TD Asset Management Inc Sells 133,977 Shares of Centene Corporation $CNC

TD Asset Management Inc lessened its position in shares of Centene Corporation (NYSE:CNC) by 38.5% in the second quarter, HoldingsChannel.com reports. The fund owned 213,942 shares of the company’s stock after selling 133,977 shares during the period. TD Asset Management Inc’s holdings in Centene were worth $11,613,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP acquired a new position in Centene during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC grew its stake in shares of Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company’s stock worth $35,000 after purchasing an additional 388 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Centene in the first quarter worth $73,000. Trust Co. of Toledo NA OH bought a new stake in shares of Centene in the second quarter worth $77,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Centene by 78.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company’s stock worth $89,000 after purchasing an additional 641 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

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

Analysts Set New Price Targets

CNC has been the topic of several analyst reports. UBS Group reduced their price objective on shares of Centene from $45.00 to $31.00 and set a “neutral” rating on the stock in a research note on Monday, July 28th. Mizuho increased their price objective on shares of Centene from $28.00 to $40.00 and gave the stock a “neutral” rating in a research report on Thursday, October 9th. Wall Street Zen cut shares of Centene from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Robert W. Baird decreased their price objective on shares of Centene from $68.00 to $28.00 and set a “neutral” rating for the company in a research report on Friday, July 25th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Centene from $48.00 to $30.00 and set a “neutral” rating for the company in a research report on Tuesday, July 29th. Three investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $39.50.

Centene Stock Down 1.0%

Shares of NYSE CNC opened at $35.30 on Friday. The firm has a market cap of $17.33 billion, a PE ratio of 8.74, a P/E/G ratio of 1.39 and a beta of 0.48. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $70.11. The company’s fifty day simple moving average is $32.16 and its 200 day simple moving average is $43.65. 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 (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). Centene had a return on equity of 9.57% and a net margin of 1.15%.The company had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. During the same period in the prior year, the company earned $2.42 earnings per share. The firm’s 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. As a group, sell-side analysts forecast that Centene Corporation will post 6.86 earnings per share for the current fiscal 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.