Truist Financial Corp Sells 430 Shares of Centene Corporation $CNC

Truist Financial Corp reduced its stake in Centene Corporation (NYSE:CNC) by 0.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,557 shares of the company’s stock after selling 430 shares during the period. Truist Financial Corp’s holdings in Centene were worth $5,567,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Quarry LP bought a new position in Centene in the 1st quarter worth about $26,000. Golden State Wealth Management LLC boosted its position 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 valued at $35,000 after acquiring an additional 388 shares during the period. Bruce G. Allen Investments LLC grew its stake in Centene by 273.8% during 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 in the last quarter. ORG Wealth Partners LLC purchased a new stake in Centene in the 1st quarter worth approximately $73,000. Finally, Geneos Wealth Management Inc. boosted its holdings in Centene by 78.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company’s stock valued at $89,000 after purchasing an additional 641 shares during the period. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Price Performance

Shares of Centene stock opened at $37.66 on Tuesday. The business has a 50 day moving average of $30.19 and a 200 day moving average of $45.01. Centene Corporation has a 52 week low of $25.08 and a 52 week high of $73.50. The company has a market cap of $18.50 billion, a PE ratio of 9.32, a P/E/G ratio of 1.57 and a beta of 0.48. 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 released 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). Centene had a net margin of 1.15% and a return on equity of 9.57%. The company had revenue of $48.74 billion during the quarter, compared to the consensus estimate of $44.71 billion. During the same quarter last year, the firm earned $2.42 EPS. The business’s revenue was up 22.4% on a year-over-year basis. 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 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Bank of America downgraded Centene from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $52.00 to $30.00 in a research report on Wednesday, July 16th. TD Cowen reaffirmed a “hold” rating and set a $33.00 target price (down previously from $73.00) on shares of Centene in a report on Monday, July 21st. Robert W. Baird lowered their price target 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. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $38.00 price objective on shares of Centene in a research note on Tuesday, August 26th. Finally, Wells Fargo & Company lowered Centene from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $72.00 to $30.00 in a research note on Wednesday, July 23rd. Three investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Centene has a consensus rating of “Hold” and a consensus target price of $38.33.

Insider Activity

In related news, CEO Sarah London purchased 19,230 shares of the firm’s stock in a transaction that occurred on 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 purchase, the chief executive officer directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Theodore R. Samuels II acquired 9,000 shares of the business’s stock in a transaction on Monday, July 28th. The shares were purchased at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the completion of the transaction, the director owned 32,000 shares in the company, valued at approximately $883,840. This 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 insiders.

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.