Bayforest Capital Ltd Acquires Shares of 9,008 Centene Corporation $CNC

Key Points

• Bayforest Capital Ltd recently acquired 9,008 shares of Centene Corporation, valued at approximately $489,000, in its second-quarter filing with the SEC.
• Centene reported a $0.16 earnings per share (EPS) for the last quarter, missing expectations by $0.39, despite revenue reaching $48.74 billion, exceeding analyst forecasts.
• Institutional investors currently hold 93.63% of Centene's stock, indicating strong interest from various hedge funds and investment firms.

Bayforest Capital Ltd bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 9,008 shares of the company's stock, valued at approximately $489,000.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP purchased a new stake in Centene in the 1st quarter valued at about $26,000. Golden State Wealth Management LLC raised its stake in shares of Centene by 203.1% during the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after acquiring an additional 388 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Centene in the first quarter valued at approximately $73,000. Trust Co. of Toledo NA OH purchased a new position in Centene during the 2nd quarter worth $77,000. Finally, Geneos Wealth Management Inc. raised its position in Centene by 78.1% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company's stock valued at $89,000 after purchasing an additional 641 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Centene Trading Up 0.2%

NYSE:CNC opened at $36.42 on Wednesday. The stock has a market capitalization of $17.89 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.43 and a beta of 0.48. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $71.04. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $31.55 and a 200 day moving average of $44.17.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts' expectations of $44.71 billion. During the same period in the prior year, the firm posted $2.42 earnings per share. Centene'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. As a group, sell-side analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Insider Transactions at Centene

In related news, 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 transaction, the director directly owned 32,000 shares of the company's stock, valued at $883,840. This trade represents a 39.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sarah London acquired 19,230 shares of the stock in a transaction dated 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 purchase, 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 position. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CNC shares. Truist Financial set a $42.00 price target on Centene in a research note on Tuesday. Barclays raised their target price on shares of Centene from $33.00 to $35.00 and gave the company an "equal weight" rating in a research report on Friday, September 12th. JPMorgan Chase & Co. lowered their price target on shares of Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Wells Fargo & Company set a $41.00 price objective on shares of Centene and gave the company an "equal weight" rating in a report on Tuesday, October 7th. Finally, UBS Group lowered their target price on Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $39.50.

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.

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