Swedbank AB Has $88.97 Million Stock Position in Centene Corporation $CNC

Swedbank AB lowered its position in shares of Centene Corporation (NYSE:CNC) by 13.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,465,482 shares of the company’s stock after selling 231,623 shares during the quarter. Swedbank AB’s holdings in Centene were worth $88,969,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its position in shares of Centene by 8.8% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,092 shares of the company’s stock worth $127,000 after purchasing an additional 169 shares in the last quarter. Quadcap Wealth Management LLC increased its position in shares of Centene by 3.2% during the 1st quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company’s stock worth $341,000 after purchasing an additional 172 shares in the last quarter. Poinciana Advisors Group LLC increased its position in shares of Centene by 2.8% during the 1st quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company’s stock worth $438,000 after purchasing an additional 195 shares in the last quarter. Carnegie Investment Counsel increased its position in shares of Centene by 6.0% during the 1st quarter. Carnegie Investment Counsel now owns 3,811 shares of the company’s stock worth $234,000 after purchasing an additional 215 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in Centene by 6.1% during the 1st quarter. Allworth Financial LP now owns 4,387 shares of the company’s stock worth $270,000 after acquiring an additional 254 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Insider Activity

In other Centene news, Director Theodore R. Samuels II bought 9,000 shares of Centene stock in a transaction dated 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 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 acquired 19,230 shares of Centene stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the purchase, 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 disclosure for this purchase can be found here. 0.36% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on CNC. Truist Financial increased their price objective on shares of Centene from $35.00 to $39.00 and gave the stock a “buy” rating in a report on Friday. Mizuho decreased their price objective on shares of Centene from $71.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Robert W. Baird decreased their price objective on shares of Centene from $68.00 to $28.00 and set a “neutral” rating on the stock in a report on Friday, July 25th. Oppenheimer decreased their price objective on shares of Centene from $51.00 to $43.00 and set an “outperform” rating on the stock in a report on Monday, July 28th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $38.00 price objective on shares of Centene in a report on Tuesday, August 26th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $38.33.

Centene Stock Down 2.6%

Shares of NYSE CNC opened at $33.20 on Friday. The firm has a market capitalization of $16.31 billion, a PE ratio of 8.22, a price-to-earnings-growth ratio of 1.39 and a beta of 0.44. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $77.29. The firm’s 50-day moving average is $28.74 and its 200-day moving average is $47.89.

Centene (NYSE:CNC) last issued its earnings results on Friday, July 25th. The company reported ($0.16) earnings per share (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 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 last year, the business posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities analysts expect that Centene Corporation will post 6.86 EPS for the current year.

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.