Envestnet Portfolio Solutions Inc. Increases Position in Centene Corporation $CNC

Envestnet Portfolio Solutions Inc. raised its stake in Centene Corporation (NYSE:CNC) by 34.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,018 shares of the company’s stock after buying an additional 25,888 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Centene were worth $5,483,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Quadcap Wealth Management LLC increased its holdings in 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 holdings in 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 grew 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 purchasing an additional 215 shares during the last quarter. Allworth Financial LP grew 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 purchasing an additional 254 shares during the last quarter. Finally, Amalgamated Bank grew 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 purchasing an additional 265 shares during the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Stock Up 0.2%

Shares of CNC opened at $36.42 on Wednesday. The firm has a market cap of $17.89 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 1.43 and a beta of 0.48. The company’s fifty day moving average is $31.55 and its two-hundred day moving average is $44.17. Centene Corporation has a fifty-two week low of $25.08 and a fifty-two week high of $71.04. 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 announced its quarterly earnings results on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.39). The company had revenue of $48.74 billion during the quarter, compared to analyst estimates 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 quarter last year, the business earned $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Analysts forecast that Centene Corporation will post 6.86 earnings per share for the current year.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

CNC has been the topic of several research reports. Mizuho increased their price target on shares of Centene from $28.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, October 9th. Oppenheimer lowered their price target on shares of Centene from $51.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 28th. Wells Fargo & Company set a $41.00 price target on shares of Centene and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. Bank of America lowered shares of Centene from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $52.00 to $30.00 in a research report on Wednesday, July 16th. Finally, Morgan Stanley raised their target price on shares of Centene from $28.00 to $38.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target 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.