Intech Investment Management LLC Reduces Stock Holdings in Centene Corporation $CNC

Key Points

• Intech Investment Management LLC reduced its holdings in Centene Corporation by 48.2%, leaving them with 356,499 shares valued at approximately $21.64 million as of the most recent SEC filing.
• Several institutional investors have also changed their positions in Centene, with 93.63% of the stock now owned by such entities as it experiences various new investments and stake increases.
• Analysts have downgraded Centene's stock ratings, with price targets cut significantly; the consensus rating is now a "Hold" and the average target price is $37.93.

Intech Investment Management LLC cut its position in Centene Corporation (NYSE:CNC - Free Report) by 48.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 356,499 shares of the company's stock after selling 331,315 shares during the period. Intech Investment Management LLC owned 0.07% of Centene worth $21,643,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CNC. AQR Capital Management LLC grew its stake in shares of Centene by 42.7% in the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company's stock valued at $669,820,000 after buying an additional 3,306,796 shares during the period. Nuveen LLC acquired a new stake in shares of Centene in the 1st quarter valued at about $146,557,000. Boston Partners grew its stake in shares of Centene by 155.3% in the 1st quarter. Boston Partners now owns 3,901,603 shares of the company's stock valued at $236,802,000 after buying an additional 2,373,280 shares during the period. Two Sigma Investments LP grew its stake in shares of Centene by 1,788.1% in the 4th quarter. Two Sigma Investments LP now owns 2,245,511 shares of the company's stock valued at $136,033,000 after buying an additional 2,126,582 shares during the period. Finally, Assenagon Asset Management S.A. grew its stake in shares of Centene by 111.5% in the 1st quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock valued at $219,055,000 after buying an additional 1,902,277 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Theodore R. Samuels II acquired 9,000 shares of the company's stock in a transaction that occurred on 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 completion of the purchase, the director owned 32,000 shares in the company, valued at approximately $883,840. This trade represents a 39.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Sarah London acquired 19,230 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the purchase, the chief executive officer owned 845,275 shares of the company's stock, valued at $21,554,512.50. The trade was a 2.33% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.36% of the company's stock.

Centene Stock Performance

Shares of NYSE CNC traded down $0.88 during midday trading on Friday, reaching $33.20. The company's stock had a trading volume of 16,853,369 shares, compared to its average volume of 14,156,467. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $77.29. The firm has a 50 day moving average price of $28.74 and a 200-day moving average price of $47.89. The stock has a market capitalization of $16.31 billion, a P/E ratio of 8.22, a PEG ratio of 1.39 and a beta of 0.44. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10.

Centene (NYSE:CNC - Get Free Report) last announced its 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). Centene had a return on equity of 9.57% and a net margin of 1.15%.The business had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. During the same quarter in the previous year, the firm earned $2.42 EPS. Centene's quarterly revenue was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, equities analysts predict that Centene Corporation will post 6.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CNC has been the subject of several research reports. Truist Financial raised their target price on Centene from $35.00 to $39.00 and gave the company a "buy" rating in a research note on Friday. Barclays lifted their price target on Centene from $33.00 to $35.00 and gave the company an "equal weight" rating in a research note on Friday. UBS Group cut their price target on Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a research note on Monday, July 28th. JPMorgan Chase & Co. cut their price target on Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company downgraded Centene from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $72.00 to $30.00 in a research note on Wednesday, July 23rd. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Centene presently has a consensus rating of "Hold" and an average price target of $38.33.

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.