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Centene Corporation (NYSE:CNC) Shares Sold by Entropy Technologies LP

Centene logo with Medical background

Key Points

  • Entropy Technologies LP reduced its stake in Centene Corporation by 19.4%, selling 11,865 shares to hold a total of 49,346 shares valued at approximately $2.99 million.
  • Centene reported a loss of $0.16 earnings per share for the last quarter, missing analysts' estimates by $0.39, despite a year-over-year revenue increase of 22.4%.
  • Analysts currently have a consensus rating of “Hold” for Centene shares, with an average target price of $42.20 following significant adjustments by multiple firms.
  • Want stock alerts on Centene? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Entropy Technologies LP reduced its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 19.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 49,346 shares of the company's stock after selling 11,865 shares during the period. Entropy Technologies LP's holdings in Centene were worth $2,996,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CNC. MassMutual Private Wealth & Trust FSB boosted its holdings in Centene by 8.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company's stock valued at $127,000 after acquiring an additional 169 shares during the period. Poinciana Advisors Group LLC lifted its holdings in shares of Centene by 2.8% in the 1st quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock worth $438,000 after buying an additional 195 shares during the period. Carnegie Investment Counsel lifted its holdings in shares of Centene by 6.0% in the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock worth $234,000 after buying an additional 215 shares during the period. Allworth Financial LP lifted its holdings in shares of Centene by 6.1% in the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company's stock worth $270,000 after buying an additional 254 shares during the period. Finally, Synovus Financial Corp lifted its holdings in shares of Centene by 5.3% in the 4th quarter. Synovus Financial Corp now owns 5,216 shares of the company's stock worth $316,000 after buying an additional 264 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CNC shares. Wall Street Zen cut Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Guggenheim reiterated a "neutral" rating on shares of Centene in a report on Tuesday, April 29th. Wells Fargo & Company lowered Centene from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Bank of America lowered Centene from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $52.00 to $30.00 in a research report on Wednesday, July 16th. Finally, Morgan Stanley reduced their price target on Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $42.20.

Get Our Latest Stock Analysis on Centene

Insider Transactions at Centene

In other news, CEO Sarah London acquired 19,230 shares of the business's stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $25.50 per share, with a total value 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 trade represents a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Theodore R. Samuels II bought 9,000 shares of the company's stock in a transaction that occurred on 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 completion of the acquisition, the director owned 32,000 shares of the company's stock, valued at $883,840. This trade represents a 39.13% 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 corporate insiders.

Centene Stock Up 3.4%

NYSE:CNC traded up $0.87 during mid-day trading on Tuesday, hitting $26.12. 16,242,302 shares of the company's stock traded hands, compared to its average volume of 21,727,420. The company has a fifty day moving average of $39.12 and a 200 day moving average of $52.70. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $12.83 billion, a P/E ratio of 6.46, a P/E/G ratio of 1.03 and a beta of 0.40. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $80.59.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The company reported ($0.16) earnings per share 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 net margin of 1.15% and a return on equity of 9.57%. The firm's revenue for the quarter 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. On average, analysts forecast that Centene Corporation will post 6.86 EPS for the current year.

Centene Profile

(Free Report)

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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Institutional Ownership by Quarter for Centene (NYSE:CNC)

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