Mackenzie Financial Corp Buys 15,253 Shares of Centene Corporation (NYSE:CNC)

Key Points

• Mackenzie Financial Corp increased its stake in Centene Corporation by 10.5%, acquiring an additional 15,253 shares for a total of 160,891 shares valued at approximately $9.77 million.
• Centene's recent performance showed a reported EPS of (0.16), significantly below the expected 0.23, despite a revenue of $48.74 billion, surpassing analyst estimates.
• Recent analyst reports have led to a decrease in Centene's ratings, with many firms downgrading their target prices, reflecting a cautious outlook on the stock's performance.

Mackenzie Financial Corp grew its holdings in Centene Corporation (NYSE:CNC - Free Report) by 10.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 160,891 shares of the company's stock after acquiring an additional 15,253 shares during the quarter. Mackenzie Financial Corp's holdings in Centene were worth $9,768,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CNC. LPL Financial LLC boosted its position in shares of Centene by 85.6% in the fourth quarter. LPL Financial LLC now owns 216,928 shares of the company's stock valued at $13,142,000 after acquiring an additional 100,039 shares during the period. Brown Brothers Harriman & Co. acquired a new position in Centene during the fourth quarter worth about $47,000. CIBC Private Wealth Group LLC increased its stake in shares of Centene by 45.1% in the fourth quarter. CIBC Private Wealth Group LLC now owns 9,242 shares of the company's stock valued at $584,000 after buying an additional 2,871 shares during the period. Bryce Point Capital LLC acquired a new position in shares of Centene in the fourth quarter valued at approximately $1,140,000. Finally, Cinctive Capital Management LP increased its stake in shares of Centene by 46.7% in the fourth quarter. Cinctive Capital Management LP now owns 51,964 shares of the company's stock valued at $3,148,000 after buying an additional 16,544 shares during the period. Institutional investors own 93.63% of the company's stock.

Insider Activity

In other news, 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 acquisition, the director directly owned 32,000 shares in the company, valued at approximately $883,840. This trade represents a 39.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.36% of the stock is currently owned by corporate insiders.

Centene Stock Performance

Shares of CNC stock opened at $26.06 on Friday. The company has a market cap of $12.80 billion, a price-to-earnings ratio of 6.45, a price-to-earnings-growth ratio of 1.07 and a beta of 0.44. Centene Corporation has a 52 week low of $25.11 and a 52 week high of $80.59. The company has a quick ratio of 1.11, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $44.00 and a 200-day moving average of $54.85.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.39). The company had revenue of $48.74 billion for 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 business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the business earned $2.42 EPS. On average, equities analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CNC. Wall Street Zen downgraded Centene from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Jefferies Financial Group lowered their price objective on Centene from $64.00 to $61.00 and set a "hold" rating for the company in a research note on Tuesday, April 29th. Barclays lowered their price objective on Centene from $65.00 to $45.00 and set an "equal weight" rating for the company in a research note on Wednesday, July 2nd. Guggenheim reaffirmed a "neutral" rating on shares of Centene in a research note on Tuesday, April 29th. Finally, Truist Financial lowered their price objective on Centene from $42.00 to $35.00 and set a "buy" rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $45.31.

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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