Hsbc Holdings PLC Has $85.20 Million Stake in Centene Corporation $CNC

Key Points

• Hsbc Holdings PLC reduced its stake in Centene Corporation by 5.1%, now owning approximately 1.4 million shares valued at about $85.20 million.
• Centene reported earnings of ($0.16) per share, missing analysts' expectations, despite revenues of $48.74 billion for the quarter.
• Several analysts have downgraded Centene's stock, with Barclays lowering its price target from $65.00 to $45.00 and Bank of America adjusting its target from $52.00 to $30.00.

Hsbc Holdings PLC lowered its holdings in Centene Corporation (NYSE:CNC - Free Report) by 5.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,406,595 shares of the company's stock after selling 76,045 shares during the quarter. Hsbc Holdings PLC owned about 0.28% of Centene worth $85,197,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in CNC. Invesco Ltd. lifted its position in Centene by 5.1% during the 1st quarter. Invesco Ltd. now owns 11,091,964 shares of the company's stock worth $673,393,000 after buying an additional 536,508 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Centene by 42.8% in the fourth quarter. AQR Capital Management LLC now owns 7,742,698 shares of the company's stock worth $469,053,000 after acquiring an additional 2,319,952 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Centene by 32.3% during the fourth quarter. Ameriprise Financial Inc. now owns 6,469,062 shares of the company's stock worth $391,854,000 after purchasing an additional 1,578,917 shares in the last quarter. Northern Trust Corp grew its stake in shares of Centene by 9.1% during the fourth quarter. Northern Trust Corp now owns 5,294,816 shares of the company's stock valued at $320,760,000 after purchasing an additional 443,121 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Centene by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,433,451 shares of the company's stock valued at $269,134,000 after purchasing an additional 28,462 shares in the last quarter. 93.63% of the stock is owned by institutional investors.

Centene Price Performance

Shares of CNC opened at $29.3560 on Thursday. The stock has a market cap of $14.42 billion, a P/E ratio of 7.27, a price-to-earnings-growth ratio of 1.19 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 stock's 50-day moving average price is $35.90 and its two-hundred day moving average price is $51.28. 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 announced its quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The firm had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The business's revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, equities analysts predict that Centene Corporation will post 6.86 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CNC. Barclays reduced their price objective on Centene from $65.00 to $45.00 and set an "equal weight" rating on the stock in a report on Wednesday, July 2nd. Bank of America lowered Centene from a "neutral" rating to an "underperform" rating and cut their price target for the company from $52.00 to $30.00 in a research note on Wednesday, July 16th. Morgan Stanley lowered their price objective on Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. Wells Fargo & Company downgraded shares of Centene from an "overweight" rating to an "equal weight" rating and cut their target price for the company from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Finally, Mizuho lowered their price target on shares of Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $42.20.

Insiders Place Their Bets

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

Centene 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.

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