Verdence Capital Advisors LLC Increases Stock Holdings in Centene Corporation $CNC

Verdence Capital Advisors LLC lifted its position in Centene Corporation (NYSE:CNC - Free Report) by 363.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,838 shares of the company's stock after buying an additional 12,417 shares during the quarter. Verdence Capital Advisors LLC's holdings in Centene were worth $860,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Polianta Ltd purchased a new stake in Centene in the second quarter valued at approximately $1,253,000. Oliver Luxxe Assets LLC purchased a new stake in Centene in the second quarter valued at approximately $4,033,000. Focus Partners Wealth raised its stake in Centene by 83.1% in the first quarter. Focus Partners Wealth now owns 42,270 shares of the company's stock valued at $2,566,000 after purchasing an additional 19,181 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Centene by 3.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company's stock valued at $292,045,000 after purchasing an additional 143,573 shares in the last quarter. Finally, Sapient Capital LLC purchased a new stake in Centene in the second quarter valued at approximately $493,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Up 0.2%

Shares of NYSE CNC opened at $36.42 on Wednesday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $71.04. The firm's fifty day moving average is $31.55 and its 200 day moving average is $44.17. The company has a market cap of $17.89 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.43 and a beta of 0.48.

Centene (NYSE:CNC - Get Free Report) last issued its earnings results on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing the consensus estimate of $0.23 by ($0.39). Centene had a return on equity of 9.57% and a net margin of 1.15%.The firm had revenue of $48.74 billion during the quarter, compared to analysts' expectations of $44.71 billion. During the same period in the previous year, the firm earned $2.42 earnings per share. The firm's quarterly revenue was up 22.4% compared to the same quarter last year. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, equities research analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Insider Activity

In other news, Director Theodore R. Samuels II bought 9,000 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was purchased at an average price of $27.62 per share, with a total value of $248,580.00. Following the transaction, the director owned 32,000 shares of the company's stock, valued at approximately $883,840. The trade was a 39.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sarah London purchased 19,230 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the transaction, the chief executive officer directly owned 845,275 shares of the company's stock, valued at $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. The Goldman Sachs Group started coverage on shares of Centene in a research note on Tuesday. They set a "sell" rating and a $33.00 price target on the stock. TD Cowen reissued a "hold" rating and issued a $33.00 price target (down from $73.00) on shares of Centene in a research note on Monday, July 21st. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Centene in a research note on Wednesday, October 8th. Mizuho increased their target price on Centene from $28.00 to $40.00 and gave the company a "neutral" rating in a report on Thursday, October 9th. Finally, Truist Financial set a $42.00 price target on Centene in a research note on Tuesday. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $39.50.

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.

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