Centene (NYSE:CNC) Sees Large Volume Increase on Insider Buying Activity

Shares of Centene Co. (NYSE:CNC) saw unusually-strong trading volume on Thursday after an insider bought additional shares in the company. Approximately 12,482,341 shares traded hands during mid-day 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 acquired 17,000 shares of Centene stock in a transaction dated Wednesday, December 18th. The stock was bought at an average price of $59.75 per share, for a total transaction of $1,015,750.00. Following the transaction, the director now owns 19,309 shares in the company, valued at approximately $1,153,712.75. This trade represents a 736.25 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Theodore R. Samuels II bought 5,000 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were acquired at an average cost of $58.86 per share, with a total value of $294,300.00. Following the completion of the purchase, the director now owns 23,000 shares of the company’s stock, valued at approximately $1,353,780. The trade was a 27.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In other Centene news, Director H James Dallas purchased 1,693 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were purchased at an average price of $59.01 per share, for a total transaction of $99,903.93. Following the completion of the transaction, the director now owns 1,693 shares in the company, valued at $99,903.93. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CNC. Wells Fargo & Company decreased their target price on Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Jefferies Financial Group downgraded Centene from a “hold” rating to an “underperform” rating and cut their price objective for the stock from $68.00 to $52.00 in a report on Tuesday, December 10th. Truist Financial decreased their target price on shares of Centene from $89.00 to $84.00 and set a “buy” rating for the company in a report on Friday, December 13th. UBS Group upgraded shares of Centene from a “neutral” rating to a “buy” rating and upped their price target for the company from $79.00 to $80.00 in a research report on Friday, December 13th. Finally, Sanford C. Bernstein cut their target price 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. One analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.92.

Centene Trading Down 0.2 %

The firm has a market capitalization of $30.08 billion, a price-to-earnings ratio of 10.34, a price-to-earnings-growth ratio of 0.78 and a beta of 0.46. The company has a fifty day moving average price of $60.75 and a 200-day moving average price of $68.21. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Independence Bank of Kentucky raised its holdings in Centene by 459.2% during the second quarter. Independence Bank of Kentucky now owns 1,096 shares of the company’s stock valued at $73,000 after buying an additional 900 shares in the last quarter. Cypress Capital Group lifted its holdings in Centene by 192.8% in the 2nd quarter. Cypress Capital Group now owns 13,610 shares of the company’s stock worth $902,000 after purchasing an additional 8,962 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Centene by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 5,491,968 shares of the company’s stock valued at $364,117,000 after purchasing an additional 25,595 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Centene by 1.6% in the second quarter. State of Michigan Retirement System now owns 168,227 shares of the company’s stock worth $11,153,000 after buying an additional 2,700 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Centene by 30.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 585,995 shares of the company’s stock worth $38,851,000 after buying an additional 136,970 shares during the period. Institutional investors 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.