OMERS ADMINISTRATION Corp Has $2.88 Million Stock Holdings in Centene Corporation $CNC

Key Points

• OMERS ADMINISTRATION Corp increased its stake in Centene Corporation by 110.9%, owning a total of 47,485 shares worth approximately $2.88 million.
• CEO Sarah London purchased 19,230 shares of Centene at an average price of $25.50, raising her total holdings to 845,275 shares valued at about $21.55 million.
• Centene's stock has faced significant downgrades, with several analysts lowering their price targets, reflecting a shift in market sentiment towards the company.

OMERS ADMINISTRATION Corp lifted its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 110.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,485 shares of the company's stock after acquiring an additional 24,966 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Centene were worth $2,883,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Captrust Financial Advisors lifted its holdings in shares of 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 acquiring an additional 16,108 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Centene by 32.3% during the 1st quarter. Farther Finance Advisors LLC now owns 6,333 shares of the company's stock worth $383,000 after buying an additional 1,546 shares during the last quarter. AXS Investments LLC acquired a new position in Centene in the first quarter valued at $1,458,000. Envestnet Asset Management Inc. increased its stake in Centene by 30.0% during the first quarter. Envestnet Asset Management Inc. now owns 708,717 shares of the company's stock worth $43,026,000 after acquiring an additional 163,462 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in shares of Centene by 41.4% in the 4th quarter. BNP Paribas Financial Markets now owns 925,150 shares of the company's stock valued at $56,046,000 after purchasing an additional 270,899 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on CNC shares. TD Cowen reaffirmed a "hold" rating and issued a $33.00 target price (down previously from $73.00) on shares of Centene in a research report on Monday, July 21st. JPMorgan Chase & Co. reduced their target price on shares of Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Wells Fargo & Company downgraded shares of Centene from an "overweight" rating to an "equal weight" rating and dropped their price target for the stock from $72.00 to $30.00 in a research note on Wednesday, July 23rd. 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. Finally, Truist Financial reduced their price target on Centene from $42.00 to $35.00 and set a "buy" rating for the company in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $42.20.

Centene Stock Up 1.9%

Centene stock traded up $0.56 during mid-day trading on Tuesday, hitting $29.60. The company's stock had a trading volume of 9,881,610 shares, compared to its average volume of 8,745,711. The firm's 50 day moving average is $31.75 and its 200 day moving average is $49.48. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $80.59. The company has a market cap of $14.54 billion, a PE ratio of 7.33, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

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