Centene Corporation $CNC Position Increased by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Centene Corporation by 30.2% during the first quarter, now owning 163,181 shares valued at approximately $9.91 million.
• Centene's quarterly earnings fell short of analyst estimates, reporting a loss of ($0.16) per share against expectations of $0.23, although revenues were higher than expected at $48.74 billion.
• Following recent stock performance evaluations, analysts have adjusted price targets significantly, with a consensus rating of "Hold" and a target price of $37.93.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Centene Corporation (NYSE:CNC - Free Report) by 30.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 163,181 shares of the company's stock after acquiring an additional 37,808 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Centene were worth $9,906,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CNC. Gotham Asset Management LLC boosted its position in shares of Centene by 13.9% in the fourth quarter. Gotham Asset Management LLC now owns 156,331 shares of the company's stock worth $9,471,000 after buying an additional 19,129 shares during the period. LRI Investments LLC boosted its position in Centene by 2,317.3% during the 4th quarter. LRI Investments LLC now owns 1,813 shares of the company's stock worth $110,000 after acquiring an additional 1,738 shares during the period. LMR Partners LLP purchased a new position in Centene during the 4th quarter valued at about $1,529,000. OMERS ADMINISTRATION Corp increased its holdings in shares of Centene by 21.2% in the 4th quarter. OMERS ADMINISTRATION Corp now owns 22,519 shares of the company's stock valued at $1,364,000 after purchasing an additional 3,946 shares during the period. Finally, NorthRock Partners LLC purchased a new stake in shares of Centene in the fourth quarter worth approximately $277,000. Hedge funds and other institutional investors own 93.63% of the company's stock.

Insider Buying and Selling

In other news, Director Theodore R. Samuels II bought 9,000 shares of the business's stock in a transaction on Monday, July 28th. The stock was purchased at an average price of $27.62 per share, with a total value of $248,580.00. Following the transaction, the director directly 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 the SEC website. Also, CEO Sarah London purchased 19,230 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the transaction, 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.

Analyst Ratings Changes

Several research analysts have weighed in on CNC shares. Robert W. Baird dropped their price objective on shares of Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. TD Cowen reaffirmed 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. Truist Financial reduced their price objective on Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, July 28th. Oppenheimer lowered 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. Finally, Sanford C. Bernstein cut their price target on Centene from $40.00 to $36.00 and set an "outperform" rating for the company in a research note on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $37.93.

Centene Trading Up 8.0%

Shares of NYSE:CNC opened at $31.14 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $15.29 billion, a PE ratio of 7.71, a P/E/G ratio of 1.17 and a beta of 0.44. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $77.29. The firm has a fifty day moving average price of $28.78 and a 200 day moving average price of $48.37.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.Centene's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Analysts expect that Centene Corporation will post 6.86 EPS for the current fiscal 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.

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