Insight Wealth Strategies LLC Sells 23,735 Shares of Centene Corporation $CNC

Key Points

• Insight Wealth Strategies reduced its Centene stake by 19.4%, selling 23,735 shares and retaining 98,403 shares valued at approximately $6.7 million. Institutional investors collectively own 93.63% of Centene’s stock.
• Centene reported a strong quarterly performance, with earnings per share of $2.51 versus the $1.09 consensus estimate and revenue of $53.58 billion, up 9.9% year over year.
• Analyst sentiment remains mixed: Centene has an overall “Hold” rating and an average price target of $69.15, while individual targets range from $63 to $78.

Insight Wealth Strategies LLC trimmed its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 19.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 98,403 shares of the company's stock after selling 23,735 shares during the period. Insight Wealth Strategies LLC's holdings in Centene were worth $6,726,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Baird Financial Group Inc. acquired a new stake in shares of Centene in the 1st quarter valued at $236,000. Sivia Capital Partners LLC lifted its stake in shares of Centene by 80.0% during the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock valued at $527,000 after acquiring an additional 4,315 shares during the period. CW Advisors LLC boosted its holdings in Centene by 20.3% in the second quarter. CW Advisors LLC now owns 4,863 shares of the company's stock valued at $264,000 after acquiring an additional 820 shares during the last quarter. NewEdge Advisors LLC increased its position in Centene by 6.1% in the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock worth $2,440,000 after purchasing an additional 2,582 shares during the period. Finally, Treasurer of the State of North Carolina raised its holdings in Centene by 0.4% during the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock worth $12,590,000 after purchasing an additional 967 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Stock Performance

Shares of NYSE:CNC opened at $64.89 on Wednesday. The firm's 50 day simple moving average is $64.67 and its 200 day simple moving average is $51.24. Centene Corporation has a fifty-two week low of $25.28 and a fifty-two week high of $69.36. The company has a market capitalization of $32.06 billion, a price-to-earnings ratio of -6.22, a P/E/G ratio of 0.36 and a beta of 1.08. 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 (NYSE:CNC - Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $2.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $1.42. The firm had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The business's revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.16) earnings per share. Centene has set its FY 2026 guidance at 4.800- EPS. As a group, sell-side analysts forecast that Centene Corporation will post 4.89 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Mizuho set a $63.00 price objective on shares of Centene and gave the company a "neutral" rating in a report on Monday, June 8th. Robert W. Baird raised their price objective on shares of Centene from $46.00 to $66.00 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Wells Fargo & Company set a $69.00 target price on shares of Centene and gave the stock an "equal weight" rating in a report on Monday, July 13th. Finally, Truist Financial increased their price target on Centene from $71.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, Centene currently has an average rating of "Hold" and an average price target of $69.15.

Centene Company Profile

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.

Want to see what other hedge funds are holding CNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Centene Corporation (NYSE:CNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source