MassMutual Private Wealth & Trust FSB Acquires 468 Shares of Centene Corporation $CNC

MassMutual Private Wealth & Trust FSB increased its position in Centene Corporation (NYSE:CNC) by 22.4% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 2,560 shares of the company’s stock after buying an additional 468 shares during the period. MassMutual Private Wealth & Trust FSB’s holdings in Centene were worth $139,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Pinney & Scofield Inc. purchased a new stake in Centene in the 4th quarter worth about $25,000. Ameriflex Group Inc. acquired a new stake in Centene in the fourth quarter valued at approximately $26,000. Quarry LP purchased a new position in shares of Centene in the first quarter worth $26,000. Golden State Wealth Management LLC raised its holdings in shares of Centene by 203.1% in the first quarter. Golden State Wealth Management LLC now owns 579 shares of the company’s stock worth $35,000 after buying an additional 388 shares during the last quarter. Finally, Bruce G. Allen Investments LLC raised its holdings in shares of Centene by 273.8% during the first quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company’s stock worth $56,000 after purchasing an additional 679 shares during the last quarter. 93.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CNC has been the subject of a number of research reports. Robert W. Baird cut their target price on shares of Centene from $68.00 to $28.00 and set a “neutral” rating for the company in a research note on Friday, July 25th. Oppenheimer lowered their price objective 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. Barclays lifted their target price on shares of Centene from $33.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Friday, September 12th. Truist Financial boosted their price objective on shares of Centene from $35.00 to $39.00 and gave the company a “buy” rating in a research report on Friday, September 12th. Finally, Bank of America downgraded shares of Centene from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $52.00 to $30.00 in a research note on Wednesday, July 16th. Three research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $38.33.

Insiders Place Their Bets

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

Centene Price Performance

Centene stock opened at $31.77 on Friday. The company has a market capitalization of $15.60 billion, a PE ratio of 7.86, a P/E/G ratio of 1.31 and a beta of 0.44. The stock has a 50-day moving average price of $28.70 and a two-hundred day moving average price of $47.00. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $76.08.

Centene (NYSE:CNC) last announced its 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). Centene had a net margin of 1.15% and a return on equity of 9.57%. The company had revenue of $48.74 billion for the quarter, compared to analysts’ expectations of $44.71 billion. During the same period in the previous year, the firm earned $2.42 EPS. The firm’s quarterly revenue was up 22.4% on a year-over-year basis. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Analysts expect that Centene Corporation will post 6.86 EPS for the current year.

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.