MGO One Seven LLC Increases Stock Position in Centene Corporation $CNC

MGO One Seven LLC raised its position in shares of Centene Corporation (NYSE:CNC) by 9.7% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 14,006 shares of the company’s stock after purchasing an additional 1,240 shares during the quarter. MGO One Seven LLC’s holdings in Centene were worth $760,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Quadcap Wealth Management LLC grew its stake in shares of Centene by 3.2% in the first quarter. Quadcap Wealth Management LLC now owns 5,617 shares of the company’s stock worth $341,000 after acquiring an additional 172 shares during the period. Poinciana Advisors Group LLC grew its stake in shares of Centene by 2.8% in the first quarter. Poinciana Advisors Group LLC now owns 7,221 shares of the company’s stock worth $438,000 after acquiring an additional 195 shares during the period. Carnegie Investment Counsel grew its stake in shares of Centene by 6.0% in the first quarter. Carnegie Investment Counsel now owns 3,811 shares of the company’s stock worth $234,000 after acquiring an additional 215 shares during the period. Allworth Financial LP grew its stake in shares of Centene by 6.1% in the first quarter. Allworth Financial LP now owns 4,387 shares of the company’s stock worth $270,000 after acquiring an additional 254 shares during the period. Finally, Amalgamated Bank grew its stake in shares of Centene by 0.3% in the first quarter. Amalgamated Bank now owns 97,346 shares of the company’s stock worth $5,910,000 after acquiring an additional 265 shares during the period. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Insider Buying and Selling at Centene

In related news, CEO Sarah London bought 19,230 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $25.50 per share, with a total value of $490,365.00. Following the completion of the acquisition, the chief executive officer owned 845,275 shares of the company’s stock, valued at $21,554,512.50. This represents a 2.33% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Theodore R. Samuels II bought 9,000 shares of the stock in a transaction dated Monday, July 28th. The stock was bought at an average cost of $27.62 per share, for a total transaction of $248,580.00. Following the acquisition, the director directly owned 32,000 shares of the company’s stock, 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 currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CNC. TD Cowen restated a “hold” rating and set a $33.00 target price (down from $73.00) on shares of Centene in a research report on Monday, July 21st. Wells Fargo & Company set a $41.00 target price on shares of Centene and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. Oppenheimer cut their target price on shares of Centene from $51.00 to $43.00 and set an “outperform” rating for the company in a research report on Monday, July 28th. Truist Financial set a $42.00 target price on shares of Centene in a research report on Tuesday. Finally, Bank of America lowered shares of Centene from a “neutral” rating to an “underperform” rating and cut their target price for the company from $52.00 to $30.00 in a research report on Wednesday, July 16th. Three analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $39.50.

Centene Price Performance

Shares of NYSE:CNC opened at $35.61 on Friday. 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 Corporation has a 1-year low of $25.08 and a 1-year high of $70.11. The company has a market capitalization of $17.49 billion, a P/E ratio of 8.81, a P/E/G ratio of 1.41 and a beta of 0.48. The firm’s 50 day simple moving average is $31.97 and its two-hundred day simple moving average is $43.94.

Centene (NYSE:CNC) last issued 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 firm had revenue of $48.74 billion for the quarter, compared to analysts’ expectations of $44.71 billion. During the same period in the prior year, the firm earned $2.42 EPS. Centene’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. Research analysts expect that Centene Corporation will post 6.86 EPS for the current fiscal year.

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.