Nordea Investment Management AB Has $113.94 Million Position in Centene Corporation $CNC

Key Points

• Nordea Investment Management AB reduced its stake in Centene Corporation by 32.4%, bringing its total holdings to approximately $113.94 million after selling over 1 million shares.
• Insider transactions indicate increased confidence, as Director Theodore R. Samuels II and CEO Sarah London purchased significant shares of Centene, increasing their respective holdings by 39.13% and 2.33%.
• Centene's recent earnings report showed a loss of ($0.16) per share, missing estimates while achieving a revenue of $48.74 billion, which was higher than expected for the quarter.

Nordea Investment Management AB reduced its position in shares of Centene Corporation (NYSE:CNC - Free Report) by 32.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,125,268 shares of the company's stock after selling 1,016,741 shares during the period. Nordea Investment Management AB owned about 0.43% of Centene worth $113,936,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP acquired a new position in shares of Centene during the first quarter worth about $26,000. Golden State Wealth Management LLC boosted its position in shares of 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 buying an additional 388 shares during the period. ORG Wealth Partners LLC acquired a new position in Centene during the first quarter valued at approximately $73,000. Trust Co. of Toledo NA OH acquired a new position in Centene during the second quarter valued at approximately $77,000. Finally, Geneos Wealth Management Inc. boosted its position in Centene by 78.1% during the first quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company's stock valued at $89,000 after purchasing an additional 641 shares during the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Theodore R. Samuels II bought 9,000 shares of the stock in a transaction dated 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 completion of the purchase, the director 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sarah London bought 19,230 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased 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 $21,554,512.50. This trade represents a 2.33% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by company insiders.

Centene Stock Performance

CNC opened at $35.30 on Friday. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $70.11. The stock has a market cap of $17.34 billion, a price-to-earnings ratio of 8.74, a PEG ratio of 1.40 and a beta of 0.48. The business has a 50 day moving average of $32.16 and a 200-day moving average of $43.77. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The firm had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.Centene's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter last year, the business posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, equities research analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Analyst Ratings Changes

CNC has been the subject of several recent research reports. UBS Group reduced their price target on Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a research report on Monday, July 28th. Truist Financial set a $42.00 price target on Centene in a research report on Tuesday. The Goldman Sachs Group initiated coverage on Centene in a research report on Tuesday. They set a "sell" rating and a $33.00 price target for the company. Wall Street Zen cut Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Centene in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $39.50.

About Centene

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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