Rovida Advisors Inc. Takes $3.57 Million Position in Centene Corporation $CNC

Key Points

• Rovida Advisors Inc. bought 100,000 shares of Centene (~$3.57 million) in Q3, making Centene about 3.1% of its portfolio and its 10th largest holding.
• Centene beat expectations in the latest quarter with revenue of $49.73 billion (up 21.9% YoY) and reported a loss per share of ($1.19) that was slightly better than the ($1.22) consensus.
• Institutional investors own about 93.63% of the stock; shares traded around $43.28 (down 3.8%), and analysts' consensus is a "Hold" with an average target of $42.44.

Rovida Advisors Inc. bought a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the company's stock, valued at approximately $3,568,000. Centene makes up about 3.1% of Rovida Advisors Inc.'s investment portfolio, making the stock its 10th largest holding.

A number of other institutional investors also recently bought and sold shares of CNC. UniSuper Management Pty Ltd increased its stake in Centene by 66.0% in the third quarter. UniSuper Management Pty Ltd now owns 85,232 shares of the company's stock valued at $3,041,000 after purchasing an additional 33,875 shares during the last quarter. Packer & Co Ltd acquired a new position in shares of Centene in the 3rd quarter valued at $50,487,000. First Citizens Bank & Trust Co. grew its position in shares of Centene by 122.5% in the 3rd quarter. First Citizens Bank & Trust Co. now owns 223,157 shares of the company's stock valued at $7,962,000 after buying an additional 122,870 shares during the last quarter. ARGA Investment Management LP acquired a new stake in Centene during the 3rd quarter worth $21,485,000. Finally, Amundi lifted its position in Centene by 6.2% in the second quarter. Amundi now owns 3,384,752 shares of the company's stock valued at $183,724,000 after acquiring an additional 199,016 shares during the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Trading Down 3.8%

Shares of CNC stock opened at $43.28 on Friday. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $66.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.87. The business's 50 day moving average is $43.18 and its two-hundred day moving average is $37.96. The company has a market capitalization of $21.28 billion, a P/E ratio of -3.18, a price-to-earnings-growth ratio of 1.01 and a beta of 0.48.

Centene (NYSE:CNC - Get Free Report) last posted its quarterly earnings data on Friday, February 6th. The company reported ($1.19) earnings per share for the quarter, beating analysts' consensus estimates of ($1.22) by $0.03. The firm had revenue of $49.73 billion for the quarter, compared to analyst estimates of $48.41 billion. Centene had a negative net margin of 3.43% and a positive return on equity of 4.25%. Centene's quarterly revenue was up 21.9% on a year-over-year basis. During the same period last year, the firm posted $0.80 EPS. Centene has set its FY 2026 guidance at 3.000-3.000 EPS. Equities analysts forecast that Centene Corporation will post 6.86 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Wall Street Zen cut Centene from a "buy" rating to a "hold" rating in a research report on Sunday, February 15th. Deutsche Bank Aktiengesellschaft raised their price target on Centene from $32.00 to $39.00 and gave the stock a "hold" rating in a research note on Tuesday, February 10th. Argus upgraded Centene to a "hold" rating in a research note on Monday, February 9th. Wells Fargo & Company set a $44.00 target price on shares of Centene and gave the stock an "equal weight" rating in a research report on Wednesday, February 18th. Finally, Robert W. Baird upped their price target on shares of Centene from $28.00 to $36.00 and gave the company a "neutral" rating in a research report on Thursday, December 11th. Three investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $42.44.

About Centene

Centene Corporation NYSE: CNC is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.

Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.