Comerica Bank Has $6.47 Million Holdings in Centene Corporation $CNC

Key Points

• Comerica Bank increased its stake in Centene Corporation by 9.3%, owning 106,606 shares valued at approximately $6.47 million as of the latest SEC filing.
• Several institutional investors have also made significant changes to their positions in Centene, with 93.63% of the stock owned by such entities.
• Research analysts have downgraded their price targets for Centene, with averages dropping from $73.00 to $33.00, reflecting a general cautious outlook on the stock.

Comerica Bank lifted its stake in Centene Corporation (NYSE:CNC - Free Report) by 9.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 106,606 shares of the company's stock after purchasing an additional 9,041 shares during the quarter. Comerica Bank's holdings in Centene were worth $6,472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also made changes to their positions in the company. Pinney & Scofield Inc. bought a new position in Centene during the fourth quarter valued at approximately $25,000. Ameriflex Group Inc. bought a new position in Centene during the fourth quarter valued at approximately $26,000. Studio Investment Management LLC acquired a new position in Centene during the fourth quarter valued at approximately $32,000. Golden State Wealth Management LLC grew its holdings in Centene by 203.1% during the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after purchasing an additional 388 shares during the last quarter. Finally, Bruce G. Allen Investments LLC grew its holdings in Centene by 273.8% during the first quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock valued at $56,000 after purchasing an additional 679 shares during the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on CNC shares. Morgan Stanley lowered their price target on Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a report on Monday, August 4th. Wall Street Zen downgraded Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Cantor Fitzgerald reiterated a "neutral" rating and set a $38.00 price target on shares of Centene in a report on Tuesday, August 26th. Mizuho lowered their price objective on shares of Centene from $71.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, July 11th. Finally, Robert W. Baird lowered their price objective on shares of Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research note 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 given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $42.20.

Insider Activity at Centene

In other news, Director Theodore R. Samuels II bought 9,000 shares of the business's stock in a transaction on Monday, July 28th. The shares were purchased at an average price of $27.62 per share, for a total transaction of $248,580.00. Following the purchase, the director 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah London acquired 19,230 shares of the company's stock in a transaction dated 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 purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

Centene Price Performance

Shares of NYSE:CNC traded up $0.65 on Friday, hitting $29.03. The stock had a trading volume of 8,344,263 shares, compared to its average volume of 13,072,034. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $80.59. 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 firm's 50 day moving average price is $32.24 and its 200-day moving average price is $49.67. The company has a market capitalization of $14.26 billion, a price-to-earnings ratio of 7.18, a price-to-earnings-growth ratio of 1.18 and a beta of 0.44.

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 analysts' consensus estimates of $0.23 by ($0.39). The business had revenue of $48.74 billion during the quarter, compared to the consensus estimate of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, equities research analysts predict that Centene Corporation will post 6.86 earnings per share for the current 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.