The Manufacturers Life Insurance Company Sells 464,699 Shares of Concentra Group Holdings Parent, Inc. $CON

Key Points

• The Manufacturers Life Insurance Company reduced its Concentra Group Holdings Parent stake by 29.5%, selling 464,699 shares and retaining 1.11 million shares valued at approximately $23.9 million.
• Concentra reported a quarterly earnings beat, with EPS of $0.40 versus $0.35 expected and revenue of $569.55 million, up 13.7% year over year. The company also pays a $0.25 annualized dividend, yielding about 0.8%.
• Analyst sentiment remains positive: seven analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $31.40.

The Manufacturers Life Insurance Company cut its holdings in Concentra Group Holdings Parent, Inc. (NYSE:CON - Free Report) by 29.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,112,911 shares of the company's stock after selling 464,699 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.87% of Concentra Group Holdings Parent worth $23,872,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in shares of Concentra Group Holdings Parent by 7.6% during the first quarter. Royal Bank of Canada now owns 81,441 shares of the company's stock worth $1,767,000 after buying an additional 5,754 shares in the last quarter. AQR Capital Management LLC acquired a new stake in shares of Concentra Group Holdings Parent during the 1st quarter valued at $293,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Concentra Group Holdings Parent by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 65,515 shares of the company's stock valued at $1,422,000 after acquiring an additional 2,873 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Concentra Group Holdings Parent by 48.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,329,498 shares of the company's stock worth $28,850,000 after acquiring an additional 434,503 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Concentra Group Holdings Parent by 10.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 210,526 shares of the company's stock worth $4,568,000 after acquiring an additional 19,846 shares during the last quarter.

Concentra Group Holdings Parent Price Performance

Shares of CON opened at $31.67 on Friday. The firm has a market cap of $4.05 billion, a PE ratio of 22.79, a price-to-earnings-growth ratio of 1.44 and a beta of 0.64. Concentra Group Holdings Parent, Inc. has a 52-week low of $18.55 and a 52-week high of $32.86. The business's 50 day moving average price is $29.18 and its two-hundred day moving average price is $25.04. The company has a debt-to-equity ratio of 3.62, a quick ratio of 1.26 and a current ratio of 1.26.

Concentra Group Holdings Parent (NYSE:CON - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.40 EPS for the quarter, beating analysts' consensus estimates of $0.35 by $0.05. Concentra Group Holdings Parent had a return on equity of 47.14% and a net margin of 7.97%.The business had revenue of $569.55 million during the quarter, compared to analyst estimates of $553.53 million. During the same period in the previous year, the company posted $0.32 EPS. The firm's revenue was up 13.7% compared to the same quarter last year. On average, equities analysts anticipate that Concentra Group Holdings Parent, Inc. will post 1.52 EPS for the current year.

Concentra Group Holdings Parent Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 19th were given a dividend of $0.0625 per share. The ex-dividend date of this dividend was Tuesday, May 19th. This represents a $0.25 dividend on an annualized basis and a dividend yield of 0.8%. Concentra Group Holdings Parent's dividend payout ratio is presently 17.99%.

Insider Transactions at Concentra Group Holdings Parent

In related news, Director Robert A. Ortenzio sold 130,000 shares of the company's stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $30.50, for a total transaction of $3,965,000.00. Following the transaction, the director directly owned 633,455 shares of the company's stock, valued at $19,320,377.50. This represents a 17.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 390,000 shares of company stock worth $10,465,000. Corporate insiders own 8.10% of the company's stock.

Analyst Ratings Changes

CON has been the subject of several research reports. The Goldman Sachs Group initiated coverage on Concentra Group Holdings Parent in a research report on Friday, June 5th. They issued a "buy" rating and a $30.00 target price for the company. Weiss Ratings upgraded Concentra Group Holdings Parent from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Truist Financial upped their price objective on Concentra Group Holdings Parent from $31.00 to $37.00 and gave the company a "buy" rating in a research note on Tuesday, July 14th. Finally, William Blair initiated coverage on shares of Concentra Group Holdings Parent in a report on Wednesday, July 1st. They issued an "outperform" rating for the company. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $31.40.

About Concentra Group Holdings Parent

Concentra Group Holdings Parent NYSE: CON is a Canada-based financial services holding company that specializes in serving Canadian credit unions and their members. Through its operating subsidiaries, the group provides wholesale funding, lending solutions and investment management services tailored to the unique needs of cooperative financial institutions. Concentra’s broad suite of offerings includes trust and custody services, mortgage investment products and equipment financing, all designed to support credit-union growth and stability.

In addition to wholesale funding and lending, Concentra Group Holdings Parent distributes life and general insurance products through affiliated insurance brokers and credit-union channels.

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