Centene Corporation $CNC Stake Raised by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC increased its stake in Centene Corporation by 33.2%, acquiring an additional 63,556 shares in the first quarter, bringing its total ownership to 255,177 shares valued at approximately $15.49 million.
• Centene's stock is currently trading at $28.50, reflecting a 5.8% increase, despite the company's reported quarterly earnings missing expectations with a loss of ($0.16) per share against estimates of $0.23.
• Several equity analysts have downgraded Centene's rating, with a consensus rating of "Hold" and a target price cut to $42.20 from previous estimates, highlighting a cautious outlook on the stock.

HighTower Advisors LLC raised its position in Centene Corporation (NYSE:CNC - Free Report) by 33.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 255,177 shares of the company's stock after purchasing an additional 63,556 shares during the period. HighTower Advisors LLC owned about 0.05% of Centene worth $15,492,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Public Sector Pension Investment Board grew its stake in Centene by 9.6% in the 1st quarter. Public Sector Pension Investment Board now owns 66,710 shares of the company's stock valued at $4,050,000 after acquiring an additional 5,825 shares during the last quarter. AIA Group Ltd grew its position in shares of Centene by 990.9% in the first quarter. AIA Group Ltd now owns 74,081 shares of the company's stock valued at $4,497,000 after purchasing an additional 67,290 shares during the last quarter. Independent Advisor Alliance increased its stake in shares of Centene by 55.5% during the 1st quarter. Independent Advisor Alliance now owns 5,234 shares of the company's stock worth $318,000 after purchasing an additional 1,868 shares in the last quarter. CCM Investment Group LLC acquired a new position in shares of Centene during the 1st quarter worth approximately $2,770,000. Finally, Nuveen LLC purchased a new stake in Centene in the 1st quarter valued at approximately $146,557,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CNC. Cantor Fitzgerald downgraded Centene from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $65.00 to $38.00 in a research report on Monday, July 28th. Guggenheim restated a "neutral" rating on shares of Centene in a report on Tuesday, April 29th. Truist Financial lowered their price target on shares of Centene from $42.00 to $35.00 and set a "buy" rating for the company in a report on Monday, July 28th. Wall Street Zen lowered shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, UBS Group decreased their price objective on Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a report on Monday, July 28th. 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 company's stock. According to MarketBeat.com, Centene currently has a consensus rating of "Hold" and a consensus price target of $42.20.

Centene Stock Up 1.1%

NYSE:CNC traded up $0.3150 during mid-day trading on Tuesday, hitting $29.3050. The company had a trading volume of 16,720,832 shares, compared to its average volume of 20,815,892. The business has a fifty day simple moving average of $36.41 and a 200-day simple moving average of $51.43. The firm has a market capitalization of $14.39 billion, a price-to-earnings ratio of 7.25, a PEG ratio of 1.18 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 current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. During the same quarter in the prior year, the business earned $2.42 EPS. The company's revenue for the quarter was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities analysts forecast that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Centene Company 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.