Centene Corporation $CNC Holdings Lifted by Jump Financial LLC

Key Points

• Jump Financial LLC increased its holdings in Centene Corporation by 282% during the first quarter, owning 571,422 shares valued at approximately $34.69 million, making Centene its 15th largest position.
• Analysts have significantly lowered their price targets for Centene, with Oppenheimer reducing theirs from $51.00 to $43.00 and Mizuho from $71.00 to $40.00, amid a consensus rating of "Hold."
• Centene reported disappointing earnings with an EPS of ($0.16), missing estimates, but saw revenue growth of 22.4% compared to the previous year, with guidance for FY 2025 EPS set at 1.750.

Jump Financial LLC increased its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 282.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 571,422 shares of the company's stock after buying an additional 421,829 shares during the quarter. Centene accounts for approximately 0.5% of Jump Financial LLC's holdings, making the stock its 15th biggest position. Jump Financial LLC owned approximately 0.11% of Centene worth $34,691,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Centene by 8.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company's stock valued at $127,000 after buying an additional 169 shares in the last quarter. Poinciana Advisors Group LLC raised its stake in shares of Centene by 2.8% during the 1st quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock worth $438,000 after purchasing an additional 195 shares in the last quarter. Carnegie Investment Counsel lifted its holdings in shares of Centene by 6.0% during the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock valued at $234,000 after buying an additional 215 shares during the last quarter. Allworth Financial LP grew 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 buying an additional 254 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in Centene by 0.3% in the first quarter. Amalgamated Bank now owns 97,346 shares of the company's stock worth $5,910,000 after buying an additional 265 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CNC shares. Oppenheimer reduced their target price on shares of Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Cantor Fitzgerald lowered shares of Centene from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $65.00 to $38.00 in a research note on Monday, July 28th. Mizuho lowered their target price on shares of Centene from $71.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Truist Financial reduced 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. Finally, Guggenheim reissued a "neutral" rating on shares of Centene in a report on Tuesday, April 29th. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $42.20.

Centene Trading Up 1.8%

NYSE:CNC opened at $29.3270 on Friday. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $80.59. The firm has a market cap of $14.40 billion, a price-to-earnings ratio of 7.26, a P/E/G ratio of 1.17 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 company's 50 day moving average is $34.85 and its 200-day moving average is $50.81.

Centene (NYSE:CNC - Get Free Report) last released 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 net margin of 1.15% and a return on equity of 9.57%. The firm had revenue of $48.74 billion during the quarter, compared to the consensus estimate of $44.71 billion. During the same period in the prior year, the business earned $2.42 EPS. The company's revenue for the quarter was up 22.4% compared to the same quarter last year. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities analysts anticipate that Centene Corporation will post 6.86 EPS for the current year.

Insider Buying and Selling

In related news, Director Theodore R. Samuels II acquired 9,000 shares of the stock in a transaction dated 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 purchase, the director owned 32,000 shares in the company, valued at approximately $883,840. The trade was a 39.13% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah London acquired 19,230 shares of the stock in a transaction dated Friday, August 8th. The stock was bought 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 of the company's stock, valued at $21,554,512.50. The trade was a 2.33% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company's stock.

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.

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