. During the same period in the prior year, the business earned ($0.16) EPS. The firm's quarterly revenue was up 9.9% on a year-over-year basis. As a group, equities research analysts forecast that Centene Corporation will post 4.89 EPS for the current fiscal year.

Analyst Ratings Changes

CNC has been the topic of a number of analyst reports. Oppenheimer boosted their price objective on shares of Centene from $58.00 to $67.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Zacks Research upgraded shares of Centene from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Wall Street Zen raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the company an "equal weight" rating in a report on Monday, July 13th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Centene from a "hold" rating to a "buy" rating and raised their price objective for the stock from $53.00 to $80.00 in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $70.05.

Centene Company Profile

Centene Corporation NYSE: CNC is a managed-care company that provides health insurance and related healthcare services, primarily through government-sponsored programs. Its offerings include Medicaid, Medicare Advantage and Medicare Prescription Drug plans, coverage for individuals and families through the health insurance marketplace, and health services for military families and veterans.

The company markets several healthcare brands, including Ambetter, which provides marketplace plans, and Wellcare, which offers Medicare products.

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