Centene Corporation $CNC Shares Acquired by Sciencast Management LP

Key Points

• Sciencast Management LP increased its stake in Centene Corporation by 31.8%, holding 59,700 shares valued at approximately $3.6 million, which is about 0.8% of its overall investment portfolio.
• Centene reported earnings of ($0.16) EPS for the last quarter, missing estimates by ($0.39), despite achieving a significant year-over-year revenue increase of 22.4%.
• Analysts have adjusted their target prices for Centene, with several downgrading their ratings; TD Cowen set a new price target of $33.00, down from $73.00.

Sciencast Management LP boosted its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 31.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 59,700 shares of the company's stock after purchasing an additional 14,416 shares during the quarter. Centene comprises about 0.8% of Sciencast Management LP's portfolio, making the stock its 9th biggest position. Sciencast Management LP's holdings in Centene were worth $3,624,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CNC. Captrust Financial Advisors increased its holdings in Centene by 55.6% during the 4th quarter. Captrust Financial Advisors now owns 45,103 shares of the company's stock worth $2,732,000 after purchasing an additional 16,108 shares during the period. Fiduciary Trust Co increased its holdings in Centene by 8.5% during the 4th quarter. Fiduciary Trust Co now owns 24,527 shares of the company's stock worth $1,486,000 after purchasing an additional 1,922 shares during the period. Graham Capital Management L.P. boosted its position in Centene by 405.4% during the 4th quarter. Graham Capital Management L.P. now owns 34,079 shares of the company's stock valued at $2,065,000 after acquiring an additional 27,336 shares in the last quarter. Gotham Asset Management LLC boosted its position in Centene by 13.9% during the 4th quarter. Gotham Asset Management LLC now owns 156,331 shares of the company's stock valued at $9,471,000 after acquiring an additional 19,129 shares in the last quarter. Finally, Humankind Investments LLC boosted its position in Centene by 42.5% during the 4th quarter. Humankind Investments LLC now owns 9,744 shares of the company's stock valued at $590,000 after acquiring an additional 2,908 shares in the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. TD Cowen reaffirmed a "hold" rating and set a $33.00 target price (down previously from $73.00) on shares of Centene in a research report on Monday, July 21st. Wells Fargo & Company cut Centene from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Morgan Stanley dropped their target price on Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Monday, August 4th. JPMorgan Chase & Co. dropped their target price on Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Finally, Cantor Fitzgerald reaffirmed a "neutral" rating and set a $38.00 target price on shares of Centene in a research report on Tuesday, August 26th. Three 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's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $38.33.

Centene Stock Performance

CNC traded down $0.88 on Friday, reaching $33.20. 16,808,800 shares of the stock were exchanged, compared to its average volume of 9,219,275. The company's 50-day moving average price is $28.74 and its 200 day moving average price is $48.08. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $77.29. 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 has a market capitalization of $16.31 billion, a PE ratio of 8.22, a PEG ratio of 1.27 and a beta of 0.44.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly 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). Centene had a return on equity of 9.57% and a net margin of 1.15%.The firm 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 firm posted $2.42 EPS. The business's revenue 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 forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insider Activity

In related news, Director Theodore R. Samuels II acquired 9,000 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was acquired at an average price of $27.62 per share, with a total value of $248,580.00. Following the acquisition, the director directly owned 32,000 shares in the company, valued at $883,840. This represents a 39.13% increase in their position. The transaction 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 firm's stock in a transaction dated Friday, August 8th. The stock was bought at an average cost of $25.50 per share, with a total value 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. This trade represents a 2.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.36% of the company's stock.

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.