AlphaQuest LLC Has $1.39 Million Stock Position in Centene Corporation $CNC

AlphaQuest LLC lifted its position in shares of Centene Corporation (NYSE:CNC) by 42.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,928 shares of the company’s stock after acquiring an additional 6,786 shares during the quarter. AlphaQuest LLC’s holdings in Centene were worth $1,392,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CNC. Pinney & Scofield Inc. acquired a new position in Centene during the 4th quarter valued at about $25,000. Ameriflex Group Inc. acquired a new stake in shares of Centene during the 4th quarter worth approximately $26,000. Studio Investment Management LLC bought a new stake in shares of Centene during the fourth quarter worth approximately $32,000. Golden State Wealth Management LLC boosted its stake in 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 last quarter. Finally, Bruce G. Allen Investments LLC grew its holdings in Centene by 273.8% during the 1st quarter. Bruce G. Allen Investments LLC now owns 927 shares of the company’s stock worth $56,000 after acquiring an additional 679 shares during the period. 93.63% of the stock is currently owned by institutional investors and hedge funds.

Centene Price Performance

Shares of CNC opened at $29.3270 on Friday. The stock has a 50 day simple moving average of $34.85 and a 200 day simple moving average of $50.81. Centene Corporation has a 52-week low of $25.08 and a 52-week high of $80.59. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market capitalization of $14.40 billion, a PE ratio of 7.26, a P/E/G ratio of 1.17 and a beta of 0.40.

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). The company had revenue of $48.74 billion during the quarter, compared to analyst estimates of $44.71 billion. Centene had a net margin of 1.15% and a return on equity of 9.57%. The firm’s quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $2.42 EPS. Centene has set its FY 2025 guidance at 1.750-1.750 EPS. Sell-side analysts predict that Centene Corporation will post 6.86 EPS for the current fiscal year.

Insider Buying and Selling at Centene

In other Centene news, Director Theodore R. Samuels II purchased 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 transaction, the director directly owned 32,000 shares of the company’s stock, valued at $883,840. This represents a 39.13% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah London purchased 19,230 shares of Centene stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average cost of $25.50 per share, with a total value of $490,365.00. Following the completion of the transaction, the chief executive officer directly owned 845,275 shares of the company’s stock, valued at approximately $21,554,512.50. The trade was 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.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CNC. Bank of America downgraded Centene from a “neutral” rating to an “underperform” rating and cut their price target for the company from $52.00 to $30.00 in a research note on Wednesday, July 16th. Morgan Stanley dropped their price objective on Centene from $33.00 to $28.00 and set an “equal weight” rating for the company in a report on Monday, August 4th. Barclays reduced their target price on Centene from $65.00 to $45.00 and set an “equal weight” rating on the stock in a report on Wednesday, July 2nd. Wall Street Zen cut Centene from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, Wells Fargo & Company lowered shares of Centene from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock 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 assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Centene has an average rating of “Hold” and a consensus target price of $42.20.

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.