Centene Corporation $CNC Stock Holdings Lessened by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Centene Corporation by 1.3%, leaving them with approximately 3.21 million shares valued at $195.1 million.
• Equities research analysts have downgraded Centene, with Wells Fargo cutting their price target from $72 to $30, while the consensus rating remains at Hold with a target price of $42.20.
• Despite recent declines, Centene's quarterly revenue rose 22.4% year-over-year, reporting $48.74 billion, although its EPS fell short of expectations with a loss of $0.16.

Hotchkis & Wiley Capital Management LLC lowered its stake in Centene Corporation (NYSE:CNC - Free Report) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,213,863 shares of the company's stock after selling 43,476 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.65% of Centene worth $195,114,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. SVB Wealth LLC increased its holdings in shares of Centene by 140.4% in the first quarter. SVB Wealth LLC now owns 17,193 shares of the company's stock valued at $1,044,000 after buying an additional 10,041 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Centene by 26.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 15,116 shares of the company's stock valued at $918,000 after buying an additional 3,173 shares in the last quarter. AlphaQuest LLC increased its holdings in shares of Centene by 42.0% in the first quarter. AlphaQuest LLC now owns 22,928 shares of the company's stock valued at $1,392,000 after buying an additional 6,786 shares in the last quarter. Allstate Corp increased its holdings in shares of Centene by 10.2% in the first quarter. Allstate Corp now owns 17,312 shares of the company's stock valued at $1,051,000 after buying an additional 1,606 shares in the last quarter. Finally, 1832 Asset Management L.P. raised its holdings in shares of Centene by 62.0% during the first quarter. 1832 Asset Management L.P. now owns 36,204 shares of the company's stock valued at $2,198,000 after acquiring an additional 13,854 shares during the period. Institutional investors own 93.63% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CNC shares. Wells Fargo & Company lowered shares of Centene from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $72.00 to $30.00 in a report on Wednesday, July 23rd. Guggenheim restated a "neutral" rating on shares of Centene in a report on Tuesday, April 29th. Cantor Fitzgerald lowered shares of Centene from an "overweight" rating to a "neutral" rating and cut their price target for the company from $65.00 to $38.00 in a report on Monday, July 28th. Wall Street Zen lowered shares of Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Robert W. Baird cut their price target on shares of Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Centene has a consensus rating of "Hold" and a consensus target price of $42.20.

Centene Stock Up 1.8%

CNC opened at $29.3270 on Friday. The company has a market capitalization of $14.40 billion, a PE ratio of 7.26, a price-to-earnings-growth ratio of 1.17 and a beta of 0.40. The business has a 50-day moving average of $34.85 and a 200-day moving average of $50.81. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $80.59. 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 released its quarterly earnings data on Friday, July 25th. The company reported ($0.16) 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 return on equity of 9.57% and a net margin of 1.15%.The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities research analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insider Buying and Selling at Centene

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

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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