Canada Pension Plan Investment Board Has $63.32 Million Position in Centene Corporation $CNC

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Centene Corporation by 5.8% to a total of 1,043,023 shares, valued at approximately $63.32 million.
• Centene reported a quarterly earnings miss, with an EPS of ($0.16) compared to analysts' expectations of $0.23, while revenue grew by 22.4% year-over-year.
• Institutional investors own 93.63% of Centene's stock, indicating strong support from large investment entities despite recent fluctuations in the company's stock price.

Canada Pension Plan Investment Board cut its holdings in Centene Corporation (NYSE:CNC - Free Report) by 5.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,043,023 shares of the company's stock after selling 64,273 shares during the quarter. Canada Pension Plan Investment Board owned about 0.21% of Centene worth $63,322,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CNC. Integrated Wealth Concepts LLC grew 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 valued at $345,000 after purchasing an additional 1,506 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Centene by 7.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 400,384 shares of the company's stock valued at $24,255,000 after purchasing an additional 28,873 shares during the period. Aptus Capital Advisors LLC grew its position in shares of Centene by 60.2% in the 4th quarter. Aptus Capital Advisors LLC now owns 5,964 shares of the company's stock valued at $361,000 after purchasing an additional 2,242 shares during the period. Ameriprise Financial Inc. grew its position in shares of Centene by 32.3% in the 4th quarter. Ameriprise Financial Inc. now owns 6,469,062 shares of the company's stock valued at $391,854,000 after purchasing an additional 1,578,917 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Centene by 41.4% in the 4th quarter. BNP Paribas Financial Markets now owns 925,150 shares of the company's stock valued at $56,046,000 after purchasing an additional 270,899 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Trading Up 2.3%

Shares of Centene stock opened at $29.03 on Friday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $80.59. The stock has a market cap of $14.26 billion, a P/E ratio of 7.18, a P/E/G ratio of 1.18 and a beta of 0.40. 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 business's 50 day moving average is $32.24 and its 200-day moving average is $49.72.

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

Insiders Place Their Bets

In other Centene news, Director Theodore R. Samuels II purchased 9,000 shares of the company's 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 purchase, the director owned 32,000 shares in the company, valued at approximately $883,840. The trade was a 39.13% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sarah London purchased 19,230 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the purchase, the chief executive officer owned 845,275 shares in the company, valued at $21,554,512.50. This trade represents a 2.33% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have commented on CNC shares. Morgan Stanley cut their target price on Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a research note on Monday, August 4th. Oppenheimer cut their target price on Centene from $51.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 28th. UBS Group cut their target price on Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. Robert W. Baird cut their target price on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. Finally, Bank of America cut Centene from a "neutral" rating to an "underperform" rating and cut their target price for the company from $52.00 to $30.00 in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $42.20.

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.

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