VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Holdings in Centene Corporation $CNC

Key Points

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VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Centene Corporation (NYSE:CNC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 745,600 shares of the company's stock, valued at approximately $40,471,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.15% of Centene as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Polianta Ltd acquired a new position in Centene in the 2nd quarter valued at about $1,253,000. Oliver Luxxe Assets LLC acquired a new position in Centene during the 2nd quarter worth approximately $4,033,000. Focus Partners Wealth increased its position in Centene by 83.1% during the 1st quarter. Focus Partners Wealth now owns 42,270 shares of the company's stock worth $2,566,000 after purchasing an additional 19,181 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Centene by 3.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company's stock worth $292,045,000 after purchasing an additional 143,573 shares during the period. Finally, Sapient Capital LLC acquired a new position in Centene during the 2nd quarter worth approximately $493,000. Institutional investors and hedge funds own 93.63% of the company's stock.

Insider Buying and Selling

In other Centene news, Director Theodore R. Samuels II purchased 9,000 shares of Centene stock in a transaction on Monday, July 28th. The shares were bought at an average price of $27.62 per share, with a total value of $248,580.00. Following the purchase, the director directly owned 32,000 shares in the company, valued at $883,840. This trade represents a 39.13% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sarah London purchased 19,230 shares of Centene stock in a transaction on Friday, August 8th. The shares were acquired at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the purchase, the chief executive officer 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.

Analyst Ratings Changes

Several research firms have issued reports on CNC. Cantor Fitzgerald reiterated a "neutral" rating and set a $38.00 target price on shares of Centene in a research report on Tuesday, August 26th. Truist Financial set a $42.00 target price on Centene in a research report on Tuesday. Robert W. Baird dropped their target price on Centene from $68.00 to $28.00 and set a "neutral" rating on the stock in a research report on Friday, July 25th. Wall Street Zen lowered Centene from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Sanford C. Bernstein decreased their price target on Centene from $40.00 to $36.00 and set an "outperform" rating on the stock in a research note on Friday, September 5th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $39.50.

Centene Price Performance

CNC stock opened at $35.30 on Friday. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $70.11. 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 stock's 50 day moving average price is $32.16 and its 200 day moving average price is $43.65. The firm has a market cap 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 posted 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). Centene had a net margin of 1.15% and a return on equity of 9.57%. The company 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 company posted $2.42 EPS. Centene'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, sell-side analysts expect that Centene Corporation will post 6.86 earnings per share for the current fiscal 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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