US Bancorp DE Sells 139,959 Shares of Centene Corporation $CNC

Key Points

• US Bancorp DE reduced its stake in Centene Corporation by 24.5%, selling 139,959 shares to hold 431,641 shares worth approximately $23.43 million.
• CEO Sarah London purchased 19,230 shares for about $490,365, increasing her ownership stake by 2.33% to a total of 845,275 shares.
• Centene reported a loss of $0.16 EPS for the last quarter, missing analyst estimates of $0.23, while revenue increased by 22.4% year-over-year.

US Bancorp DE reduced its stake in Centene Corporation (NYSE:CNC - Free Report) by 24.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 431,641 shares of the company's stock after selling 139,959 shares during the quarter. US Bancorp DE owned 0.09% of Centene worth $23,429,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP bought a new stake in Centene in the 1st quarter valued at $26,000. Golden State Wealth Management LLC lifted its position in Centene by 203.1% in the 1st 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 in the last quarter. ORG Wealth Partners LLC bought a new stake in Centene in the 1st quarter valued at $73,000. Geneos Wealth Management Inc. lifted its position in Centene by 78.1% in the 1st 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 in the last quarter. Finally, Reyes Financial Architecture Inc. bought a new stake in Centene in the 2nd quarter valued at $106,000. 93.63% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Sarah London purchased 19,230 shares of the stock in a transaction on Friday, August 8th. The shares were purchased 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 $21,554,512.50. The trade was 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 this link. Also, Director Theodore R. Samuels II purchased 9,000 shares of the stock in a transaction on Monday, July 28th. The stock was bought at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the completion of the acquisition, the director owned 32,000 shares in the company, valued at approximately $883,840. This trade represents 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 corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on CNC. JPMorgan Chase & Co. cut 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. Cantor Fitzgerald reissued a "neutral" rating and set a $38.00 price target on shares of Centene in a research report on Tuesday, August 26th. Wells Fargo & Company set a $41.00 price target on shares of Centene and gave the stock an "equal weight" rating in a research report on Tuesday. Oppenheimer cut their price target on shares of Centene from $51.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 28th. Finally, Wall Street Zen cut shares of Centene from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Centene has a consensus rating of "Hold" and an average price target of $39.07.

Centene Stock Down 5.5%

Shares of CNC stock opened at $35.75 on Friday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. The firm's 50-day moving average is $31.14 and its 200-day moving average is $44.61. The stock has a market cap of $17.56 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 1.54 and a beta of 0.48. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $73.50.

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 analysts' consensus estimates 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 net margin of 1.15% and a return on equity of 9.57%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same period in the previous year, the company posted $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Sell-side analysts predict that Centene Corporation will post 6.86 EPS for the current year.

Centene 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.

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