Centene Corporation $CNC Shares Bought by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC raised its holdings in Centene Corporation (NYSE:CNC) by 1.1% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 262,935 shares of the company’s stock after acquiring an additional 2,750 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Centene worth $14,272,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the company. Quadcap Wealth Management LLC increased its position in shares of Centene by 3.2% in the first quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company’s stock valued at $341,000 after buying an additional 172 shares in the last quarter. Poinciana Advisors Group LLC increased its position in shares of Centene by 2.8% in the first quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company’s stock valued at $438,000 after buying an additional 195 shares in the last quarter. Carnegie Investment Counsel increased its position in shares of Centene by 6.0% in the first quarter. Carnegie Investment Counsel now owns 3,811 shares of the company’s stock valued at $234,000 after buying an additional 215 shares in the last quarter. Allworth Financial LP increased its position in shares of Centene by 6.1% in the first quarter. Allworth Financial LP now owns 4,387 shares of the company’s stock valued at $270,000 after buying an additional 254 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Centene by 0.3% in the first quarter. Amalgamated Bank now owns 97,346 shares of the company’s stock valued at $5,910,000 after buying an additional 265 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Stock Down 1.0%

CNC opened at $35.30 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market capitalization of $17.33 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 1.39 and a beta of 0.48. The business has a 50-day moving average of $32.16 and a two-hundred day moving average of $43.65. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $70.11.

Centene (NYSE:CNC) last posted its quarterly 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). The business had revenue of $48.74 billion during the quarter, compared to analysts’ expectations of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the firm earned $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, research analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Insider Transactions at Centene

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 acquired at an average price of $27.62 per share, for a total transaction of $248,580.00. Following the acquisition, the director owned 32,000 shares of the company’s stock, valued at $883,840. This trade represents a 39.13% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sarah London bought 19,230 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were purchased at an average price 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 approximately $21,554,512.50. This trade represents a 2.33% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CNC. Truist Financial set a $42.00 price target on Centene in a research report on Tuesday. UBS Group cut their target price on shares of Centene from $45.00 to $31.00 and set a “neutral” rating for the company in a research note on Monday, July 28th. Oppenheimer cut their target price on shares of Centene from $51.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. The Goldman Sachs Group started coverage on shares of Centene in a research note on Tuesday. They issued a “sell” rating and a $33.00 target price for the company. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $38.00 target price on shares of Centene in a research note on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price 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.