Centene Corporation $CNC Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. significantly reduced its stake in Centene Corporation, cutting its holdings by 88.6% in the first quarter, now owning 66,596 shares valued at approximately $4.04 million.
• Centene reported Q2 EPS of ($0.16), missing analysts' expectations of $0.23, despite a 22.4% increase in revenue year-over-year, totaling $48.74 billion.
• Brokerages have lowered their price targets on Centene, with Oppenheimer reducing its target from $51.00 to $43.00, reflecting a cautious market outlook on the stock.

Candriam S.C.A. cut its stake in Centene Corporation (NYSE:CNC - Free Report) by 88.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 66,596 shares of the company's stock after selling 516,691 shares during the quarter. Candriam S.C.A.'s holdings in Centene were worth $4,043,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriflex Group Inc. acquired a new stake in shares of Centene in the 4th quarter worth $26,000. Pinney & Scofield Inc. acquired a new stake in shares of Centene in the 4th quarter worth $25,000. Studio Investment Management LLC acquired a new stake in shares of Centene in the 4th quarter worth $32,000. Golden State Wealth Management LLC increased its stake in shares of Centene by 203.1% in the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock worth $35,000 after acquiring an additional 388 shares during the last quarter. Finally, Bruce G. Allen Investments LLC increased its stake in shares of Centene by 273.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock worth $56,000 after acquiring an additional 679 shares during the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Stock Performance

Shares of Centene stock opened at $29.3270 on Friday. The business has a 50-day moving average of $34.85 and a 200 day moving average of $50.81. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $80.59. The stock has a market capitalization of $14.40 billion, a price-to-earnings ratio of 7.26, a price-to-earnings-growth ratio of 1.17 and a beta of 0.40. 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 (NYSE:CNC - Get Free Report) last announced its earnings results on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. During the same quarter last year, the business earned $2.42 earnings per share. The business's 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. As a group, sell-side analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CNC. Oppenheimer cut their target price on Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday, July 28th. Barclays cut their price objective on Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 2nd. UBS Group cut their price objective on Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Jefferies Financial Group cut their price objective on Centene from $64.00 to $61.00 and set a "hold" rating for the company in a research report on Tuesday, April 29th. Finally, Cantor Fitzgerald downgraded Centene from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $65.00 to $38.00 in a research report on Monday, July 28th. Three analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $42.20.

Insider Transactions at Centene

In other news, Director Theodore R. Samuels II bought 9,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the acquisition, the director directly owned 32,000 shares of the company's stock, valued at $883,840. The trade was a 39.13% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sarah London acquired 19,230 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was bought at an average price 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. This trade represents a 2.33% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company's stock.

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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.