Mutual of America Capital Management LLC Decreases Stake in Centene Corporation $CNC

Key Points

• Mutual of America Capital Management LLC reduced its stake in Centene Corporation by 42.7%, now holding 56,980 shares valued at approximately $3.09 million.
• Following the announcement of a loss of $0.16 EPS for its most recent quarter, Centene's stock performance has drawn mixed reactions from analysts, with an average target price now at $39.50.
• Insider trading activity included Director Theodore R. Samuels II purchasing 9,000 shares at an average price of $27.62, indicating confidence in the company's future.

Mutual of America Capital Management LLC cut its holdings in Centene Corporation (NYSE:CNC - Free Report) by 42.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,980 shares of the company's stock after selling 42,510 shares during the quarter. Mutual of America Capital Management LLC's holdings in Centene were worth $3,093,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CNC. GAMMA Investing LLC boosted its stake in shares of Centene by 55.7% in the first quarter. GAMMA Investing LLC now owns 6,095 shares of the company's stock valued at $370,000 after buying an additional 2,181 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Centene in the first quarter valued at approximately $237,000. Oppenheimer & Co. Inc. boosted its stake in shares of Centene by 2.5% in the first quarter. Oppenheimer & Co. Inc. now owns 19,567 shares of the company's stock valued at $1,188,000 after buying an additional 481 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in shares of Centene by 15.6% in the first quarter. Asset Management One Co. Ltd. now owns 232,044 shares of the company's stock valued at $14,087,000 after buying an additional 31,319 shares in the last quarter. Finally, Lecap Asset Management Ltd. acquired a new stake in Centene in the first quarter valued at $829,000. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Centene Stock Performance

Shares of NYSE:CNC opened at $34.34 on Friday. The firm has a market capitalization of $16.87 billion, a PE ratio of 8.50, a P/E/G ratio of 1.42 and a beta of 0.48. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The business has a 50-day moving average of $32.90 and a two-hundred day moving average of $43.03. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $70.11.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.39). The firm 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 revenue was up 22.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.42 earnings per share. As a group, research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Insider Activity

In other news, Director Theodore R. Samuels II purchased 9,000 shares of the company's stock in a transaction on Monday, July 28th. The stock was 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 directly owned 32,000 shares of the company's stock, valued at $883,840. The trade was a 39.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah London bought 19,230 shares of the 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 purchase, 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 disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company's stock.

Wall Street Analysts Forecast Growth

CNC has been the topic of several research reports. Mizuho upped their target price on Centene from $28.00 to $40.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Barclays upped their target price on Centene from $33.00 to $35.00 and gave the company an "equal weight" rating in a report on Friday, September 12th. Morgan Stanley upped their target price on Centene from $28.00 to $38.00 and gave the company an "equal weight" rating in a report on Tuesday, October 14th. Cantor Fitzgerald reissued a "neutral" rating and issued a $38.00 target price on shares of Centene in a report on Tuesday, August 26th. Finally, Wall Street Zen lowered Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $39.50.

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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