BI Asset Management Fondsmaeglerselskab A S Cuts Holdings in Centene Corporation $CNC

Key Points

• BI Asset Management Fondsmaeglerselskab A S has reduced its stake in Centene Corporation by 51.8%, now holding 21,496 shares valued at approximately $1.3 million.
• Insider transactions included Director Theodore R. Samuels II purchasing 9,000 shares and CEO Sarah London buying 19,230 shares, indicating increased confidence in the company's future.
• Centene's last quarterly earnings reported a loss of ($0.16) EPS, missing expectations, despite a 22.4% increase in revenue year-over-year.

BI Asset Management Fondsmaeglerselskab A S trimmed its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 51.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,496 shares of the company's stock after selling 23,060 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in Centene were worth $1,305,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Captrust Financial Advisors grew its stake in 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 purchasing an additional 16,108 shares in the last quarter. Farther Finance Advisors LLC boosted its position 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 acquiring an additional 1,546 shares in the last quarter. AXS Investments LLC acquired a new position in shares of Centene during the 1st quarter worth about $1,458,000. Envestnet Asset Management Inc. boosted its position in shares of Centene by 30.0% during the 1st 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 in the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Centene by 41.4% during the 4th quarter. BNP Paribas Financial Markets now owns 925,150 shares of the company's stock worth $56,046,000 after acquiring an additional 270,899 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Stock Performance

Shares of NYSE CNC traded down $0.34 during trading hours on Monday, reaching $29.07. The stock had a trading volume of 6,799,062 shares, compared to its average volume of 8,730,034. The firm has a market cap of $14.28 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 1.20 and a beta of 0.40. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $80.59. The firm has a 50-day moving average of $34.85 and a 200-day moving average of $50.68.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Friday, July 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The firm had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period last year, the company earned $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities research analysts predict that Centene Corporation will post 6.86 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have recently issued reports on CNC. TD Cowen reaffirmed a "hold" rating and set a $33.00 price objective (down from $73.00) on shares of Centene in a research report on Monday, July 21st. Truist Financial lowered 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. Wall Street Zen cut Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Morgan Stanley lowered their price objective 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. Finally, Oppenheimer decreased their target price on Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Three 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. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $42.20.

Insider Activity at Centene

In related news, CEO Sarah London acquired 19,230 shares of Centene stock in a transaction on 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 purchase, the chief executive officer directly 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Theodore R. Samuels II acquired 9,000 shares of Centene stock in a transaction on Monday, July 28th. The shares were bought at an average cost of $27.62 per share, with a total value of $248,580.00. Following the completion of the purchase, the director owned 32,000 shares in the company, valued at $883,840. The trade was 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 owned by corporate insiders.

Centene Company 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.