Concentra Group Holdings Parent, Inc. $CON Shares Sold by Thrivent Financial for Lutherans

Key Points

• Thrivent Financial for Lutherans reduced its stake in Concentra Group Holdings Parent by 12.2% in the fourth quarter, selling 397,412 shares and leaving it with 2.22% of the company worth about $56.1 million.
• Insider selling also occurred: Director Robert A. Ortenzio sold 130,000 shares at $25.00 each in a pre-arranged trading plan, trimming his position by 12.7%.
• The company reported solid quarterly results, with earnings of $0.40 per share topping expectations and revenue rising 13.7% year over year; it also announced a quarterly dividend of $0.0625 per share.

Thrivent Financial for Lutherans lessened its stake in shares of Concentra Group Holdings Parent, Inc. (NYSE:CON - Free Report) by 12.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,848,366 shares of the company's stock after selling 397,412 shares during the period. Thrivent Financial for Lutherans owned 2.22% of Concentra Group Holdings Parent worth $56,056,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. raised its position in shares of Concentra Group Holdings Parent by 13.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,874,283 shares of the company's stock worth $81,089,000 after purchasing an additional 445,449 shares during the last quarter. Hussman Strategic Advisors Inc. acquired a new position in shares of Concentra Group Holdings Parent during the 4th quarter worth about $1,240,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Concentra Group Holdings Parent in the 3rd quarter valued at about $35,124,000. Cramer Rosenthal Mcglynn LLC raised its holdings in Concentra Group Holdings Parent by 14.7% in the 3rd quarter. Cramer Rosenthal Mcglynn LLC now owns 2,091,448 shares of the company's stock valued at $43,774,000 after acquiring an additional 267,670 shares during the last quarter. Finally, Prosight Management LP raised its holdings in Concentra Group Holdings Parent by 95.4% in the 3rd quarter. Prosight Management LP now owns 610,000 shares of the company's stock valued at $12,767,000 after acquiring an additional 297,895 shares during the last quarter.

Insider Buying and Selling at Concentra Group Holdings Parent

In other news, Director Robert A. Ortenzio sold 130,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $25.00, for a total value of $3,250,000.00. Following the completion of the sale, the director owned 893,455 shares of the company's stock, valued at $22,336,375. This represents a 12.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 8.10% of the stock is currently owned by company insiders.

Concentra Group Holdings Parent Stock Down 1.4%

CON stock opened at $25.83 on Friday. The company has a market cap of $3.31 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.18 and a beta of 0.72. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 3.62. Concentra Group Holdings Parent, Inc. has a 12 month low of $18.55 and a 12 month high of $26.66. The firm has a 50-day moving average of $22.62 and a two-hundred day moving average of $21.57.

Concentra Group Holdings Parent (NYSE:CON - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. Concentra Group Holdings Parent had a net margin of 7.97% and a return on equity of 47.14%. The business had revenue of $569.56 million during the quarter, compared to analysts' expectations of $553.53 million. During the same quarter in the prior year, the company posted $0.32 EPS. The business's revenue for the quarter was up 13.7% on a year-over-year basis. As a group, analysts forecast that Concentra Group Holdings Parent, Inc. will post 1.53 earnings per share for the current fiscal year.

Concentra Group Holdings Parent Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 19th will be paid a $0.0625 dividend. The ex-dividend date of this dividend is Tuesday, May 19th. This represents a $0.25 annualized dividend and a dividend yield of 1.0%. Concentra Group Holdings Parent's dividend payout ratio is 17.99%.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Concentra Group Holdings Parent from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Thursday, March 5th. Truist Financial reiterated a "buy" rating and issued a $31.00 price objective (up from $29.00) on shares of Concentra Group Holdings Parent in a report on Monday, May 11th. Weiss Ratings upgraded shares of Concentra Group Holdings Parent from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Finally, Royal Bank Of Canada increased their price objective on shares of Concentra Group Holdings Parent from $30.00 to $31.00 and gave the company an "outperform" rating in a report on Monday, February 2nd. Five investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Concentra Group Holdings Parent presently has an average rating of "Moderate Buy" and a consensus price target of $30.25.

Concentra Group Holdings Parent Company Profile

Concentra Group Holdings Parent NYSE: CON is a Canada-based financial services holding company that specializes in serving Canadian credit unions and their members. Through its operating subsidiaries, the group provides wholesale funding, lending solutions and investment management services tailored to the unique needs of cooperative financial institutions. Concentra’s broad suite of offerings includes trust and custody services, mortgage investment products and equipment financing, all designed to support credit-union growth and stability.

In addition to wholesale funding and lending, Concentra Group Holdings Parent distributes life and general insurance products through affiliated insurance brokers and credit-union channels.

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