Centene Corporation $CNC Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Centene Corporation by 2.6%, selling 137,825 shares and now holds 1.04% of the company, valued at approximately $313 million.
• Centene has recently faced several price target downgrades from analysts, with Barclays lowering their target from $65.00 to $45.00, indicating a shift in market perception.
• CEO Sarah London purchased 19,230 shares of Centene at an average price of $25.50 per share, reflecting insider confidence in the company's future despite recent challenges.

Northern Trust Corp reduced its stake in Centene Corporation (NYSE:CNC - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,156,991 shares of the company's stock after selling 137,825 shares during the quarter. Northern Trust Corp owned 1.04% of Centene worth $313,081,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its position in shares of Centene by 8.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company's stock worth $127,000 after buying an additional 169 shares during the period. Poinciana Advisors Group LLC lifted its stake in Centene by 2.8% during the 1st quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock worth $438,000 after acquiring an additional 195 shares in the last quarter. Carnegie Investment Counsel boosted its holdings in Centene by 6.0% during the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock valued at $234,000 after acquiring an additional 215 shares during the period. Allworth Financial LP increased its stake in Centene by 6.1% during the first quarter. Allworth Financial LP now owns 4,387 shares of the company's stock worth $270,000 after purchasing an additional 254 shares during the period. Finally, Amalgamated Bank lifted its position in shares of Centene by 0.3% during the first quarter. Amalgamated Bank now owns 97,346 shares of the company's stock worth $5,910,000 after purchasing an additional 265 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CNC shares. Guggenheim restated a "neutral" rating on shares of Centene in a report on Tuesday, April 29th. Oppenheimer cut their price objective on Centene from $51.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Barclays reduced their price objective on Centene from $65.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Wednesday, July 2nd. Truist Financial cut their price target on Centene from $42.00 to $35.00 and set a "buy" rating on the stock in a report on Monday, July 28th. Finally, Mizuho decreased their price objective on Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $42.20.

Insider Buying and Selling at Centene

In related news, CEO Sarah London bought 19,230 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired 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 approximately $21,554,512.50. This represents a 2.33% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Theodore R. Samuels II purchased 9,000 shares of Centene stock in a transaction that occurred on Monday, July 28th. The stock was bought at an average cost of $27.62 per share, with a total value of $248,580.00. Following the completion of the transaction, the director owned 32,000 shares of the company's stock, 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. Corporate insiders own 0.36% of the company's stock.

Centene Stock Performance

NYSE:CNC opened at $29.3560 on Thursday. The firm has a market capitalization of $14.42 billion, a PE ratio of 7.27, a price-to-earnings-growth ratio of 1.19 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. The business's fifty day moving average price is $35.90 and its 200 day moving average price is $51.28. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $80.59.

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

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