Centene Corporation (NYSE:CNC) Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Centene Corporation by 29.1%, owning 30,422 shares worth approximately $1.85 million after selling 12,463 shares in the first quarter.
• Centene's stock recently reported a quarterly loss of ($0.16) EPS, falling short of the consensus estimate of $0.23, while its revenue soared to $48.74 billion, exceeding expectations.
• Multiple analysts have downgraded Centene’s stock ratings and significantly lowered their price targets, with Cantor Fitzgerald reducing it from $65.00 to $38.00 and Bank of America from $52.00 to $30.00.

Gulf International Bank UK Ltd lessened its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 29.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,422 shares of the company's stock after selling 12,463 shares during the quarter. Gulf International Bank UK Ltd's holdings in Centene were worth $1,846,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of CNC. Synovus Financial Corp lifted its position in shares of Centene by 5.3% during 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 last quarter. Guggenheim Capital LLC lifted its position in shares of Centene by 2.8% during the 4th quarter. Guggenheim Capital LLC now owns 89,818 shares of the company's stock worth $5,441,000 after buying an additional 2,433 shares during the last quarter. United Capital Financial Advisors LLC lifted its position in shares of Centene by 3.7% during the 4th quarter. United Capital Financial Advisors LLC now owns 9,691 shares of the company's stock worth $587,000 after buying an additional 348 shares during the last quarter. Wasatch Advisors LP lifted its position in shares of Centene by 38.2% during the 4th quarter. Wasatch Advisors LP now owns 52,500 shares of the company's stock worth $3,180,000 after buying an additional 14,500 shares during the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Centene by 1.6% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,107,296 shares of the company's stock valued at $67,080,000 after purchasing an additional 16,996 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Insider Activity at Centene

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

Analyst Ratings Changes

CNC has been the subject of several research reports. Wells Fargo & Company downgraded shares of Centene from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Guggenheim reiterated a "neutral" rating on shares of Centene in a research report on Tuesday, April 29th. Barclays reduced their price target on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research report on Wednesday, July 2nd. Truist Financial reduced their price target on shares of Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, July 28th. Finally, Wall Street Zen downgraded shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $42.20.

Centene Trading Up 5.8%

Shares of CNC stock traded up $1.57 during trading hours on Friday, hitting $28.50. 19,596,548 shares of the company were exchanged, compared to its average volume of 21,570,596. The firm has a market cap of $14.00 billion, a PE ratio of 7.05, a PEG ratio of 1.17 and a beta of 0.40. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $80.59. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average of $37.47 and a 200 day moving average of $51.92.

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 the consensus estimate of $0.23 by ($0.39). The company had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%. The company's revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.42 earnings per share. Analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

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.