Counterpoint Mutual Funds LLC Invests $1.91 Million in Centene Corporation $CNC

Key Points

• Counterpoint Mutual Funds LLC invested approximately $1.91 million in Centene Corporation, acquiring 35,213 shares during the second quarter.
• Centene's stock recently reported a 3.1% increase and traded at $32.76, with a market cap of $16.09 billion and a price-to-earnings ratio of 8.11.
• The company missed earnings per share estimates in its recent quarterly report, posting ($0.16) EPS compared to the consensus estimate of $0.23.

Counterpoint Mutual Funds LLC acquired a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 35,213 shares of the company's stock, valued at approximately $1,911,000.

A number of other institutional investors have also added to or reduced their stakes in the company. AQR Capital Management LLC boosted its holdings in shares of Centene by 42.7% in the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company's stock worth $669,820,000 after purchasing an additional 3,306,796 shares in the last quarter. Nuveen LLC bought a new stake in Centene in the 1st quarter worth approximately $146,557,000. Boston Partners lifted its position in Centene by 155.3% in the 1st quarter. Boston Partners now owns 3,901,603 shares of the company's stock worth $236,802,000 after buying an additional 2,373,280 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Centene by 111.5% during the first quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock worth $219,055,000 after acquiring an additional 1,902,277 shares in the last quarter. Finally, 8 Knots Management LLC boosted its stake in shares of Centene by 52.5% in the 1st quarter. 8 Knots Management LLC now owns 3,050,904 shares of the company's stock valued at $185,220,000 after purchasing an additional 1,050,648 shares in the last quarter. Institutional investors own 93.63% of the company's stock.

Centene Stock Up 3.1%

Shares of Centene stock opened at $32.76 on Tuesday. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $76.08. The firm has a market cap of $16.09 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 1.29 and a beta of 0.44. The company has a 50-day moving average of $28.74 and a 200 day moving average of $46.64. 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 issued 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). Centene had a net margin of 1.15% and a return on equity of 9.57%. The business had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. During the same period last year, the business earned $2.42 earnings per share. The company's revenue was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, sell-side analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CNC has been the topic of several recent research reports. Bank of America lowered shares of Centene from a "neutral" rating to an "underperform" rating and reduced their target price for the company from $52.00 to $30.00 in a report on Wednesday, July 16th. UBS Group reduced their target price on shares of Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. Truist Financial increased their target price on shares of Centene from $35.00 to $39.00 and gave the company a "buy" rating in a report on Friday, September 12th. Morgan Stanley reduced their target price on shares of Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a report on Monday, August 4th. Finally, Barclays increased their target price on shares of Centene from $33.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, September 12th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $38.33.

Insider Activity at Centene

In other Centene news, Director Theodore R. Samuels II bought 9,000 shares of the stock in a transaction dated 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Sarah London purchased 19,230 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was purchased 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 $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 company insiders.

About Centene

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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