Geneos Wealth Management Inc. Boosts Stake in Centene Corporation $CNC

Geneos Wealth Management Inc. raised its position in Centene Corporation (NYSE:CNC) by 78.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,462 shares of the company’s stock after buying an additional 641 shares during the period. Geneos Wealth Management Inc.’s holdings in Centene were worth $89,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Invesco Ltd. raised its position in shares of Centene by 5.1% in the 1st quarter. Invesco Ltd. now owns 11,091,964 shares of the company’s stock valued at $673,393,000 after purchasing an additional 536,508 shares in the last quarter. AQR Capital Management LLC raised its holdings in Centene by 42.7% in the first quarter. AQR Capital Management LLC now owns 11,049,494 shares of the company’s stock valued at $669,820,000 after acquiring an additional 3,306,796 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Centene by 3.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,810,489 shares of the company’s stock valued at $292,045,000 after acquiring an additional 143,573 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Centene by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,433,451 shares of the company’s stock valued at $269,134,000 after acquiring an additional 28,462 shares in the last quarter. Finally, LSV Asset Management raised its stake in shares of Centene by 23.7% in the 1st quarter. LSV Asset Management now owns 4,055,764 shares of the company’s stock valued at $246,225,000 after purchasing an additional 776,331 shares in the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

Centene Price Performance

NYSE CNC opened at $31.99 on Thursday. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $77.17. The firm has a market capitalization of $15.71 billion, a PE ratio of 7.92, a P/E/G ratio of 1.29 and a beta of 0.44. The company’s 50 day simple moving average is $28.70 and its 200 day simple moving average is $47.36. 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 issued its quarterly 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). 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 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 posted $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.

Analyst Ratings Changes

Several analysts have issued reports on CNC shares. Truist Financial upped their price objective on Centene from $35.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, September 12th. Sanford C. Bernstein dropped their price target on Centene from $40.00 to $36.00 and set an “outperform” rating on the stock in a research report on Friday, September 5th. Wells Fargo & Company lowered Centene from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $72.00 to $30.00 in a research report on Wednesday, July 23rd. Bank of America cut shares of Centene from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $52.00 to $30.00 in a report on Wednesday, July 16th. Finally, UBS Group dropped their target price on shares of Centene from $45.00 to $31.00 and set a “neutral” rating on the stock in a report on Monday, July 28th. Three analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $38.33.

Insider Activity at Centene

In other Centene news, Director Theodore R. Samuels II acquired 9,000 shares of the stock in a transaction dated Monday, July 28th. The shares were bought at an average price of $27.62 per share, with a total value of $248,580.00. Following the purchase, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sarah London acquired 19,230 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $25.50 per share, for a total transaction 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. The trade was a 2.33% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.36% of the company’s stock.

Centene 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.