Handelsbanken Fonder AB Trims Stock Position in Centene Corporation $CNC

Key Points

• Handelsbanken Fonder AB cut its Centene stake by 41.2% in the second quarter, selling 83,141 shares and retaining 118,613 shares valued at approximately $7.6 million. Institutional investors collectively own 93.63% of Centene.
• Centene reported quarterly earnings of $2.51 per share, exceeding the $1.09 consensus estimate, while revenue rose 9.9% year over year to $53.58 billion. The company set fiscal 2026 earnings guidance at $4.80 per share.
• Centene shares opened at $66.11, near their 12-month high of $69.36. Analysts maintain a consensus “Hold” rating with an average price target of $69.15, although ratings range from Strong Buy to Sell.

Handelsbanken Fonder AB decreased its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 41.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 118,613 shares of the company's stock after selling 83,141 shares during the quarter. Handelsbanken Fonder AB's holdings in Centene were worth $7,614,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. DV Equities LLC acquired a new position in shares of Centene in the 4th quarter valued at $26,000. Elevation Wealth Partners LLC boosted its stake in Centene by 564.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 658 shares of the company's stock worth $42,000 after purchasing an additional 559 shares during the period. IFC & Insurance Marketing Inc. purchased a new position in Centene during the 4th quarter worth $28,000. SBI Securities Co. Ltd. increased its stake in Centene by 118.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 749 shares of the company's stock valued at $31,000 after purchasing an additional 406 shares during the period. Finally, Bayban acquired a new stake in shares of Centene during the fourth quarter worth about $33,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Down 1.4%

CNC opened at $66.11 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.15 and a quick ratio of 1.15. Centene Corporation has a 12 month low of $26.71 and a 12 month high of $69.36. The stock has a market capitalization of $32.66 billion, a P/E ratio of -6.33, a P/E/G ratio of 0.36 and a beta of 1.08. The business has a 50 day simple moving average of $64.89 and a 200-day simple moving average of $51.54.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 28th. The company reported $2.51 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm had revenue of $53.58 billion for the quarter, compared to analyst estimates of $47.64 billion. During the same quarter in the prior year, the company posted ($0.16) earnings per share. Centene's quarterly revenue was up 9.9% on a year-over-year basis. Centene has set its FY 2026 guidance at 4.800- EPS. On average, equities analysts anticipate that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CNC shares. Mizuho set a $63.00 price target on Centene and gave the company a "neutral" rating in a research report on Monday, June 8th. Wells Fargo & Company set a $69.00 price objective on Centene and gave the stock an "equal weight" rating in a research report on Monday, July 13th. Weiss Ratings reissued a "sell (d)" rating on shares of Centene in a report on Friday, July 17th. Robert W. Baird upped their price target on Centene from $46.00 to $66.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Finally, The Goldman Sachs Group reaffirmed a "sell" rating and set a $40.00 price target on shares of Centene in a report on Wednesday, April 29th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, Centene presently has an average rating of "Hold" and a consensus price target of $69.15.

About Centene

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

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