Centene Corporation (NYSE:CNC) Shares Sold by Callan Family Office LLC

Key Points

• Callan Family Office LLC sold 9,410 shares of Centene Corporation, reducing its holdings by 53.2% in the first quarter, leaving it with 8,266 shares valued at approximately $502,000.
• Several analysts have downgraded Centene, with Bank of America lowering its rating from "neutral" to "underperform" and reducing the price target from $52.00 to $30.00.
• In recent transactions, Director Theodore R. Samuels II and CEO Sarah London both increased their positions in Centene, purchasing shares at prices around $25.50 to $27.62.

Callan Family Office LLC decreased its position in Centene Corporation (NYSE:CNC - Free Report) by 53.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 8,266 shares of the company's stock after selling 9,410 shares during the quarter. Callan Family Office LLC's holdings in Centene were worth $502,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Ameriflex Group Inc. bought a new position in Centene in the fourth quarter valued at about $26,000. Pinney & Scofield Inc. purchased a new position in Centene in the 4th quarter worth approximately $25,000. Studio Investment Management LLC purchased a new position in Centene in the 4th quarter worth approximately $32,000. Golden State Wealth Management LLC lifted its holdings in Centene by 203.1% in the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock worth $35,000 after purchasing an additional 388 shares in the last quarter. Finally, Bruce G. Allen Investments LLC lifted its holdings in Centene by 273.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock worth $56,000 after purchasing an additional 679 shares in the last quarter. Institutional investors own 93.63% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Oppenheimer cut their target price on shares of Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a report on Monday, July 28th. Morgan Stanley reduced their target price on shares of Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a report on Monday, August 4th. Jefferies Financial Group reduced their target price on shares of Centene from $64.00 to $61.00 and set a "hold" rating on the stock in a report on Tuesday, April 29th. Bank of America downgraded shares of Centene from a "neutral" rating to an "underperform" rating and reduced their target price for the stock from $52.00 to $30.00 in a report on Wednesday, July 16th. Finally, Truist Financial lowered their price target on Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, July 28th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $42.20.

Insider Transactions at Centene

In related news, CEO Sarah London bought 19,230 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $25.50 per share, for a total transaction 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 $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Theodore R. Samuels II purchased 9,000 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price 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 of the company's stock, valued at $883,840. The trade was a 39.13% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is owned by corporate insiders.

Centene Stock Up 5.8%

NYSE:CNC traded up $1.57 during mid-day trading on Friday, hitting $28.50. 19,596,548 shares of the company's stock traded hands, compared to its average volume of 21,570,596. The company has a fifty day moving average of $37.47 and a 200 day moving average of $51.92. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $80.59. The company has a market capitalization of $14.00 billion, a P/E ratio of 7.05, a P/E/G ratio of 1.17 and a beta of 0.40. 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 (NYSE:CNC - Get Free Report) last announced its 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 net margin of 1.15% and a return on equity of 9.57%. The business had revenue of $48.74 billion for the quarter, compared to analyst estimates of $44.71 billion. During the same period in the prior year, the company earned $2.42 earnings per share. The company's quarterly revenue was up 22.4% on a year-over-year basis. On average, analysts forecast that Centene Corporation will post 6.86 EPS for the current year.

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.