Allspring Global Investments Holdings LLC Sells 147,662 Shares of Centene Corporation $CNC

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Centene Corporation (NYSE:CNC) by 73.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 54,160 shares of the company’s stock after selling 147,662 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Centene were worth $3,068,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Quarry LP bought a new position in shares of Centene during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC lifted its holdings in shares of Centene by 203.1% in the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company’s stock worth $35,000 after purchasing an additional 388 shares in the last quarter. Trust Co. of Toledo NA OH bought a new position in shares of Centene in the 2nd quarter worth $77,000. Geneos Wealth Management Inc. lifted its holdings in shares of Centene by 78.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,462 shares of the company’s stock worth $89,000 after purchasing an additional 641 shares in the last quarter. Finally, OFI Invest Asset Management lifted its holdings in shares of Centene by 44.9% in the 2nd quarter. OFI Invest Asset Management now owns 1,700 shares of the company’s stock worth $92,000 after purchasing an additional 527 shares in the last quarter. 93.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Bank of America cut Centene from a “neutral” rating to an “underperform” rating and cut their target price for the stock from $52.00 to $30.00 in a report on Wednesday, July 16th. Barclays increased their target price on Centene from $33.00 to $35.00 and gave the stock an “equal weight” rating in a report on Friday, September 12th. The Goldman Sachs Group assumed coverage on Centene in a research report on Tuesday, October 14th. They issued a “sell” rating and a $33.00 price target for the company. Truist Financial set a $42.00 price target on Centene in a research report on Tuesday, October 14th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $38.00 price target on shares of Centene in a research report on Tuesday, August 26th. Three research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $39.50.

Centene Stock Performance

Shares of CNC opened at $36.10 on Wednesday. The company has a market cap of $17.73 billion, a PE ratio of 8.94, a price-to-earnings-growth ratio of 1.40 and a beta of 0.48. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The stock has a 50-day moving average price of $32.57 and a 200-day moving average price of $43.27. Centene Corporation has a 12-month low of $25.08 and a 12-month high of $70.11.

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 analysts’ consensus estimates of $0.23 by ($0.39). The business had revenue of $48.74 billion for the quarter, compared to the consensus estimate of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The business’s revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the business posted $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. As a group, equities analysts forecast that Centene Corporation will post 6.86 earnings per share for the current fiscal year.

Insider Transactions at Centene

In other Centene news, Director Theodore R. Samuels II purchased 9,000 shares of the company’s stock in a transaction dated Monday, July 28th. The stock was purchased at an average price of $27.62 per share, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sarah London acquired 19,230 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $25.50 per share, for a total transaction of $490,365.00. Following the completion of the acquisition, the chief executive officer owned 845,275 shares in the company, valued at $21,554,512.50. This represents a 2.33% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.36% of the company’s stock.

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.