Jefferies Financial Group Inc. Lowers Stock Holdings in Centene Corporation (NYSE:CNC)

Key Points

• Jefferies Financial Group Inc. reduced its stake in Centene Corporation by 12.1% during the first quarter, now holding 146,176 shares valued at approximately $8.87 million.
• Director Theodore R. Samuels II bought 9,000 shares at an average price of $27.62, increasing his ownership by 39.13%, bringing his total holdings to 32,000 shares.
• Centene's latest earnings report showed a loss of ($0.16) EPS, missing analysts' expectations, but revenue rose by 22.4% compared to the previous year.

Jefferies Financial Group Inc. cut its holdings in Centene Corporation (NYSE:CNC - Free Report) by 12.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 146,176 shares of the company's stock after selling 20,091 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Centene were worth $8,874,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CNC. MassMutual Private Wealth & Trust FSB raised its position in Centene by 8.8% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company's stock worth $127,000 after acquiring an additional 169 shares during the period. Poinciana Advisors Group LLC increased its stake in shares of Centene by 2.8% during the first quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock worth $438,000 after purchasing an additional 195 shares in the last quarter. Carnegie Investment Counsel raised its position in shares of Centene by 6.0% during the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock worth $234,000 after purchasing an additional 215 shares during the last quarter. Allworth Financial LP boosted its holdings in Centene by 6.1% in the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company's stock worth $270,000 after buying an additional 254 shares during the last quarter. Finally, Synovus Financial Corp increased its stake in Centene by 5.3% during the 4th quarter. Synovus Financial Corp now owns 5,216 shares of the company's stock worth $316,000 after buying an additional 264 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Centene

In other news, Director Theodore R. Samuels II bought 9,000 shares of the business's 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 completion of the transaction, the director directly owned 32,000 shares in the company, valued at $883,840. This trade represents a 39.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.36% of the company's stock.

Centene Price Performance

NYSE:CNC opened at $26.06 on Friday. Centene Corporation has a 52 week low of $25.11 and a 52 week high of $80.59. The stock's fifty day moving average is $44.00 and its two-hundred day moving average is $54.85. The company has a market capitalization of $12.80 billion, a P/E ratio of 6.45, a P/E/G ratio of 1.07 and a beta of 0.44. The company has a quick ratio of 1.11, a current ratio of 1.10 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC - Get Free Report) last posted its earnings results on Friday, July 25th. The company reported ($0.16) 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 company had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. During the same period in the previous year, the company earned $2.42 EPS. The company's quarterly revenue was up 22.4% compared to the same quarter last year. Equities analysts expect that Centene Corporation will post 6.86 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on CNC. Guggenheim restated a "neutral" rating on shares of Centene in a research report on Tuesday, April 29th. Oppenheimer reduced their target price on shares of Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday. Wall Street Zen lowered shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Barclays dropped their price objective on shares of Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 2nd. Finally, Cantor Fitzgerald cut Centene from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $65.00 to $38.00 in a report on Monday. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $45.31.

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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