Callan Family Office LLC Buys 13,529 Shares of Centene Corporation $CNC

Key Points

• Callan Family Office LLC increased its stake in Centene Corporation by 163.7% in the second quarter, acquiring 13,529 shares and valuing its holdings at approximately $1.18 million.
• Centene recently reported a loss of $0.16 EPS, missing estimates and raising concerns, despite a revenue increase of 22.4% year-over-year.
• Several analysts have cut their price targets for Centene, with Morgan Stanley setting a new target at $28.00 and maintaining an "equal weight" rating.

Callan Family Office LLC boosted its stake in Centene Corporation (NYSE:CNC - Free Report) by 163.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 21,795 shares of the company's stock after acquiring an additional 13,529 shares during the period. Callan Family Office LLC's holdings in Centene were worth $1,183,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CNC. Quadcap Wealth Management LLC grew its position in shares of Centene by 3.2% during the 1st quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company's stock valued at $341,000 after purchasing an additional 172 shares in the last quarter. Poinciana Advisors Group LLC boosted its stake in shares of Centene by 2.8% in the 1st quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock valued at $438,000 after purchasing an additional 195 shares in the last quarter. Carnegie Investment Counsel boosted its stake in shares of Centene by 6.0% in the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock valued at $234,000 after purchasing an additional 215 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Centene by 6.1% in the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company's stock valued at $270,000 after purchasing an additional 254 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in Centene by 0.3% during the 1st quarter. Amalgamated Bank now owns 97,346 shares of the company's stock valued at $5,910,000 after buying an additional 265 shares during the last quarter. Institutional investors own 93.63% of the company's stock.

Centene Stock Down 5.5%

NYSE:CNC opened at $35.75 on Monday. The firm has a market cap of $17.56 billion, a P/E ratio of 8.85, a P/E/G ratio of 1.41 and a beta of 0.48. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $73.50. The firm has a 50-day simple moving average of $31.14 and a two-hundred day simple moving average of $44.39.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The firm 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 firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Morgan Stanley lowered their price target on shares of Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a report on Monday, August 4th. UBS Group decreased their price objective on shares of Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a report on Monday, July 28th. TD Cowen reiterated a "hold" rating and issued a $33.00 price target (down from $73.00) on shares of Centene in a research note on Monday, July 21st. Weiss Ratings reiterated a "sell (d)" rating on shares of Centene in a research note on Wednesday, October 8th. Finally, Robert W. Baird decreased their price target on shares of Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $39.07.

Insider Transactions at Centene

In other news, Director Theodore R. Samuels II acquired 9,000 shares of Centene stock in a transaction on Monday, July 28th. The stock was acquired at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the purchase, the director owned 32,000 shares in the company, valued at $883,840. This trade represents a 39.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah London purchased 19,230 shares of the company's stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the acquisition, the chief executive officer owned 845,275 shares in the company, valued at approximately $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 currently owned by company insiders.

About Centene

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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