Nordea Investment Management AB Sells 1,016,741 Shares of Centene Corporation $CNC

Nordea Investment Management AB lessened its stake in shares of Centene Corporation (NYSE:CNC) by 32.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,125,268 shares of the company’s stock after selling 1,016,741 shares during the period. Nordea Investment Management AB’s holdings in Centene were worth $113,936,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CNC. GAMMA Investing LLC increased its stake in Centene by 55.7% during the 1st quarter. GAMMA Investing LLC now owns 6,095 shares of the company’s stock worth $370,000 after acquiring an additional 2,181 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Centene by 49.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 136,178 shares of the company’s stock valued at $8,267,000 after purchasing an additional 45,163 shares in the last quarter. Janney Montgomery Scott LLC boosted its holdings in shares of Centene by 48.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 49,468 shares of the company’s stock valued at $3,003,000 after purchasing an additional 16,068 shares in the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Centene by 0.6% in the 1st quarter. State of Alaska Department of Revenue now owns 88,564 shares of the company’s stock valued at $5,376,000 after purchasing an additional 525 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Centene by 3.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 75,130 shares of the company’s stock valued at $4,561,000 after purchasing an additional 2,530 shares in the last quarter. Institutional investors own 93.63% of the company’s stock.

Insider Activity

In related news, Director Theodore R. Samuels II bought 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, with a total value of $248,580.00. Following the acquisition, the director owned 32,000 shares of the company’s stock, valued at $883,840. This represents a 39.13% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sarah London bought 19,230 shares of the business’s stock in a transaction on Friday, August 8th. The shares were bought 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 directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their position. The disclosure for this purchase can be found here. 0.36% of the stock is currently owned by insiders.

Centene Trading Down 1.0%

NYSE CNC opened at $35.30 on Friday. 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 Corporation has a twelve month low of $25.08 and a twelve month high of $70.11. The company has a market cap of $17.34 billion, a price-to-earnings ratio of 8.74, a price-to-earnings-growth ratio of 1.40 and a beta of 0.48. The business’s fifty day moving average is $32.16 and its 200 day moving average is $43.77.

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

Analyst Ratings Changes

CNC has been the topic of a number of research analyst reports. Bank of America downgraded Centene from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $52.00 to $30.00 in a report on Wednesday, July 16th. JPMorgan Chase & Co. reduced their target price on Centene from $48.00 to $30.00 and set a “neutral” rating on the stock in a report on Tuesday, July 29th. Mizuho raised their target price on Centene from $28.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, October 9th. Wall Street Zen downgraded Centene from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. Finally, Morgan Stanley raised their price objective on Centene from $28.00 to $38.00 and gave the company an “equal weight” rating in a report on Tuesday. Three research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $39.50.

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.