Strs Ohio Makes New $5.46 Million Investment in Centene Corporation $CNC

Key Points

• Strs Ohio has invested $5.46 million in Centene Corporation, acquiring 90,000 shares of the company during the first quarter.
• Centene's stock has seen a decline of 2.6%, with a market capitalization of $16.31 billion and a price-to-earnings ratio of 8.22.
• Despite missing earnings expectations, Centene reported a revenue increase of 22.4% year-over-year, totaling $48.74 billion for the quarter.

Strs Ohio purchased a new position in shares of Centene Corporation (NYSE:CNC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 90,000 shares of the company's stock, valued at approximately $5,464,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of CNC. AQR Capital Management LLC grew its holdings in Centene by 42.7% during the first quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company's stock worth $669,820,000 after purchasing an additional 3,306,796 shares during the period. Nuveen LLC acquired a new position in shares of Centene in the first quarter valued at approximately $146,557,000. Boston Partners grew its position in shares of Centene by 155.3% in the first quarter. Boston Partners now owns 3,901,603 shares of the company's stock valued at $236,802,000 after purchasing an additional 2,373,280 shares during the last quarter. Two Sigma Investments LP grew its position in shares of Centene by 1,788.1% in the fourth quarter. Two Sigma Investments LP now owns 2,245,511 shares of the company's stock valued at $136,033,000 after purchasing an additional 2,126,582 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its position in shares of Centene by 111.5% in the first quarter. Assenagon Asset Management S.A. now owns 3,608,213 shares of the company's stock valued at $219,055,000 after purchasing an additional 1,902,277 shares during the last quarter. Institutional investors own 93.63% of the company's stock.

Insider Transactions at Centene

In related news, Director Theodore R. Samuels II acquired 9,000 shares of the business's stock in a transaction dated 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 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Sarah London purchased 19,230 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the transaction, the chief executive officer owned 845,275 shares in the company, valued at $21,554,512.50. This represents a 2.33% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company's stock.

Centene Price Performance

Shares of NYSE:CNC traded down $0.40 during trading on Friday, hitting $31.77. 21,226,090 shares of the company were exchanged, compared to its average volume of 12,909,675. The business's 50 day moving average is $28.70 and its 200-day moving average is $47.00. The company has a market capitalization of $15.60 billion, a P/E ratio of 7.86, a price-to-earnings-growth ratio of 1.31 and a beta of 0.44. 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 Corporation has a 1-year low of $25.08 and a 1-year high of $76.08.

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). The company had revenue of $48.74 billion for the quarter, compared to analyst estimates of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.The firm's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the company posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on CNC shares. Wall Street Zen downgraded Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Bank of America cut Centene from a "neutral" rating to an "underperform" rating and cut their price target for the company from $52.00 to $30.00 in a research note on Wednesday, July 16th. Robert W. Baird cut their price target on Centene from $68.00 to $28.00 and set a "neutral" rating for the company in a research note on Friday, July 25th. Mizuho cut their price target on Centene from $71.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Finally, TD Cowen reiterated a "hold" rating and issued a $33.00 price target (down from $73.00) on shares of Centene in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Centene currently has an average rating of "Hold" and an average target price of $38.33.

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.