OFI Invest Asset Management Has $92,000 Holdings in Centene Corporation $CNC

OFI Invest Asset Management raised its holdings in shares of Centene Corporation (NYSE:CNC) by 44.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,700 shares of the company’s stock after purchasing an additional 527 shares during the period. OFI Invest Asset Management’s holdings in Centene were worth $92,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in CNC. AQR Capital Management LLC lifted its position in Centene by 42.7% during the 1st quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company’s stock valued at $669,820,000 after purchasing an additional 3,306,796 shares during the period. Nuveen LLC bought a new stake in shares of Centene in the 1st quarter valued at about $146,557,000. Boston Partners increased its stake in shares of Centene by 155.3% in the 1st quarter. Boston Partners now owns 3,901,603 shares of the company’s stock valued at $236,802,000 after acquiring an additional 2,373,280 shares during the last quarter. 8 Knots Management LLC increased its stake in shares of Centene by 52.5% in the 1st quarter. 8 Knots Management LLC now owns 3,050,904 shares of the company’s stock valued at $185,220,000 after acquiring an additional 1,050,648 shares during the last quarter. Finally, Focused Investors LLC increased its stake in shares of Centene by 588.1% in the 1st quarter. Focused Investors LLC now owns 1,042,400 shares of the company’s stock valued at $63,284,000 after acquiring an additional 890,900 shares during the last quarter. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CNC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on Centene from $48.00 to $30.00 and set a “neutral” rating for the company in a research note on Tuesday, July 29th. Oppenheimer lowered their price target on Centene from $51.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 28th. Bank of America cut Centene from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $52.00 to $30.00 in a research note on Wednesday, July 16th. Wall Street Zen cut Centene from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, Morgan Stanley lowered their target price on Centene from $33.00 to $28.00 and set an “equal weight” rating for the company in a research note on Monday, August 4th. Three research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $39.07.

Centene Price Performance

Shares of CNC opened at $36.38 on Tuesday. The stock has a market capitalization of $17.87 billion, a P/E ratio of 9.01, a P/E/G ratio of 1.41 and a beta of 0.48. Centene Corporation has a twelve month low of $25.08 and a twelve month high of $73.14. The company has a 50 day moving average of $31.34 and a 200-day moving average of $44.22. 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 quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.39). The business had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%.Centene’s revenue was up 22.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.42 earnings per share. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, equities research analysts forecast that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insider Activity at Centene

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

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.