Bank of America Corp DE Sells 284,648 Shares of Centene Corporation $CNC

Key Points

• Bank of America reduced its Centene stake by 6.9% in the first quarter, selling 284,648 shares and retaining 3.85 million shares valued at approximately $126 million. Institutional investors collectively own 93.63% of Centene.
• Centene reported a strong quarter, with EPS of $2.51 versus the $1.09 consensus and revenue of $53.58 billion, up 9.9% year over year. Management raised its 2026 adjusted EPS guidance to more than $4.80.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and a $68.58 target price, while shares opened at $64.21 after declining 4.1% and trading near their 52-week high.

Bank of America Corp DE decreased its stake in Centene Corporation (NYSE:CNC - Free Report) by 6.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,847,215 shares of the company's stock after selling 284,648 shares during the period. Bank of America Corp DE owned 0.78% of Centene worth $125,958,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of CNC. DV Equities LLC bought a new position in shares of Centene during the 4th quarter worth $26,000. IFC & Insurance Marketing Inc. bought a new position in Centene during the fourth quarter worth about $28,000. SBI Securities Co. Ltd. raised its position in shares of Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after purchasing an additional 406 shares during the period. Bayban purchased a new stake in shares of Centene during the 4th quarter valued at approximately $33,000. Finally, MV Capital Management Inc. purchased a new position in Centene in the 4th quarter valued at approximately $34,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Cantor Fitzgerald raised their price target on Centene from $60.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, July 7th. Barclays restated an "overweight" rating and issued a $80.00 target price (up from $75.00) on shares of Centene in a research note on Wednesday, July 29th. Stifel Nicolaus set a $79.00 price target on shares of Centene in a report on Monday. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Centene in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Centene from $60.00 to $67.00 and gave the company a "neutral" rating in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $68.58.

Centene Trading Down 4.1%

Shares of Centene stock opened at $64.21 on Friday. 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 Corporation has a 1 year low of $25.08 and a 1 year high of $69.36. The firm has a market cap of $31.72 billion, a PE ratio of -6.15, a PEG ratio of 0.36 and a beta of 1.08. The company has a 50 day simple moving average of $64.36 and a two-hundred day simple moving average of $50.82.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported $2.51 earnings per share for the quarter, beating 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 firm had revenue of $53.58 billion for the quarter, compared to analysts' expectations of $47.64 billion. During the same quarter last year, the company posted ($0.16) EPS. The business's quarterly revenue was up 9.9% on a year-over-year basis. Centene has set its FY 2026 guidance at 4.800- EPS. Analysts expect that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

More Centene News

Here are the key news stories impacting Centene this week:

• Positive Sentiment: Centene reported adjusted second-quarter EPS of $2.51, well above the $1.09 analyst consensus, while revenue reached $53.58 billion. The health benefits ratio improved to 89.6% from 93.0% a year earlier, indicating better pricing, rate increases and medical-cost management. Centene Corp. Surged on Earnings Beat and Improved Outlook
• Positive Sentiment: Management raised 2026 adjusted EPS guidance to more than $4.80 from more than $3.40 and increased its full-year revenue outlook. The higher forecast is the main reason investors have continued bidding up CNC after earnings. Why Centene Is Up After Raising Guidance
• Positive Sentiment: Centene’s redemption of its 2027 notes should reduce near-term refinancing risk and may lower interest expense, adding to the improved financial outlook. Centene Guidance and Debt Redemption
• Positive Sentiment: A recently awarded Illinois Medicaid contract for Centene’s Meridian Health Plan could provide additional support for government-program enrollment and future revenue. Centene Rises on Profit Recovery and Higher Outlook

Centene Profile

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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