Pennsylvania Capital Management Inc. ADV Reduces Position in Centene Corporation $CNC

Pennsylvania Capital Management Inc. ADV lowered its holdings in Centene Corporation (NYSE:CNC) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,191 shares of the company’s stock after selling 1,055 shares during the period. Pennsylvania Capital Management Inc. ADV’s holdings in Centene were worth $1,259,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP purchased a new stake in shares of Centene in the first quarter valued at $26,000. Golden State Wealth Management LLC boosted its holdings in Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company’s stock valued at $35,000 after acquiring an additional 388 shares during the last quarter. Bruce G. Allen Investments LLC boosted its holdings in Centene by 273.8% in the first quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company’s stock valued at $56,000 after acquiring an additional 679 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Centene in the first quarter valued at $73,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Centene by 78.1% in the first quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company’s stock valued at $89,000 after acquiring an additional 641 shares during the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Trading Up 0.9%

Shares of NYSE CNC opened at $35.19 on Tuesday. The stock’s 50 day moving average price is $29.28 and its two-hundred day moving average price is $45.79. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $75.35. The stock has a market capitalization of $17.28 billion, a P/E ratio of 8.71, a PEG ratio of 1.42 and a beta of 0.44. 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 data 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 firm had revenue of $48.74 billion for 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 company’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. On average, analysts anticipate that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CNC has been the topic of a number of research analyst reports. Wells Fargo & Company cut Centene from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $72.00 to $30.00 in a report on Wednesday, July 23rd. UBS Group reduced their price objective on Centene from $45.00 to $31.00 and set a “neutral” rating on the stock in a research note on Monday, July 28th. Cantor Fitzgerald restated a “neutral” rating and set a $38.00 price objective on shares of Centene in a research note on Tuesday, August 26th. Bank of America cut Centene from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $52.00 to $30.00 in a research note on Wednesday, July 16th. Finally, Mizuho reduced their price objective on Centene from $71.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, July 11th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Centene presently has an average rating of “Hold” and a consensus price target of $38.33.

Insider Activity at Centene

In related news, CEO Sarah London bought 19,230 shares of the 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 completion of the acquisition, the chief executive officer owned 845,275 shares of the company’s stock, valued at $21,554,512.50. This trade represents a 2.33% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Theodore R. Samuels II bought 9,000 shares of the stock in a transaction dated Monday, July 28th. The shares were bought at an average cost of $27.62 per share, with a total value of $248,580.00. Following the completion of the acquisition, the director directly owned 32,000 shares of the company’s stock, valued at approximately $883,840. The trade was 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 corporate insiders.

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.