Mediolanum International Funds Ltd Sells 14,945 Shares of Centene Corporation (NYSE:CNC)

Key Points

• Mediolanum International Funds Ltd reduced its stake in Centene Corporation (CNC) by 19.2%, selling 14,945 shares, which leaves it with 62,818 shares valued at approximately $3.77 million.
• Multiple institutional investors, including AQR Capital Management and Two Sigma Investments, have significantly increased their positions in Centene, with AQR raising its stake by 42.8% and Two Sigma by 1,788.1% in the last quarter.
• Analysts have downgraded Centene's stock ratings, with some reducing target prices dramatically; for instance, Robert W. Baird lowered its target from $68 to $28, while others have also shifted their ratings towards "neutral" or "underperform."

Mediolanum International Funds Ltd lessened its holdings in Centene Corporation (NYSE:CNC - Free Report) by 19.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 62,818 shares of the company's stock after selling 14,945 shares during the period. Mediolanum International Funds Ltd's holdings in Centene were worth $3,772,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Pinney & Scofield Inc. acquired a new stake in Centene during the 4th quarter worth $25,000. Hurley Capital LLC acquired a new stake in shares of Centene in the fourth quarter valued at about $26,000. Ameriflex Group Inc. acquired a new position in Centene during the fourth quarter worth about $26,000. Studio Investment Management LLC acquired a new position in Centene during the fourth quarter worth about $32,000. Finally, Golden State Wealth Management LLC raised its position in shares of Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after buying an additional 388 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company's stock.

Centene Stock Up 0.9%

CNC traded up $0.23 during midday trading on Thursday, hitting $26.02. 8,615,156 shares of the company's stock traded hands, compared to its average volume of 7,967,005. Centene Corporation has a one year low of $25.11 and a one year high of $80.59. The company has a market cap of $12.78 billion, a PE ratio of 6.44, a price-to-earnings-growth ratio of 0.99 and a beta of 0.44. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.11. The stock's fifty day simple moving average is $44.64 and its 200-day simple moving average is $55.11.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.39). Centene had a return on equity of 9.57% and a net margin of 1.15%. The company had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. During the same quarter in the previous year, the business posted $2.42 EPS. The company's revenue was up 22.4% on a year-over-year basis. As a group, equities analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Theodore R. Samuels II acquired 9,000 shares of the business's stock in a transaction on Monday, July 28th. The stock was bought at an average cost of $27.62 per share, with a total value of $248,580.00. Following the completion of the acquisition, the director owned 32,000 shares in the company, valued at $883,840. The trade was a 39.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Robert W. Baird lowered their target price on shares of Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Oppenheimer cut their price target on shares of Centene from $51.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday. Jefferies Financial Group lowered their price objective on shares of Centene from $64.00 to $61.00 and set a "hold" rating for the company in a research report on Tuesday, April 29th. Wall Street Zen cut shares of Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, TD Cowen restated a "hold" rating and set a $33.00 price objective (down previously from $73.00) on shares of Centene in a research report on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average price target 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.