Truist Financial Corp Reduces Stock Holdings in Centene Co. (NYSE:CNC)

Truist Financial Corp lessened its stake in Centene Co. (NYSE:CNC - Free Report) by 11.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 443,501 shares of the company's stock after selling 57,457 shares during the quarter. Truist Financial Corp owned approximately 0.08% of Centene worth $32,912,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Harris Associates L P bought a new position in shares of Centene during the 3rd quarter valued at about $274,274,000. Jennison Associates LLC lifted its stake in Centene by 535.9% in the fourth quarter. Jennison Associates LLC now owns 1,837,980 shares of the company's stock worth $136,396,000 after purchasing an additional 1,548,961 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Centene by 8.7% in the third quarter. Invesco Ltd. now owns 8,788,485 shares of the company's stock worth $605,351,000 after buying an additional 704,684 shares during the period. California Public Employees Retirement System lifted its position in shares of Centene by 42.9% during the fourth quarter. California Public Employees Retirement System now owns 2,161,362 shares of the company's stock worth $160,395,000 after purchasing an additional 648,620 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its holdings in Centene by 47.5% during the 3rd quarter. Deerfield Management Company L.P. Series C now owns 1,990,000 shares of the company's stock valued at $137,071,000 after buying an additional 641,000 shares in the last quarter. Institutional investors own 93.63% of the company's stock.

Centene Stock Performance

Shares of CNC traded down $0.17 during trading hours on Monday, hitting $73.83. The stock had a trading volume of 5,021,169 shares, compared to its average volume of 3,122,451. Centene Co. has a fifty-two week low of $60.83 and a fifty-two week high of $81.42. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.11 and a current ratio of 1.17. The firm has a 50-day moving average price of $76.22 and a 200 day moving average price of $74.85. The firm has a market capitalization of $39.49 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 0.92 and a beta of 0.38.

Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings data on Friday, April 26th. The company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.09 by $0.17. Centene had a return on equity of 14.19% and a net margin of 1.76%. The company had revenue of $40.41 billion for the quarter, compared to analyst estimates of $36.43 billion. During the same period last year, the company earned $2.11 earnings per share. Centene's quarterly revenue was up 3.9% compared to the same quarter last year. As a group, research analysts anticipate that Centene Co. will post 6.75 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CNC shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $90.00 target price on shares of Centene in a research report on Thursday, April 4th. Oppenheimer reiterated an "outperform" rating and set a $110.00 price objective on shares of Centene in a research note on Monday. Stephens reaffirmed an "equal weight" rating and set a $85.00 price target (down from $92.00) on shares of Centene in a research report on Thursday, March 21st. StockNews.com raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research report on Monday. Finally, Barclays started coverage on Centene in a research note on Wednesday, March 6th. They issued an "overweight" rating and a $101.00 target price for the company. Five research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Centene currently has an average rating of "Moderate Buy" and an average target price of $85.25.

Insider Activity

In related news, President Kenneth J. Fasola sold 12,000 shares of the company's stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $75.07, for a total transaction of $900,840.00. Following the completion of the transaction, the president now owns 235,365 shares in the company, valued at approximately $17,668,850.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, President Kenneth J. Fasola sold 12,000 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total value of $900,840.00. Following the completion of the transaction, the president now directly owns 235,365 shares of the company's stock, valued at approximately $17,668,850.55. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lori Jean Robinson sold 10,000 shares of the business's stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $77.41, for a total transaction of $774,100.00. Following the transaction, the director now owns 11,455 shares in the company, valued at $886,731.55. The disclosure for this sale can be found here. Company insiders own 0.29% of the company's stock.

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.