Centene Corporation $CNC Shares Bought by Swedbank AB

Key Points

• Swedbank AB increased its stake in Centene Corporation by 4.0%, owning approximately 1.52 million shares worth about $82.7 million as of the last reporting period.
• Several large institutional investors, including AQR Capital Management and Invesco Ltd., have also raised their investments in Centene, reflecting strong interest in the stock.
• Analyst opinions on Centene vary significantly, with price targets ranging from $28 to $39, indicating mixed sentiments about the company's future performance.

Swedbank AB increased its holdings in Centene Corporation (NYSE:CNC - Free Report) by 4.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,523,849 shares of the company's stock after buying an additional 58,367 shares during the period. Swedbank AB owned 0.31% of Centene worth $82,715,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of CNC. Pinney & Scofield Inc. bought a new position in Centene in the 4th quarter worth approximately $25,000. Ameriflex Group Inc. bought a new position in Centene in the 4th quarter worth approximately $26,000. Quarry LP bought a new position in Centene in the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC boosted its holdings in Centene by 203.1% in the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock worth $35,000 after buying an additional 388 shares during the period. Finally, Bruce G. Allen Investments LLC boosted its holdings in Centene by 273.8% in the 1st quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company's stock valued at $56,000 after purchasing an additional 679 shares during the period. 93.63% of the stock is owned by institutional investors.

Insider Activity at Centene

In related news, CEO Sarah London acquired 19,230 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was purchased at an average cost of $25.50 per share, with a total value of $490,365.00. Following the completion of the acquisition, the chief executive officer directly owned 845,275 shares of the company's stock, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Theodore R. Samuels II acquired 9,000 shares of the firm's stock in a transaction dated Monday, July 28th. The shares were bought at an average cost of $27.62 per share, with a total value of $248,580.00. Following the completion of the acquisition, the director directly owned 32,000 shares of the company's stock, valued at $883,840. The trade was 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 insiders.

Wall Street Analyst Weigh In

CNC has been the subject of several analyst reports. Bank of America downgraded shares of 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 report on Wednesday, July 16th. Cantor Fitzgerald reissued a "neutral" rating and issued a $38.00 price target on shares of Centene in a report on Tuesday, August 26th. JPMorgan Chase & Co. cut their price target on shares of Centene from $48.00 to $30.00 and set a "neutral" rating for the company in a report on Tuesday, July 29th. Truist Financial raised their price target on shares of Centene from $35.00 to $39.00 and gave the company a "buy" rating in a report on Friday, September 12th. Finally, TD Cowen reissued a "hold" rating and issued a $33.00 price target (down from $73.00) on shares of Centene in a report on Monday, July 21st. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $38.33.

Centene Stock Down 1.2%

NYSE:CNC traded down $0.40 during mid-day trading on Friday, hitting $31.77. 21,226,090 shares of the company's stock were exchanged, compared to its average volume of 12,909,675. The business has a fifty day moving average price of $28.70 and a 200 day moving average price of $46.91. The company has a market cap of $15.60 billion, a PE ratio of 7.86, a P/E/G ratio of 1.31 and a beta of 0.44. Centene Corporation has a one year low of $25.08 and a one year high of $76.08. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10.

Centene (NYSE:CNC - Get Free Report) last issued its 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 firm had revenue of $48.74 billion during the quarter, compared to the consensus estimate of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.The company's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities 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.