New York State Teachers Retirement System Buys 25,029 Shares of Centene Corporation $CNC

Key Points

• The New York State Teachers Retirement System increased its stake in Centene Corporation by 5.7%, purchasing an additional 25,029 shares, bringing their total holdings to 465,691 shares worth approximately $25.28 million.
• Centene Corporation reported a quarterly earnings miss with an EPS of (0.16), falling short of the consensus estimate of 0.23, despite revenue rising by 22.4% year-over-year to $48.74 billion.
• Recent analyst reports have mixed ratings on Centene, with Goldman Sachs initiating a sell rating at a $33 price target, while Morgan Stanley set a more optimistic target at $38.

New York State Teachers Retirement System raised its stake in shares of Centene Corporation (NYSE:CNC - Free Report) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 465,691 shares of the company's stock after purchasing an additional 25,029 shares during the period. New York State Teachers Retirement System owned 0.09% of Centene worth $25,278,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CNC. AQR Capital Management LLC raised its position in Centene by 42.7% during the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company's stock worth $669,820,000 after purchasing an additional 3,306,796 shares during the last quarter. Nuveen LLC bought a new position in Centene during the 1st quarter worth $146,557,000. Boston Partners raised its position in Centene by 155.3% during the 1st quarter. Boston Partners now owns 3,901,603 shares of the company's stock worth $236,802,000 after purchasing an additional 2,373,280 shares during the last quarter. 8 Knots Management LLC raised its position in Centene by 52.5% during the 1st quarter. 8 Knots Management LLC now owns 3,050,904 shares of the company's stock worth $185,220,000 after purchasing an additional 1,050,648 shares during the last quarter. Finally, Focused Investors LLC boosted its position in Centene by 588.1% during the first quarter. Focused Investors LLC now owns 1,042,400 shares of the company's stock valued at $63,284,000 after acquiring an additional 890,900 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

Insider Transactions at Centene

In related news, CEO Sarah London purchased 19,230 shares of the business's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $25.50 per share, for a total transaction 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 trade represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Theodore R. Samuels II purchased 9,000 shares of the business's stock in a transaction on Monday, July 28th. The shares were bought at an average price of $27.62 per share, with a total value of $248,580.00. Following the purchase, the director directly owned 32,000 shares in the company, valued at approximately $883,840. The trade was 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.

Centene Stock Performance

Shares of CNC opened at $35.30 on Friday. 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 stock has a 50-day moving average of $32.16 and a 200-day moving average of $43.77. The company has a market cap of $17.34 billion, a PE ratio of 8.74, a P/E/G ratio of 1.40 and a beta of 0.48. Centene Corporation has a one year low of $25.08 and a one year high of $70.11.

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

Wall Street Analysts Forecast Growth

CNC has been the subject of a number of recent analyst reports. The Goldman Sachs Group initiated coverage on Centene in a report on Tuesday. They set a "sell" rating and a $33.00 price target for the company. Cantor Fitzgerald reiterated a "neutral" rating and set a $38.00 price target on shares of Centene in a report on Tuesday, August 26th. Morgan Stanley increased their price target on Centene from $28.00 to $38.00 and gave the stock an "equal weight" rating in a report on Tuesday. Wall Street Zen downgraded Centene from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Sanford C. Bernstein decreased their price target on Centene from $40.00 to $36.00 and set an "outperform" rating for the company in a report on Friday, September 5th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Centene currently has a consensus rating of "Hold" and a consensus 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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