Parallel Advisors LLC Has $734,000 Stake in Centene Corporation $CNC

Key Points

• Parallel Advisors LLC significantly increased its position in Centene Corporation by 251.1%, totaling 13,527 shares valued at approximately $734,000 as per its recent SEC filing.
• Centene's CEO Sarah London and Director Theodore R. Samuels II recently acquired shares of the company, with London purchasing 19,230 shares and Samuels buying 9,000 shares, reflecting confidence in the firm.
• Several analysts have issued mixed ratings for Centene, with a consensus rating of "Hold" and an average target price of $38.33, following a decline in targets from previous higher estimates.

Parallel Advisors LLC boosted its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 251.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,527 shares of the company's stock after purchasing an additional 9,674 shares during the period. Parallel Advisors LLC's holdings in Centene were worth $734,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Focus Partners Wealth grew its stake in shares of Centene by 83.1% in the 1st quarter. Focus Partners Wealth now owns 42,270 shares of the company's stock valued at $2,566,000 after buying an additional 19,181 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Centene by 3.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company's stock worth $292,045,000 after acquiring an additional 143,573 shares in the last quarter. AG2R LA Mondiale Gestion D Actifs acquired a new position in shares of Centene during the 1st quarter worth $1,288,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Centene by 30.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 163,181 shares of the company's stock valued at $9,906,000 after purchasing an additional 37,808 shares during the last quarter. Finally, NewEdge Advisors LLC increased its position in Centene by 175.2% during the first quarter. NewEdge Advisors LLC now owns 42,363 shares of the company's stock worth $2,572,000 after buying an additional 26,972 shares during the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Centene

In other Centene news, CEO Sarah London bought 19,230 shares of the firm's stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the transaction, the chief executive officer owned 845,275 shares in the company, valued at approximately $21,554,512.50. The trade was a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Theodore R. Samuels II acquired 9,000 shares of the firm's stock in a transaction on Monday, July 28th. The shares were bought at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the completion of the acquisition, the director directly owned 32,000 shares of the company's stock, valued at approximately $883,840. This represents a 39.13% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by company insiders.

Centene Stock Performance

CNC stock traded up $0.99 during trading on Monday, reaching $32.76. 9,234,554 shares of the stock were exchanged, compared to its average volume of 13,426,395. The stock has a 50 day simple moving average of $28.74 and a 200-day simple moving average of $46.64. 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 company has a market capitalization of $16.09 billion, a P/E ratio of 8.11, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $76.08.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.39). The firm had revenue of $48.74 billion for 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 revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, sell-side analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Morgan Stanley reduced their price target on Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. Barclays upped their target price on Centene from $33.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Friday, September 12th. Wall Street Zen lowered shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Mizuho decreased their price objective on shares of Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a report on Friday, July 11th. Finally, Robert W. Baird dropped their target price on shares of Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $38.33.

About Centene

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.