KLP Kapitalforvaltning AS Sells 7,400 Shares of Centene Corporation $CNC

Key Points

• KLP Kapitalforvaltning AS has reduced its stake in Centene Corporation by 2.7%, selling 7,400 shares and now holds about 266,590 shares valued at approximately $14.47 million.
• Multiple institutional investors have adjusted their positions in Centene, with some increasing their stakes, indicating continued interest in the company despite its recent struggles.
• Analysts have provided varied ratings on Centene, with an average consensus target price of $39.07, reflecting a mixture of optimism and caution among investors.

KLP Kapitalforvaltning AS decreased its position in Centene Corporation (NYSE:CNC - Free Report) by 2.7% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 266,590 shares of the company's stock after selling 7,400 shares during the period. KLP Kapitalforvaltning AS owned about 0.05% of Centene worth $14,471,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Quadcap Wealth Management LLC increased its stake in shares of Centene by 3.2% in the 1st quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company's stock valued at $341,000 after purchasing an additional 172 shares during the last quarter. Poinciana Advisors Group LLC grew its position in Centene by 2.8% in the first quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock valued at $438,000 after acquiring an additional 195 shares during the last quarter. Carnegie Investment Counsel grew its position in Centene by 6.0% in the first quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock valued at $234,000 after acquiring an additional 215 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Centene by 6.1% during the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company's stock valued at $270,000 after purchasing an additional 254 shares during the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Centene by 0.3% during the 1st quarter. Amalgamated Bank now owns 97,346 shares of the company's stock valued at $5,910,000 after purchasing an additional 265 shares during the last quarter. Institutional investors own 93.63% of the company's stock.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of research reports. Wells Fargo & Company set a $41.00 target price on shares of Centene and gave the stock an "equal weight" rating in a research note on Tuesday. UBS Group reduced their price objective on Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. Robert W. Baird reduced their price target on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a report on Friday, July 25th. Oppenheimer reduced their price target on Centene from $51.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 28th. Finally, Sanford C. Bernstein reduced their target price on shares of Centene from $40.00 to $36.00 and set an "outperform" rating on the stock in a report on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $39.07.

Centene Trading Up 0.1%

NYSE:CNC opened at $38.44 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $18.88 billion, a P/E ratio of 9.51, a P/E/G ratio of 1.56 and a beta of 0.48. The firm's fifty day moving average is $30.70 and its 200-day moving average is $44.92. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $73.50.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly 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 firm had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. During the same period last year, the company posted $2.42 EPS. The business's revenue was up 22.4% compared to the same quarter last year. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Insider Buying and Selling

In other Centene news, CEO Sarah London purchased 19,230 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the acquisition, the chief executive officer owned 845,275 shares of the company's stock, valued at approximately $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Theodore R. Samuels II bought 9,000 shares of the business's stock in a transaction that occurred on Monday, July 28th. The shares were bought at an average cost 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 of the company's stock, valued at $883,840. This represents a 39.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by corporate insiders.

Centene Company 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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