Kaufman Rossin Wealth LLC Takes $606,000 Position in Centene Corporation $CNC

Key Points

• Kaufman Rossin Wealth LLC took a new position in Centene Corporation, acquiring 9,987 shares valued at approximately $606,000 in the first quarter.
• Analysts have revised their price targets for Centene significantly downwards, with Robert W. Baird lowering their target from $68.00 to $28.00 and Bank of America cutting it from $52.00 to $30.00.
• CEO Sarah London purchased 19,230 shares at an average cost of $25.50, increasing her ownership stake in the company following the transaction.

Kaufman Rossin Wealth LLC bought a new stake in shares of Centene Corporation (NYSE:CNC - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 9,987 shares of the company's stock, valued at approximately $606,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Groupama Asset Managment boosted its position in shares of Centene by 74.6% during the 1st quarter. Groupama Asset Managment now owns 29,584 shares of the company's stock valued at $1,776,000 after purchasing an additional 12,636 shares in the last quarter. Andina Capital Management LLC bought a new stake in Centene during the first quarter worth approximately $419,000. Fuller & Thaler Asset Management Inc. grew its position in Centene by 5.3% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 51,013 shares of the company's stock worth $3,097,000 after buying an additional 2,574 shares during the last quarter. Quantbot Technologies LP lifted its position in shares of Centene by 217.1% during the 1st quarter. Quantbot Technologies LP now owns 514,028 shares of the company's stock valued at $31,207,000 after acquiring an additional 351,920 shares during the last quarter. Finally, Korea Investment CORP grew its holdings in shares of Centene by 12.0% in the 1st quarter. Korea Investment CORP now owns 352,897 shares of the company's stock worth $21,424,000 after acquiring an additional 37,858 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Robert W. Baird decreased their price target on Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a research report on Friday, July 25th. Wall Street Zen cut shares of Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Mizuho cut their price target on shares of Centene from $71.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. TD Cowen reaffirmed a "hold" rating and issued a $33.00 price objective (down previously from $73.00) on shares of Centene in a research note on Monday, July 21st. Finally, Bank of America downgraded shares of Centene from a "neutral" rating to an "underperform" rating and cut their target price for the company from $52.00 to $30.00 in a research note on Wednesday, July 16th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Centene presently has a consensus rating of "Hold" and a consensus price target of $42.20.

Insider Activity

In related news, CEO Sarah London acquired 19,230 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $25.50 per share, with a total value of $490,365.00. Following the purchase, the chief executive officer owned 845,275 shares of the company's stock, valued at approximately $21,554,512.50. The trade was a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Theodore R. Samuels II purchased 9,000 shares of the company's stock in a transaction dated Monday, July 28th. The stock was purchased at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the transaction, the director owned 32,000 shares of the company's stock, valued at approximately $883,840. This trade represents a 39.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company's stock.

Centene Stock Performance

Shares of CNC stock opened at $29.3560 on Thursday. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $80.59. The stock's 50-day moving average is $35.90 and its two-hundred day moving average is $51.28. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market cap of $14.42 billion, a P/E ratio of 7.27, a PEG ratio of 1.19 and a beta of 0.40.

Centene (NYSE:CNC - Get Free Report) last released 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 return on equity of 9.57% and a net margin of 1.15%.The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

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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