Centene Corporation $CNC Shares Sold by State of New Jersey Common Pension Fund D

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Centene Corporation by 11.3%, owning 171,660 shares worth approximately $10.4 million after selling 21,949 shares in Q1 2023.
• Centene's stock performance saw it open at $28.50, with a yearly high of $80.59 and low of $25.08, while the company reported a Q2 EPS loss of ($0.16), missing expectations by ($0.39).
• Insider transactions included CEO Sarah London acquiring 19,230 shares at an average price of $25.50, demonstrating insider confidence in the company's future.

State of New Jersey Common Pension Fund D cut its holdings in Centene Corporation (NYSE:CNC - Free Report) by 11.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 171,660 shares of the company's stock after selling 21,949 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Centene were worth $10,421,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CNC. Nuveen LLC purchased a new stake in Centene in the 1st quarter worth approximately $146,557,000. Boston Partners boosted its holdings in shares of Centene by 155.3% in the 1st quarter. Boston Partners now owns 3,901,603 shares of the company's stock valued at $236,802,000 after purchasing an additional 2,373,280 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Centene by 42.8% in the 4th quarter. AQR Capital Management LLC now owns 7,742,698 shares of the company's stock valued at $469,053,000 after purchasing an additional 2,319,952 shares during the last quarter. Two Sigma Investments LP boosted its holdings in shares of Centene by 1,788.1% in the 4th quarter. Two Sigma Investments LP now owns 2,245,511 shares of the company's stock valued at $136,033,000 after purchasing an additional 2,126,582 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Centene by 111.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock valued at $219,055,000 after purchasing an additional 1,902,277 shares during the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Performance

Centene stock opened at $28.50 on Monday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $80.59. The company has a market capitalization of $14.00 billion, a price-to-earnings ratio of 7.05, a price-to-earnings-growth ratio of 1.16 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 firm's fifty day moving average price is $37.47 and its 200 day moving average price is $51.83.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.39). Centene had a return on equity of 9.57% and a net margin of 1.15%. The firm had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. During the same period last year, the firm earned $2.42 EPS. The business's quarterly revenue was up 22.4% on a year-over-year basis. On average, research analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insider Buying and Selling at Centene

In related news, CEO Sarah London bought 19,230 shares of the business's stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the purchase, the chief executive officer owned 845,275 shares in the company, valued at $21,554,512.50. This trade represents a 2.33% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Theodore R. Samuels II purchased 9,000 shares of Centene stock in a transaction dated Monday, July 28th. The shares were bought at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the transaction, the director directly owned 32,000 shares of the company's stock, valued at approximately $883,840. The trade was a 39.13% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.36% of the company's stock.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of research analyst reports. Morgan Stanley decreased their price target on shares of Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a report on Monday, August 4th. Mizuho decreased their price target on shares of Centene from $71.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. JPMorgan Chase & Co. decreased their price target on shares of Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a report on Tuesday, July 29th. Barclays reduced their target price on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group reduced their target price on shares of Centene from $64.00 to $61.00 and set a "hold" rating on the stock in a report on Tuesday, April 29th. One analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $42.20.

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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