Public Employees Retirement System of Ohio Sells 35,365 Shares of Centene Corporation $CNC

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Centene Corporation by 15.3%, selling 35,365 shares, and now holds 195,387 shares valued at approximately $10.6 million.
• Centene reported a loss of ($0.16) earnings per share for the last quarter, missing estimates, despite revenues of $48.74 billion, which was above analyst projections.
• Recent analyst ratings indicate a decreased outlook for Centene, with several target prices cut significantly, reflecting a shift in market sentiment towards the company.

Public Employees Retirement System of Ohio decreased its holdings in Centene Corporation (NYSE:CNC - Free Report) by 15.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 195,387 shares of the company's stock after selling 35,365 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Centene were worth $10,606,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. MassMutual Private Wealth & Trust FSB raised its stake in Centene by 8.8% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company's stock worth $127,000 after purchasing an additional 169 shares in the last quarter. Quadcap Wealth Management LLC raised its stake in Centene by 3.2% in the 1st quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company's stock worth $341,000 after purchasing an additional 172 shares in the last quarter. Poinciana Advisors Group LLC raised its stake in Centene by 2.8% in the 1st quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company's stock worth $438,000 after purchasing an additional 195 shares in the last quarter. Carnegie Investment Counsel raised its stake in Centene by 6.0% in the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company's stock worth $234,000 after purchasing an additional 215 shares in the last quarter. Finally, Allworth Financial LP raised its stake in Centene by 6.1% in the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company's stock worth $270,000 after purchasing an additional 254 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Centene Trading Up 1.4%

Shares of NYSE CNC opened at $34.88 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $75.35. The firm has a 50 day moving average price of $29.13 and a two-hundred day moving average price of $46.12. The stock has a market cap of $17.13 billion, a P/E ratio of 8.63, a price-to-earnings-growth ratio of 1.40 and a beta of 0.44.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings results 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 net margin of 1.15% and a return on equity of 9.57%. The business had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. During the same quarter last year, the company posted $2.42 earnings per share. The company's revenue was up 22.4% compared to the same quarter last year. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, equities analysts forecast that Centene Corporation will post 6.86 EPS for the current year.

Insider Activity at Centene

In other Centene news, Director Theodore R. Samuels II purchased 9,000 shares of the firm's stock in a transaction on Monday, July 28th. The stock was purchased at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the transaction, the director owned 32,000 shares in the company, valued at $883,840. The trade was a 39.13% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sarah London purchased 19,230 shares of the firm's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $25.50 per share, with a total value of $490,365.00. Following the completion of the transaction, the chief executive officer owned 845,275 shares in the company, valued at approximately $21,554,512.50. This trade 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.

Analyst Upgrades and Downgrades

CNC has been the subject of several analyst reports. Mizuho dropped their target price on shares of Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. JPMorgan Chase & Co. dropped their target price on shares of Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Bank of America cut shares of Centene from a "neutral" rating to an "underperform" rating and dropped their target price for the company from $52.00 to $30.00 in a research report on Wednesday, July 16th. Oppenheimer lowered their price objective on shares of Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Finally, Wells Fargo & Company cut shares of Centene from an "overweight" rating to an "equal weight" rating and lowered their price objective for the stock from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $38.33.

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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