HB Wealth Management LLC Trims Holdings in Centene Corporation $CNC

HB Wealth Management LLC trimmed its stake in Centene Corporation (NYSE:CNC) by 24.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 4,794 shares of the company’s stock after selling 1,538 shares during the period. HB Wealth Management LLC’s holdings in Centene were worth $260,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Sterneck Capital Management LLC purchased a new stake in shares of Centene in the 2nd quarter valued at approximately $336,000. Signaturefd LLC raised its stake in shares of Centene by 82.3% in the 2nd quarter. Signaturefd LLC now owns 12,427 shares of the company’s stock valued at $675,000 after acquiring an additional 5,611 shares during the period. Fifth Third Bancorp raised its stake in shares of Centene by 4.6% in the 2nd quarter. Fifth Third Bancorp now owns 60,307 shares of the company’s stock valued at $3,273,000 after acquiring an additional 2,625 shares during the period. Forte Capital LLC ADV grew its holdings in shares of Centene by 33.1% in the second quarter. Forte Capital LLC ADV now owns 6,408 shares of the company’s stock valued at $348,000 after purchasing an additional 1,593 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new position in shares of Centene in the second quarter valued at approximately $1,911,000. 93.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein dropped their price objective on shares of Centene from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Friday, September 5th. Robert W. Baird dropped their price objective on shares of Centene from $68.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, July 25th. Wells Fargo & Company set a $41.00 price objective on shares of Centene and gave the company an “equal weight” rating in a report on Tuesday. Oppenheimer dropped their price objective on shares of Centene from $51.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, July 28th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $38.00 price target on shares of Centene in a report on Tuesday, August 26th. Three equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $39.07.

Centene Stock Up 2.1%

CNC stock opened at $38.44 on Wednesday. The company has a fifty day moving average price of $30.45 and a 200 day moving average price of $44.96. Centene Corporation has a 12 month low of $25.08 and a 12 month high of $73.50. The company has a market cap of $18.88 billion, a price-to-earnings ratio of 9.51, a price-to-earnings-growth ratio of 1.53 and a beta of 0.48. 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 released its quarterly earnings results on Friday, July 25th. The company reported ($0.16) 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 business had revenue of $48.74 billion during the quarter, compared to analysts’ expectations of $44.71 billion. During the same quarter last year, the company earned $2.42 EPS. The firm’s revenue for the quarter was up 22.4% compared to the same quarter last year. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Sell-side analysts expect that Centene Corporation will post 6.86 earnings per share for the current year.

Insider Buying and Selling at Centene

In other Centene news, CEO Sarah London purchased 19,230 shares of Centene stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the transaction, 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 purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Theodore R. Samuels II purchased 9,000 shares of Centene stock in a transaction that occurred on Monday, July 28th. The stock was acquired at an average price of $27.62 per share, with a total value of $248,580.00. Following the transaction, the director owned 32,000 shares in the company, valued at $883,840. The trade was 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 owned by corporate 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.