Long Focus Capital Management LLC Buys 250,000 Shares of Centene Corporation $CNC

Key Points

• Long Focus Capital Management LLC increased its stake in Centene Corporation by 180.7% during the first quarter, acquiring an additional 250,000 shares, bringing its total ownership to 388,385 shares.
• Several hedge funds have also made significant changes to their holdings in Centene, resulting in approximately 93.63% of the stock being owned by institutional investors and hedge funds.
• Analysts have recently lowered their price targets for Centene, with UBS Group decreasing its target from $45.00 to $31.00, while other analysts have rated the stock as "neutral" amid changing market conditions.

Long Focus Capital Management LLC grew its stake in Centene Corporation (NYSE:CNC - Free Report) by 180.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 388,385 shares of the company's stock after purchasing an additional 250,000 shares during the quarter. Centene makes up approximately 0.8% of Long Focus Capital Management LLC's investment portfolio, making the stock its 29th largest holding. Long Focus Capital Management LLC owned approximately 0.08% of Centene worth $23,579,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Pinney & Scofield Inc. bought a new position in Centene during the fourth quarter worth about $25,000. Ameriflex Group Inc. bought a new position in Centene during the fourth quarter worth about $26,000. Studio Investment Management LLC bought a new position in Centene during the fourth quarter worth about $32,000. Golden State Wealth Management LLC increased its position in Centene by 203.1% during the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock worth $35,000 after acquiring an additional 388 shares during the period. Finally, Bruce G. Allen Investments LLC increased its position in Centene by 273.8% during the first quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock worth $56,000 after acquiring an additional 679 shares during the period. 93.63% of the stock is owned by institutional investors.

Insider Buying and Selling at Centene

In related news, CEO Sarah London purchased 19,230 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Theodore R. Samuels II purchased 9,000 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were bought at an average price of $27.62 per share, for a total transaction of $248,580.00. Following the acquisition, the director directly owned 32,000 shares in the company, valued at $883,840. This trade represents a 39.13% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CNC. TD Cowen restated a "hold" rating and issued a $33.00 price target (down from $73.00) on shares of Centene in a research note on Monday, July 21st. Wells Fargo & Company lowered shares of Centene from an "overweight" rating to an "equal weight" rating and reduced their price target for the company from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Bank of America downgraded shares of Centene from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $52.00 to $30.00 in a report on Wednesday, July 16th. Wall Street Zen downgraded shares of Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Truist Financial reduced their price target on shares of Centene from $42.00 to $35.00 and set a "buy" rating on the stock in a research report on Monday, July 28th. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Centene has a consensus rating of "Hold" and a consensus price target of $42.20.

Centene Stock Performance

Shares of NYSE:CNC traded up $0.56 during mid-day trading on Tuesday, reaching $29.60. 9,881,610 shares of the company traded hands, compared to its average volume of 12,396,526. The company's 50 day moving average price is $31.27 and its 200-day moving average price is $49.34. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $80.59. The firm has a market cap of $14.54 billion, a PE ratio of 5.63, a PEG ratio of 1.18 and a beta of 0.44.

Centene (NYSE:CNC - Get Free Report) last posted 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). The business had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.The firm's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, equities analysts expect that Centene Corporation will post 6.86 EPS for the current fiscal year.

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.