Quantbot Technologies LP Acquires 351,920 Shares of Centene Corporation $CNC

Key Points

• Quantbot Technologies LP increased its stake in Centene Corporation by 217.1% during the first quarter, holding 514,028 shares valued at approximately $31.21 million.
• Centene's most recent quarterly earnings showed a loss of ($0.16) EPS, significantly missing analysts' estimates of $0.23, despite a revenue increase to $48.74 billion.
• Major analysts have revised Centene's price target downward, with Mizuho's and Truist's recommendations dropping from $71.00 to $40.00 and from $42.00 to $35.00, respectively.

Quantbot Technologies LP lifted its position in Centene Corporation (NYSE:CNC - Free Report) by 217.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 514,028 shares of the company's stock after purchasing an additional 351,920 shares during the quarter. Centene comprises about 1.0% of Quantbot Technologies LP's investment portfolio, making the stock its 4th biggest position. Quantbot Technologies LP owned about 0.10% of Centene worth $31,207,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in CNC. Nuveen LLC bought a new stake in Centene during the first quarter worth approximately $146,557,000. Boston Partners increased its stake in Centene by 155.3% during the first quarter. Boston Partners now owns 3,901,603 shares of the company's stock worth $236,802,000 after acquiring an additional 2,373,280 shares during the last quarter. AQR Capital Management LLC increased its stake in Centene by 42.8% during the fourth quarter. AQR Capital Management LLC now owns 7,742,698 shares of the company's stock worth $469,053,000 after acquiring an additional 2,319,952 shares during the last quarter. Two Sigma Investments LP increased its stake in Centene by 1,788.1% during the fourth quarter. Two Sigma Investments LP now owns 2,245,511 shares of the company's stock worth $136,033,000 after acquiring an additional 2,126,582 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Centene by 111.5% during the first quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock worth $219,055,000 after acquiring an additional 1,902,277 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

Centene Trading Up 1.8%

Shares of NYSE CNC traded up $0.5170 during trading hours on Friday, reaching $29.3270. The stock had a trading volume of 10,876,442 shares, compared to its average volume of 18,792,844. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The firm has a market cap of $14.40 billion, a price-to-earnings ratio of 7.26, a P/E/G ratio of 1.17 and a beta of 0.40. The business's fifty day moving average price is $34.85 and its two-hundred day moving average price is $50.81. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $80.59.

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 analysts' consensus estimates of $0.23 by ($0.39). The firm had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm's revenue for the quarter was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Analysts expect that Centene Corporation will post 6.86 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on CNC shares. TD Cowen restated a "hold" rating and set a $33.00 target price (down previously from $73.00) on shares of Centene in a research report on Monday, July 21st. JPMorgan Chase & Co. dropped their target price on Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a research report on Tuesday, July 29th. Oppenheimer dropped their target price on Centene from $51.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 28th. Guggenheim restated a "neutral" rating on shares of Centene in a research report on Tuesday, April 29th. Finally, Mizuho dropped their target price on Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $42.20.

Insiders Place Their Bets

In related news, CEO Sarah London bought 19,230 shares of the stock in a transaction on Friday, August 8th. The stock was bought at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the acquisition, the chief executive officer directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Theodore R. Samuels II bought 9,000 shares of the 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 acquisition, the director owned 32,000 shares of the company's stock, valued at $883,840. This trade represents a 39.13% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.36% of the stock is owned by corporate insiders.

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.