Lecap Asset Management Ltd. Purchases 39,358 Shares of Centene Corporation $CNC

Key Points

• Lecap Asset Management Ltd. increased its position in Centene Corporation by 288.2%, acquiring an additional 39,358 shares, which now represent 1.0% of its investment portfolio.
• Centene reported a loss of ($0.16) EPS for the last quarter, significantly missing the consensus estimate of $0.23, although revenue rose to $48.74 billion, exceeding expectations.
• Currently, 93.63% of Centene's stock is owned by institutional investors, with notable recent stakes purchased by Polianta Ltd. and Oliver Luxxe Assets LLC.

Lecap Asset Management Ltd. lifted its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 288.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,014 shares of the company's stock after purchasing an additional 39,358 shares during the quarter. Centene accounts for 1.0% of Lecap Asset Management Ltd.'s investment portfolio, making the stock its 8th largest holding. Lecap Asset Management Ltd.'s holdings in Centene were worth $2,878,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Polianta Ltd bought a new stake in Centene during the second quarter worth $1,253,000. Oliver Luxxe Assets LLC bought a new stake in Centene during the second quarter worth $4,033,000. Focus Partners Wealth grew its stake in Centene by 83.1% in the 1st quarter. Focus Partners Wealth now owns 42,270 shares of the company's stock valued at $2,566,000 after purchasing an additional 19,181 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Centene by 3.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company's stock valued at $292,045,000 after purchasing an additional 143,573 shares during the period. Finally, Sapient Capital LLC bought a new position in Centene in the 2nd quarter valued at $493,000. 93.63% of the stock is owned by institutional investors and hedge funds.

Centene Stock Performance

Shares of CNC opened at $35.78 on Thursday. The stock's 50-day simple moving average is $29.57 and its 200 day simple moving average is $45.65. The stock has a market capitalization of $17.57 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 1.45 and a beta of 0.47. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $73.82.

Centene (NYSE:CNC - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.39). Centene had a net margin of 1.15% and a return on equity of 9.57%. The business had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. During the same period in the previous year, the business earned $2.42 EPS. The business's revenue was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Research analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insider Activity

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

Wall Street Analysts Forecast Growth

CNC has been the subject of a number of recent analyst reports. TD Cowen restated 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. Bank of America downgraded Centene from a "neutral" rating to an "underperform" rating and reduced their price objective for the company from $52.00 to $30.00 in a research note on Wednesday, July 16th. Robert W. Baird cut their price target on Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Morgan Stanley cut their price target on Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a research note on Monday, August 4th. Finally, Sanford C. Bernstein cut their price target on Centene from $40.00 to $36.00 and set an "outperform" rating for the company in a research note on Friday, September 5th. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Centene presently has a consensus rating of "Hold" and a consensus 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.

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