Centene Corporation $CNC Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management reduced its Centene stake by 2.9%, selling 109,246 shares and retaining 3.72 million shares worth approximately $238.5 million. Institutional investors collectively own 93.63% of CNC.
• Centene reported a strong quarter, with EPS of $2.51 versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year. Management raised its 2026 adjusted EPS guidance to more than $4.80, up from more than $3.40.
• CNC shares opened at $64.21, near the $68.58 analyst consensus price target, while Wall Street’s overall rating remains “Hold.”

Assenagon Asset Management S.A. lessened its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 2.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,716,029 shares of the company's stock after selling 109,246 shares during the quarter. Assenagon Asset Management S.A. owned 0.75% of Centene worth $238,532,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Centene by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 56,978,753 shares of the company's stock worth $2,344,676,000 after acquiring an additional 190,334 shares in the last quarter. AQR Capital Management LLC increased its stake in Centene by 117.0% during the 4th quarter. AQR Capital Management LLC now owns 31,798,738 shares of the company's stock worth $1,308,518,000 after buying an additional 17,143,904 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Centene by 5.5% during the fourth quarter. Geode Capital Management LLC now owns 13,271,492 shares of the company's stock valued at $554,338,000 after acquiring an additional 697,277 shares during the last quarter. Deerfield Management Company L.P. lifted its holdings in Centene by 184.0% in the 3rd quarter. Deerfield Management Company L.P. now owns 9,046,000 shares of the company's stock valued at $322,761,000 after purchasing an additional 5,860,630 shares in the last quarter. Finally, Morgan Stanley lifted its stake in shares of Centene by 7.2% in the fourth quarter. Morgan Stanley now owns 9,002,570 shares of the company's stock worth $370,456,000 after buying an additional 603,585 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Down 4.1%

Shares of CNC opened at $64.21 on Friday. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $69.36. The company's fifty day moving average is $64.36 and its two-hundred day moving average is $50.82. The firm has a market cap of $31.72 billion, a PE ratio of -6.15, a price-to-earnings-growth ratio of 0.36 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.

Centene (NYSE:CNC - Get Free Report) last posted its earnings results on Tuesday, July 28th. The company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $1.09 by $1.42. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same quarter in the previous year, the business posted ($0.16) EPS. The business's quarterly revenue was up 9.9% on a year-over-year basis. Centene has set its FY 2026 guidance at 4.800- EPS. Analysts forecast that Centene Corporation will post 4.89 earnings per share for the current year.

Key Headlines Impacting Centene

Here are the key news stories impacting Centene this week:

• Positive Sentiment: Centene reported adjusted second-quarter EPS of $2.51, well above the $1.09 analyst consensus, while revenue reached $53.58 billion. The health benefits ratio improved to 89.6% from 93.0% a year earlier, indicating better pricing, rate increases and medical-cost management. Centene Corp. Surged on Earnings Beat and Improved Outlook
• Positive Sentiment: Management raised 2026 adjusted EPS guidance to more than $4.80 from more than $3.40 and increased its full-year revenue outlook. The higher forecast is the main reason investors have continued bidding up CNC after earnings. Why Centene Is Up After Raising Guidance
• Positive Sentiment: Centene’s redemption of its 2027 notes should reduce near-term refinancing risk and may lower interest expense, adding to the improved financial outlook. Centene Guidance and Debt Redemption
• Positive Sentiment: A recently awarded Illinois Medicaid contract for Centene’s Meridian Health Plan could provide additional support for government-program enrollment and future revenue. Centene Rises on Profit Recovery and Higher Outlook

Wall Street Analyst Weigh In

CNC has been the subject of several analyst reports. Robert W. Baird increased their price target on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Raymond James Financial set a $75.00 price objective on shares of Centene in a research report on Tuesday, July 7th. Jefferies Financial Group increased their target price on Centene from $39.00 to $48.00 and gave the stock a "hold" rating in a research note on Wednesday, April 29th. Truist Financial increased their price target on shares of Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, July 14th. Finally, Morgan Stanley set a $66.00 price target on Centene in a research report on Wednesday, July 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $68.58.

Centene Company Profile

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Corporation (NYSE:CNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source