The Manufacturers Life Insurance Company Decreases Position in Centene Corporation $CNC

Key Points

• The Manufacturers Life Insurance Company reduced its Centene stake by 23.2% in the first quarter, selling 91,182 shares and retaining 302,072 shares worth approximately $9.89 million. Institutional investors collectively own 93.63% of Centene.
• Analyst sentiment remains mixed, with an average rating of “Hold” and a consensus price target of $68.21; targets from recent reports range from $63 to $79.
• Centene reported strong quarterly results, posting $2.51 in EPS versus the $1.09 consensus and $53.58 billion in revenue, up 9.9% year over year. Shares opened at $63.72, near the company’s $69.36 52-week high.

The Manufacturers Life Insurance Company trimmed its holdings in Centene Corporation (NYSE:CNC - Free Report) by 23.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 302,072 shares of the company's stock after selling 91,182 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.06% of Centene worth $9,890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Baird Financial Group Inc. acquired a new stake in shares of Centene in the 1st quarter valued at about $236,000. Sivia Capital Partners LLC lifted its stake in Centene by 80.0% in the second quarter. Sivia Capital Partners LLC now owns 9,710 shares of the company's stock valued at $527,000 after buying an additional 4,315 shares during the last quarter. CW Advisors LLC boosted its holdings in shares of Centene by 20.3% in the second quarter. CW Advisors LLC now owns 4,863 shares of the company's stock valued at $264,000 after acquiring an additional 820 shares during the period. NewEdge Advisors LLC grew its position in shares of Centene by 6.1% during the second quarter. NewEdge Advisors LLC now owns 44,945 shares of the company's stock worth $2,440,000 after acquiring an additional 2,582 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its holdings in shares of Centene by 0.4% in the 2nd quarter. Treasurer of the State of North Carolina now owns 231,938 shares of the company's stock valued at $12,590,000 after acquiring an additional 967 shares during the period. Institutional investors and hedge funds own 93.63% of the company's stock.

Wall Street Analysts Forecast Growth

CNC has been the subject of a number of recent research reports. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $79.00 price objective (up from $68.00) on shares of Centene in a research report on Monday. Raymond James Financial set a $75.00 price target on Centene in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Centene from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Royal Bank Of Canada lifted their target price on shares of Centene from $70.00 to $71.00 and gave the company a "sector perform" rating in a report on Thursday, July 9th. Finally, Mizuho set a $63.00 price objective on shares of Centene and gave the company a "neutral" rating in a research report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $68.21.

Centene Price Performance

Shares of NYSE CNC opened at $63.72 on Tuesday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.71. The company's 50-day moving average price is $63.96 and its 200 day moving average price is $50.42. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $69.36. The stock has a market cap of $31.48 billion, a price-to-earnings ratio of -6.10, a PEG ratio of 0.33 and a beta of 1.07.

Centene (NYSE:CNC - Get Free Report) last announced its earnings results on Tuesday, July 28th. The company reported $2.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.09 by $1.42. The company had revenue of $53.58 billion during the quarter, compared to analysts' expectations of $47.64 billion. Centene had a negative net margin of 2.51% and a positive return on equity of 12.12%. The firm's quarterly revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.16) earnings per share. Centene has set its FY 2026 guidance at 4.800- EPS. As a group, research analysts forecast that Centene Corporation will post 4.89 earnings per share for the current fiscal year.

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.

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