Oliver Luxxe Assets LLC Takes Position in Centene Corporation $CNC

Key Points

• Oliver Luxxe Assets LLC acquired 74,300 shares of Centene Corporation, valued at approximately $4,033,000, in the 2nd quarter.
• Centene reported a net loss of $0.16 EPS in its latest quarterly earnings, significantly missing analysts' expectations of $0.23, despite revenue increasing by 22.4% year-over-year.
• Wall Street analysts have mixed ratings for Centene, with a consensus of "Hold" and an average price target of $38.33, following recent adjustments due to performance concerns.

Oliver Luxxe Assets LLC purchased a new stake in Centene Corporation (NYSE:CNC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 74,300 shares of the company's stock, valued at approximately $4,033,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new stake in shares of Centene during the fourth quarter worth $26,000. Pinney & Scofield Inc. bought a new stake in shares of Centene in the fourth quarter worth $25,000. Quarry LP bought a new stake in shares of Centene in the first quarter worth $26,000. Golden State Wealth Management LLC grew its stake 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 worth $35,000 after purchasing an additional 388 shares during the last quarter. Finally, Bruce G. Allen Investments LLC grew its stake in shares of Centene by 273.8% in the first quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock worth $56,000 after purchasing an additional 679 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

Centene Trading Up 3.1%

Shares of CNC traded up $0.99 during trading hours on Monday, reaching $32.76. 9,234,554 shares of the company traded hands, compared to its average volume of 13,426,395. The company's fifty day moving average price is $28.74 and its two-hundred day moving average price is $46.64. The company has a market capitalization of $16.09 billion, a price-to-earnings ratio of 8.11, a price-to-earnings-growth ratio of 1.29 and a beta of 0.44. 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 Corporation has a 12 month low of $25.08 and a 12 month high of $76.08.

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 company had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The company's revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the previous year, the firm posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities research analysts predict that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Truist Financial boosted their price objective on shares of Centene from $35.00 to $39.00 and gave the stock a "buy" rating in a research note on Friday, September 12th. Bank of America lowered shares of Centene from a "neutral" rating to an "underperform" rating and lowered their target price for the stock from $52.00 to $30.00 in a report on Wednesday, July 16th. Robert W. Baird decreased their price objective on shares of Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Cantor Fitzgerald restated a "neutral" rating and set a $38.00 price target on shares of Centene in a research note on Tuesday, August 26th. Finally, UBS Group cut their price objective on shares of Centene from $45.00 to $31.00 and set a "neutral" rating for the company in a report on Monday, July 28th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Centene presently has an average rating of "Hold" and a consensus target price of $38.33.

Insider Activity

In other news, Director Theodore R. Samuels II bought 9,000 shares of the firm's stock in a transaction on Monday, July 28th. The stock was acquired 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 of the company's stock, valued at approximately $883,840. This represents a 39.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah London bought 19,230 shares of the firm's stock in a transaction on Friday, August 8th. The stock was purchased at an average cost of $25.50 per share, with a total value of $490,365.00. Following the completion of the acquisition, the chief executive officer directly owned 845,275 shares of the company's stock, valued at approximately $21,554,512.50. The trade was a 2.33% increase in their position. The disclosure for this purchase can be found here. Insiders own 0.36% of the company's stock.

Centene 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.