TD Asset Management Inc Has $11.61 Million Position in Centene Corporation $CNC

Key Points

• TD Asset Management Inc has decreased its stake in Centene Corporation by 38.5%, now holding shares valued at approximately $11.61 million.
• Insider transactions include Director Theodore R. Samuels II and CEO Sarah London purchasing a combined 28,230 shares, reflecting confidence in the company's future.
• Centene's stock price has experienced volatility, currently trading at $35.30 after analysts adjusted their price targets, indicating mixed sentiment with an average "Hold" rating.

TD Asset Management Inc lowered its stake in Centene Corporation (NYSE:CNC - Free Report) by 38.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 213,942 shares of the company's stock after selling 133,977 shares during the period. TD Asset Management Inc's holdings in Centene were worth $11,613,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Quarry LP acquired a new stake in shares of Centene in the first quarter valued at approximately $26,000. Golden State Wealth Management LLC boosted its stake in Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after acquiring an additional 388 shares during the last quarter. ORG Wealth Partners LLC bought a new position in Centene in the first quarter valued at approximately $73,000. Trust Co. of Toledo NA OH bought a new position in Centene in the second quarter valued at approximately $77,000. Finally, Geneos Wealth Management Inc. boosted its stake in Centene by 78.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company's stock valued at $89,000 after acquiring an additional 641 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company's stock.

Insider Transactions at Centene

In related news, Director Theodore R. Samuels II purchased 9,000 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The shares were acquired at an average price of $27.62 per share, for a total transaction of $248,580.00. Following the purchase, the director owned 32,000 shares in the company, valued at approximately $883,840. This represents a 39.13% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Sarah London acquired 19,230 shares of the business's stock in a transaction 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 approximately $21,554,512.50. This trade represents a 2.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by corporate insiders.

Centene Stock Down 1.0%

Shares of CNC stock opened at $35.30 on Friday. The company has a current ratio of 1.10, a quick 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 $70.11. The firm's fifty day moving average price is $32.16 and its two-hundred day moving average price is $43.65. The firm has a market capitalization of $17.33 billion, a P/E ratio of 8.74, a PEG ratio of 1.39 and a beta of 0.48.

Centene (NYSE:CNC - Get Free Report) last issued 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 business had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm's quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, equities analysts predict that Centene Corporation will post 6.86 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CNC shares. Sanford C. Bernstein reduced their price objective on shares of Centene from $40.00 to $36.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. JPMorgan Chase & Co. reduced their price target on shares of Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Truist Financial set a $42.00 price target on shares of Centene in a research report on Tuesday. Wall Street Zen cut shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, TD Cowen reissued a "hold" rating and set a $33.00 price target (down from $73.00) on shares of Centene in a research report on Monday, July 21st. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $39.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.