Caisse DE Depot ET Placement DU Quebec Increases Stake in Centene Corporation $CNC

Key Points

• Caisse DE Depot ET Placement DU Quebec significantly increased its holdings in Centene Corporation by 192.5% during the 1st quarter, acquiring an additional 363,561 shares, bringing its total to 552,467 shares valued at approximately $33.54 million.
• Several analysts have reduced their price targets for Centene, with JPMorgan cutting its target from $48 to $30 and Mizuho from $71 to $40, while the company currently holds a consensus rating of "Hold" with an average target price of $42.20.
• In recent insider transactions, both Director Theodore R. Samuels II and CEO Sarah London significantly increased their ownership in the company, with Samuels purchasing 9,000 shares and London buying 19,230 shares at average prices of $27.62 and $25.50, respectively.

Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 192.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 552,467 shares of the company's stock after buying an additional 363,561 shares during the period. Caisse DE Depot ET Placement DU Quebec owned about 0.11% of Centene worth $33,540,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CNC. MML Investors Services LLC boosted its position in Centene by 10.6% during the 4th quarter. MML Investors Services LLC now owns 39,345 shares of the company's stock worth $2,384,000 after buying an additional 3,760 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Centene by 36.0% in the 4th quarter. Integrated Wealth Concepts LLC now owns 5,695 shares of the company's stock worth $345,000 after purchasing an additional 1,506 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in Centene during the fourth quarter valued at $626,000. Aquatic Capital Management LLC grew its holdings in Centene by 17.2% during the 4th quarter. Aquatic Capital Management LLC now owns 41,855 shares of the company's stock worth $2,536,000 after acquiring an additional 6,155 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Centene by 7.8% during the 4th quarter. The Manufacturers Life Insurance Company now owns 400,384 shares of the company's stock worth $24,255,000 after acquiring an additional 28,873 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Analyst Ratings Changes

A number of brokerages have weighed in on CNC. TD Cowen reiterated a "hold" rating and set a $33.00 price target (down from $73.00) on shares of Centene in a report on Monday, July 21st. Wall Street Zen downgraded shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. dropped their target price on shares of Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Truist Financial decreased their price target on shares of Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research note on Monday, July 28th. Finally, Barclays reduced their price target on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 2nd. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $42.20.

Centene Trading Up 2.3%

Centene stock traded up $0.65 during mid-day trading on Friday, reaching $29.03. 8,344,263 shares of the company traded hands, compared to its average volume of 13,532,464. 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 $32.24 and its 200 day moving average price is $49.72. The firm has a market capitalization of $14.26 billion, a price-to-earnings ratio of 7.18, a P/E/G ratio of 1.18 and a beta of 0.40. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $80.59.

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

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.