Ieq Capital LLC Raises Position in Centene Corporation $CNC

Key Points

• Ieq Capital LLC increased its stake in Centene Corporation by 49.9% during Q1, now holding a total of 411,850 shares worth approximately $25 million.
• Wall Street analysts have revised their price targets on Centene, with Oppenheimer lowering it from $51 to $43 and Barclays from $65 to $45, reflecting caution in the stock's performance.
• CEO Sarah London purchased 19,230 shares at an average price of $25.50 each, increasing her ownership stake in the company by 2.33%.

Ieq Capital LLC lifted its position in Centene Corporation (NYSE:CNC - Free Report) by 49.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 411,850 shares of the company's stock after purchasing an additional 137,155 shares during the quarter. Ieq Capital LLC owned 0.08% of Centene worth $25,003,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of CNC. MML Investors Services LLC raised its stake in shares of Centene by 10.6% in the fourth quarter. MML Investors Services LLC now owns 39,345 shares of the company's stock worth $2,384,000 after acquiring an additional 3,760 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Centene by 36.0% in the fourth quarter. Integrated Wealth Concepts LLC now owns 5,695 shares of the company's stock worth $345,000 after purchasing an additional 1,506 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in Centene in the fourth quarter worth about $626,000. Aquatic Capital Management LLC increased its position in Centene by 17.2% in the fourth quarter. Aquatic Capital Management LLC now owns 41,855 shares of the company's stock worth $2,536,000 after purchasing an additional 6,155 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Centene by 7.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 400,384 shares of the company's stock worth $24,255,000 after buying an additional 28,873 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Trading Up 2.3%

Shares of CNC stock traded up $0.65 during trading hours on Friday, hitting $29.03. 8,344,263 shares of the company were exchanged, compared to its average volume of 13,532,464. The firm has a market cap of $14.26 billion, a P/E ratio of 7.18, a P/E/G ratio of 1.18 and a beta of 0.40. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $80.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. The company has a 50 day simple moving average of $32.24 and a two-hundred day simple moving average of $49.72.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The company reported ($0.16) EPS 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 company's revenue was up 22.4% on a year-over-year basis. During the same period last year, the business posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities analysts anticipate that Centene Corporation will post 6.86 EPS for the current year.

Insider Transactions at Centene

In other news, CEO Sarah London purchased 19,230 shares of Centene stock in a transaction that occurred on 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 completion of the purchase, the chief executive officer directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Theodore R. Samuels II acquired 9,000 shares of the stock in a transaction on Monday, July 28th. The shares were bought at an average price of $27.62 per share, with a total value of $248,580.00. Following the purchase, the director directly owned 32,000 shares of the company's stock, valued at $883,840. The trade was a 39.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CNC shares. Mizuho reduced their target price on Centene from $71.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. UBS Group lowered their price target on Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Cantor Fitzgerald reissued a "neutral" rating and set a $38.00 target price on shares of Centene in a report on Tuesday, August 26th. TD Cowen reaffirmed a "hold" rating and issued a $33.00 price objective (down from $73.00) on shares of Centene in a report on Monday, July 21st. Finally, Truist Financial cut their target price on Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research report on Monday, July 28th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $42.20.

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.