Centene Corporation $CNC Shares Sold by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC significantly reduced its holdings in Centene Corporation by 60%, selling over 17,000 shares and leaving them with approximately 11,376 shares valued at $691,000.
• Several analysts have cut their price targets for Centene stock, with targets now ranging from $35.00 to $43.00, reflecting cautious sentiment; the consensus rating remains as a Hold.
• Centene reported a net loss per share of ($0.16) for its latest quarterly earnings, missing the consensus estimate and despite exceeding revenue expectations with $48.74 billion reported.

Teza Capital Management LLC reduced its position in Centene Corporation (NYSE:CNC - Free Report) by 60.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,376 shares of the company's stock after selling 17,053 shares during the period. Teza Capital Management LLC's holdings in Centene were worth $691,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pinney & Scofield Inc. acquired a new position in shares of Centene in the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new position in Centene during the 4th quarter worth approximately $26,000. Quarry LP acquired a new position in Centene during the 1st quarter worth approximately $26,000. Studio Investment Management LLC acquired a new position in Centene during the 4th quarter worth approximately $32,000. Finally, Golden State Wealth Management LLC lifted its position in Centene by 203.1% during 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 in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on CNC shares. Oppenheimer reduced their price target on Centene from $51.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Cantor Fitzgerald reissued a "neutral" rating and set a $38.00 price target on shares of Centene in a research report on Tuesday, August 26th. Mizuho reduced their price target on Centene from $71.00 to $40.00 and set a "neutral" rating on the stock in a research report on Friday, July 11th. Sanford C. Bernstein cut their target price on Centene from $40.00 to $36.00 and set an "outperform" rating on the stock in a research report on Friday. Finally, Truist Financial cut their target price on Centene from $42.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $37.93.

Centene Stock Performance

CNC stock opened at $28.97 on Friday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The firm has a market cap of $14.23 billion, a P/E ratio of 7.17, a P/E/G ratio of 1.18 and a beta of 0.44. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $77.29. The stock's 50 day simple moving average is $29.80 and its 200 day simple moving average is $48.76.

Centene (NYSE:CNC - Get Free Report) last posted 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). The firm had revenue of $48.74 billion for 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 business's revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, equities research analysts predict that Centene Corporation will post 6.86 EPS for the current year.

Insider Activity at Centene

In other news, Director Theodore R. Samuels II purchased 9,000 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average cost of $27.62 per share, with a total value of $248,580.00. Following the transaction, the director owned 32,000 shares in the company, valued at approximately $883,840. The trade was a 39.13% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sarah London acquired 19,230 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $25.50 per share, with a total value of $490,365.00. Following the completion of the purchase, the chief executive officer owned 845,275 shares in the company, valued at $21,554,512.50. The trade was a 2.33% 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 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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