Jennison Associates LLC Boosts Stake in Concentra Group Holdings Parent, Inc. $CON

Key Points

• Jennison Associates LLC sharply increased its stake in Concentra Group Holdings Parent by 195.8% in the first quarter, ending with 2.17 million shares valued at about $46.6 million.
• The company reported strong quarterly results, with EPS of $0.40 beating estimates and revenue of $569.6 million topping forecasts; revenue also rose 13.7% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $31.40, while Truist recently raised its target to $37.

Jennison Associates LLC increased its holdings in shares of Concentra Group Holdings Parent, Inc. (NYSE:CON - Free Report) by 195.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,172,291 shares of the company's stock after purchasing an additional 1,437,912 shares during the quarter. Jennison Associates LLC owned 1.69% of Concentra Group Holdings Parent worth $46,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. EverSource Wealth Advisors LLC raised its position in Concentra Group Holdings Parent by 124.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,195 shares of the company's stock worth $25,000 after buying an additional 663 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Concentra Group Holdings Parent by 2,784.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,442 shares of the company's stock valued at $30,000 after acquiring an additional 1,392 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Concentra Group Holdings Parent by 49.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,604 shares of the company's stock valued at $34,000 after acquiring an additional 528 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Concentra Group Holdings Parent in the fourth quarter worth approximately $35,000. Finally, Osaic Holdings Inc. grew its stake in shares of Concentra Group Holdings Parent by 59.5% in the second quarter. Osaic Holdings Inc. now owns 2,041 shares of the company's stock worth $42,000 after acquiring an additional 761 shares during the period.

Insider Buying and Selling

In related news, Director Robert A. Ortenzio sold 130,000 shares of Concentra Group Holdings Parent stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $30.50, for a total transaction of $3,965,000.00. Following the transaction, the director directly owned 633,455 shares in the company, valued at approximately $19,320,377.50. The trade was a 17.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 390,000 shares of company stock valued at $10,465,000. 8.10% of the stock is currently owned by company insiders.

Concentra Group Holdings Parent Stock Performance

Shares of NYSE CON opened at $31.34 on Tuesday. The firm has a 50 day moving average of $28.09 and a 200 day moving average of $24.32. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 3.62. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of 22.55, a price-to-earnings-growth ratio of 1.44 and a beta of 0.64. Concentra Group Holdings Parent, Inc. has a 12-month low of $18.55 and a 12-month high of $32.35.

Concentra Group Holdings Parent (NYSE:CON - Get Free Report) last announced its earnings results on Thursday, May 7th. The company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. The business had revenue of $569.55 million during the quarter, compared to analysts' expectations of $553.53 million. Concentra Group Holdings Parent had a net margin of 7.97% and a return on equity of 47.14%. The firm's revenue was up 13.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.32 earnings per share. On average, research analysts anticipate that Concentra Group Holdings Parent, Inc. will post 1.52 earnings per share for the current year.

Concentra Group Holdings Parent Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Tuesday, May 19th were issued a $0.0625 dividend. This represents a $0.25 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend was Tuesday, May 19th. Concentra Group Holdings Parent's dividend payout ratio (DPR) is currently 17.99%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CON. Weiss Ratings upgraded shares of Concentra Group Holdings Parent from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, May 11th. William Blair assumed coverage on shares of Concentra Group Holdings Parent in a research report on Wednesday, July 1st. They issued an "outperform" rating for the company. Truist Financial boosted their target price on shares of Concentra Group Holdings Parent from $31.00 to $37.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, The Goldman Sachs Group initiated coverage on Concentra Group Holdings Parent in a report on Friday, June 5th. They set a "buy" rating and a $30.00 price target on the stock. Seven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $31.40.

Concentra Group Holdings Parent Profile

Concentra Group Holdings Parent NYSE: CON is a Canada-based financial services holding company that specializes in serving Canadian credit unions and their members. Through its operating subsidiaries, the group provides wholesale funding, lending solutions and investment management services tailored to the unique needs of cooperative financial institutions. Concentra’s broad suite of offerings includes trust and custody services, mortgage investment products and equipment financing, all designed to support credit-union growth and stability.

In addition to wholesale funding and lending, Concentra Group Holdings Parent distributes life and general insurance products through affiliated insurance brokers and credit-union channels.

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