Truist Financial Corp Cuts Position in Centene Co. (NYSE:CNC)

Truist Financial Corp lessened its holdings in Centene Co. (NYSE:CNC) by 14.6% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 99,583 shares of the company’s stock after selling 17,088 shares during the period. Truist Financial Corp’s holdings in Centene were worth $6,033,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CNC. Private Trust Co. NA raised its holdings in shares of Centene by 75.3% in the 3rd quarter. Private Trust Co. NA now owns 773 shares of the company’s stock worth $58,000 after purchasing an additional 332 shares during the period. True Wealth Design LLC bought a new stake in shares of Centene in the 3rd quarter worth approximately $66,000. Venturi Wealth Management LLC raised its holdings in shares of Centene by 77.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 1,163 shares of the company’s stock worth $88,000 after purchasing an additional 507 shares during the period. Cromwell Holdings LLC raised its holdings in shares of Centene by 588.0% in the 3rd quarter. Cromwell Holdings LLC now owns 1,266 shares of the company’s stock worth $95,000 after purchasing an additional 1,082 shares during the period. Finally, R Squared Ltd bought a new stake in shares of Centene in the 4th quarter worth approximately $82,000. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Trading Down 1.3 %

Centene stock opened at $57.72 on Friday. The stock has a market cap of $28.63 billion, a P/E ratio of 9.25, a PEG ratio of 0.80 and a beta of 0.45. Centene Co. has a fifty-two week low of $55.03 and a fifty-two week high of $81.42. The firm’s fifty day moving average price is $61.03 and its 200-day moving average price is $65.84. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.10 and a current ratio of 1.11.

Centene (NYSE:CNC) last announced its earnings results on Tuesday, February 4th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.31. Centene had a net margin of 2.03% and a return on equity of 13.85%. The company had revenue of $40.81 billion during the quarter, compared to analyst estimates of $38.78 billion. During the same period in the previous year, the business earned $0.45 earnings per share. The firm’s quarterly revenue was up 3.4% compared to the same quarter last year. Equities research analysts forecast that Centene Co. will post 6.86 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Centene news, Director H James Dallas purchased 1,693 shares of the business’s stock in a transaction on Monday, December 16th. The stock was acquired at an average cost of $59.01 per share, for a total transaction of $99,903.93. Following the completion of the transaction, the director now directly owns 1,693 shares in the company, valued at approximately $99,903.93. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Theodore R. Samuels II purchased 5,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were acquired at an average price of $58.86 per share, with a total value of $294,300.00. Following the completion of the transaction, the director now owns 23,000 shares of the company’s stock, valued at approximately $1,353,780. This trade represents a 27.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 23,693 shares of company stock worth $1,409,954. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $75.00 price target (down previously from $80.00) on shares of Centene in a report on Tuesday, December 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price target on shares of Centene in a report on Wednesday, December 11th. Argus cut shares of Centene from a “buy” rating to a “hold” rating in a report on Thursday, February 6th. Truist Financial lowered their target price on shares of Centene from $89.00 to $84.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Stephens lowered their target price on shares of Centene from $75.00 to $73.00 and set an “equal weight” rating on the stock in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $79.92.

About Centene

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.