Centene Corporation $CNC Shares Sold by Scharf Investments LLC

Key Points

• Scharf Investments LLC has reduced its stock position in Centene Corporation by 15.9%, now holding around 2,013,780 shares valued at approximately $109.3 million.
• Centene's recent performance showed a net loss of $0.16 EPS for the last quarter, significantly missing the consensus estimate of $0.23, despite a revenue increase of 22.4% year-over-year.
• The stock currently holds a consensus rating of "Hold", with analysts targeting a price of $38.33 per share.

Scharf Investments LLC trimmed its position in Centene Corporation (NYSE:CNC - Free Report) by 15.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,013,780 shares of the company's stock after selling 381,668 shares during the period. Centene comprises about 3.1% of Scharf Investments LLC's portfolio, making the stock its 13th largest holding. Scharf Investments LLC owned approximately 0.40% of Centene worth $109,308,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Focus Partners Advisor Solutions LLC boosted its holdings in shares of Centene by 33.1% during the 4th quarter. Focus Partners Advisor Solutions LLC now owns 4,480 shares of the company's stock worth $271,000 after purchasing an additional 1,115 shares during the last quarter. GTS Securities LLC raised its position in shares of Centene by 132.3% during the 4th quarter. GTS Securities LLC now owns 9,422 shares of the company's stock valued at $571,000 after buying an additional 5,366 shares during the period. Pinney & Scofield Inc. purchased a new stake in shares of Centene during the 4th quarter valued at approximately $25,000. GF Fund Management CO. LTD. purchased a new stake in shares of Centene during the 4th quarter valued at approximately $804,000. Finally, Toronto Dominion Bank raised its position in shares of Centene by 4.5% during the 4th quarter. Toronto Dominion Bank now owns 273,367 shares of the company's stock valued at $16,561,000 after buying an additional 11,657 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Centene

In other Centene news, Director Theodore R. Samuels II purchased 9,000 shares of the stock in a transaction dated Monday, July 28th. The shares were acquired at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the completion of the transaction, the director directly 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 purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Sarah London bought 19,230 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the transaction, the chief executive officer owned 845,275 shares of the company's stock, valued at $21,554,512.50. The trade was a 2.33% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CNC has been the topic of a number of research analyst reports. Robert W. Baird cut their target price on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Truist Financial boosted their target price on Centene from $35.00 to $39.00 and gave the company a "buy" rating in a research report on Friday, September 12th. UBS Group cut their price objective on Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a research report on Monday, July 28th. TD Cowen reaffirmed a "hold" rating and set a $33.00 price objective (down previously from $73.00) on shares of Centene in a research report on Monday, July 21st. Finally, Wells Fargo & Company lowered Centene from an "overweight" rating to an "equal weight" rating and cut their price objective for the stock from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Three investment analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $38.33.

Centene Stock Performance

NYSE CNC traded up $0.99 during trading hours on Monday, hitting $32.76. 9,234,554 shares of the stock were exchanged, compared to its average volume of 13,426,395. The company has a market cap 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. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $76.08. The stock has a 50-day moving average of $28.74 and a 200 day moving average of $46.64. 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 (NYSE:CNC - Get Free Report) last posted 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 return on equity of 9.57% and a net margin of 1.15%.The firm had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. During the same period in the prior year, the company earned $2.42 earnings per share. The company's revenue for the quarter was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, equities research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

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.