Robeco Institutional Asset Management B.V. Buys 208,908 Shares of Centene Corporation $CNC

Key Points

• Robeco Institutional Asset Management B.V. increased its stake in Centene Corporation by 23.1%, acquiring an additional 208,908 shares during the second quarter, bringing its total holdings to approximately $60.34 million.
• Several research firms have adjusted their price targets for Centene, with JPMorgan Chase & Co. setting a new target at $30.00, reflecting a significant downward revision from their previous target.
• Corporate insiders, including CEO Sarah London, have also been buying shares, indicating confidence in the company's future, with London's recent purchase totaling $490,365.

Robeco Institutional Asset Management B.V. boosted its holdings in shares of Centene Corporation (NYSE:CNC - Free Report) by 23.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,111,582 shares of the company's stock after buying an additional 208,908 shares during the period. Robeco Institutional Asset Management B.V. owned approximately 0.22% of Centene worth $60,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in CNC. GAMMA Investing LLC increased its position in Centene by 9,353.9% during the 1st quarter. GAMMA Investing LLC now owns 370,027 shares of the company's stock valued at $22,464,000 after buying an additional 366,113 shares in the last quarter. Merit Financial Group LLC increased its position in Centene by 233.2% during the 1st quarter. Merit Financial Group LLC now owns 41,770 shares of the company's stock valued at $2,536,000 after buying an additional 29,235 shares in the last quarter. Fulton Bank N.A. increased its position in Centene by 49.0% during the 1st quarter. Fulton Bank N.A. now owns 5,824 shares of the company's stock valued at $354,000 after buying an additional 1,915 shares in the last quarter. Sentry Investment Management LLC acquired a new position in Centene during the 1st quarter valued at about $97,000. Finally, Portside Wealth Group LLC increased its position in Centene by 49.0% during the 1st quarter. Portside Wealth Group LLC now owns 14,487 shares of the company's stock valued at $878,000 after buying an additional 4,767 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on CNC. JPMorgan Chase & Co. dropped their price target on Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 29th. Cantor Fitzgerald reiterated a "neutral" rating and set a $38.00 price target on shares of Centene in a research note on Tuesday, August 26th. Morgan Stanley dropped their price target on Centene from $33.00 to $28.00 and set an "equal weight" rating on the stock in a research note on Monday, August 4th. Wall Street Zen downgraded Centene from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Robert W. Baird dropped their price target on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research note on Friday, July 25th. 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 company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $38.33.

Insider Transactions at Centene

In other Centene news, Director Theodore R. Samuels II purchased 9,000 shares of Centene stock in a transaction that occurred on Monday, July 28th. The stock was 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah London purchased 19,230 shares of Centene stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $25.50 per share, with a total value of $490,365.00. Following the acquisition, the chief executive officer directly owned 845,275 shares in the company, 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. Corporate insiders own 0.36% of the company's stock.

Centene Stock Up 3.1%

Shares of CNC opened at $36.84 on Friday. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $73.50. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $18.09 billion, a price-to-earnings ratio of 9.12, a PEG ratio of 1.45 and a beta of 0.47. The stock's 50-day moving average price is $29.77 and its 200-day moving average price is $45.50.

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 analysts' consensus estimates of $0.23 by ($0.39). Centene had a return on equity of 9.57% and a net margin of 1.15%.The company had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. During the same quarter in the previous year, the company earned $2.42 EPS. The firm's quarterly 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. On average, sell-side analysts predict that Centene Corporation will post 6.86 EPS for the current year.

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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