Centene Corporation $CNC Shares Acquired by SVB Wealth LLC

Key Points

• SVB Wealth LLC significantly increased its investment in Centene Corporation, acquiring an additional 10,041 shares, boosting its position by 140.4% and bringing its total holdings to 17,193 shares worth over $1 million.
• Analysts have decreased their price targets for Centene, with UBS and JPMorgan cutting their targets to $31.00 and $30.00 respectively, reflecting a shift in sentiment as ratings move to neutral.
• Centene reported a loss of $0.16 EPS for its most recent quarter, missing estimates by $0.39, despite a revenue increase of 22.4% year-over-year.

SVB Wealth LLC grew its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 140.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,193 shares of the company's stock after buying an additional 10,041 shares during the quarter. SVB Wealth LLC's holdings in Centene were worth $1,044,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CNC. Nuveen LLC bought a new stake in shares of Centene during the first quarter valued at approximately $146,557,000. Boston Partners raised its stake in shares of Centene by 155.3% during the first quarter. Boston Partners now owns 3,901,603 shares of the company's stock valued at $236,802,000 after acquiring an additional 2,373,280 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Centene by 42.8% during the fourth quarter. AQR Capital Management LLC now owns 7,742,698 shares of the company's stock valued at $469,053,000 after acquiring an additional 2,319,952 shares in the last quarter. Two Sigma Investments LP boosted its stake in shares of Centene by 1,788.1% during the fourth quarter. Two Sigma Investments LP now owns 2,245,511 shares of the company's stock valued at $136,033,000 after purchasing an additional 2,126,582 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Centene by 111.5% during the first quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock worth $219,055,000 after buying an additional 1,902,277 shares during the period. Institutional investors own 93.63% of the company's stock.

Centene Stock Performance

NYSE:CNC traded up $0.53 during midday trading on Friday, hitting $28.91. The company's stock had a trading volume of 3,404,573 shares, compared to its average volume of 8,707,673. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $80.59. The firm's 50 day moving average is $32.75 and its 200-day moving average is $49.96. 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 cap of $14.20 billion, a P/E ratio of 7.16, a P/E/G ratio of 1.17 and a beta of 0.40.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings results 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). Centene had a return on equity of 9.57% and a net margin of 1.15%.The business had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. During the same quarter last year, the company posted $2.42 EPS. Centene's quarterly 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. Equities analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CNC. Mizuho dropped their target price on 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 dropped their target price on Centene from $42.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. JPMorgan Chase & Co. reduced their price objective on shares of Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, July 29th. Barclays reduced their price objective on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 2nd. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $38.00 price objective on shares of Centene in a research note on Tuesday. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Centene has an average rating of "Hold" and a consensus price target of $42.20.

Insider Activity at Centene

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

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.