By otakuyassine3@gmail.com 
Centene Co. (NYSE:CNC – Get Free Report) shares saw unusually-high trading volume on Thursday after an insider bought additional shares in the company. Approximately 12,482,341 shares were traded during trading, an increase of 203% from the previous session’s volume of 4,119,916 shares.The stock last traded at $59.47 and had previously closed at $59.49.
Specifically, Director Thomas Greco bought 17,000 shares of Centene stock in a transaction on Wednesday, December 18th. The stock was acquired at an average price of $59.75 per share, with a total value of $1,015,750.00. Following the completion of the acquisition, the director now directly owns 19,309 shares of the company’s stock, valued at $1,153,712.75. The trade was a 736.25 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Theodore R. Samuels II acquired 5,000 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was purchased at an average price of $58.86 per share, for a total transaction of $294,300.00. Following the acquisition, the director now directly owns 23,000 shares in the company, valued at $1,353,780. This represents a 27.78 % increase in their position. The disclosure for this purchase can be found here. In other Centene news, Director H James Dallas acquired 1,693 shares of the business’s stock in a transaction on Monday, December 16th. The stock was bought at an average price of $59.01 per share, for a total transaction of $99,903.93. Following the acquisition, the director now owns 1,693 shares in the company, valued at approximately $99,903.93. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.
Wall Street Analysts Forecast Growth
CNC has been the subject of a number of research reports. Barclays increased their price target on Centene from $91.00 to $93.00 and gave the company an “overweight” rating in a research report on Friday, December 13th. Truist Financial lowered their price objective on Centene from $89.00 to $84.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Oppenheimer cut their price objective on shares of Centene from $95.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, December 13th. Sanford C. Bernstein cut their price target on shares of Centene from $96.00 to $88.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $75.00 price objective (down previously from $80.00) on shares of Centene in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Centene presently has a consensus rating of “Moderate Buy” and an average price target of $80.92.
Check Out Our Latest Stock Report on CNC
Centene Stock Down 0.2 %
The firm has a fifty day simple moving average of $60.75 and a 200 day simple moving average of $68.21. 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 company has a market cap of $30.08 billion, a PE ratio of 10.34, a PEG ratio of 0.78 and a beta of 0.46.
Hedge Funds Weigh In On Centene
Several hedge funds and other institutional investors have recently made changes to their positions in CNC. Independence Bank of Kentucky lifted its stake in shares of Centene by 459.2% in the second quarter. Independence Bank of Kentucky now owns 1,096 shares of the company’s stock worth $73,000 after acquiring an additional 900 shares in the last quarter. Cypress Capital Group raised its holdings in Centene by 192.8% in the second quarter. Cypress Capital Group now owns 13,610 shares of the company’s stock valued at $902,000 after acquiring an additional 8,962 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Centene by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,491,968 shares of the company’s stock worth $364,117,000 after acquiring an additional 25,595 shares in the last quarter. State of Michigan Retirement System raised its stake in shares of Centene by 1.6% in the 2nd quarter. State of Michigan Retirement System now owns 168,227 shares of the company’s stock valued at $11,153,000 after purchasing an additional 2,700 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Centene by 30.5% in the second quarter. Allspring Global Investments Holdings LLC now owns 585,995 shares of the company’s stock worth $38,851,000 after purchasing an additional 136,970 shares in the last quarter. Institutional investors and hedge funds own 93.63% 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.
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