Centene Corporation $CNC Shares Purchased by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. grew its stake in Centene Corporation (NYSE:CNC) by 34.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 101,018 shares of the company’s stock after purchasing an additional 25,888 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Centene were worth $5,483,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Quadcap Wealth Management LLC raised its stake in Centene by 3.2% during the first quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company’s stock worth $341,000 after acquiring an additional 172 shares during the period. Poinciana Advisors Group LLC raised its stake in Centene by 2.8% during the first quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company’s stock worth $438,000 after acquiring an additional 195 shares during the period. Carnegie Investment Counsel raised its stake in Centene by 6.0% during the first quarter. Carnegie Investment Counsel now owns 3,811 shares of the company’s stock worth $234,000 after acquiring an additional 215 shares during the period. Allworth Financial LP raised its stake in Centene by 6.1% during the first 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 period. Finally, Amalgamated Bank raised its stake in Centene by 0.3% during the first quarter. Amalgamated Bank now owns 97,346 shares of the company’s stock worth $5,910,000 after acquiring an additional 265 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Insider Buying and Selling

In other news, Director Theodore R. Samuels II acquired 9,000 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The stock was purchased 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 approximately $883,840. This trade represents a 39.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sarah London acquired 19,230 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average cost of $25.50 per share, with a total value of $490,365.00. Following the purchase, 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. Company insiders own 0.36% of the company’s stock.

Centene Stock Up 0.2%

CNC stock opened at $36.42 on Wednesday. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $71.04. The firm has a market cap of $17.89 billion, a PE ratio of 9.02, a P/E/G ratio of 1.43 and a beta of 0.48. The firm has a 50 day simple moving average of $31.55 and a 200 day simple moving average of $44.17. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10.

Centene (NYSE:CNC) last posted its quarterly earnings data on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.39). Centene had a return on equity of 9.57% and a net margin of 1.15%.The firm had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. During the same period in the prior year, the business posted $2.42 EPS. The company’s revenue for the quarter was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Equities research analysts forecast that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CNC. Truist Financial set a $42.00 price objective on shares of Centene in a research note on Tuesday. Bank of America lowered shares of Centene from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $52.00 to $30.00 in a research note on Wednesday, July 16th. TD Cowen restated a “hold” rating and issued a $33.00 target price (down previously from $73.00) on shares of Centene in a research report on Monday, July 21st. JPMorgan Chase & Co. cut their target price on shares of Centene from $48.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company set a $41.00 target price on shares of Centene and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Three 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. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $39.50.

Centene Company 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.