Centene (NYSE:CNC) Sees Unusually-High Trading Volume – Here’s What Happened

Centene Co. (NYSE:CNC) shares saw an uptick in trading volume on Thursday . 12,482,341 shares changed 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.

Analyst Upgrades and Downgrades

CNC has been the subject of a number of recent analyst reports. UBS Group raised Centene from a “neutral” rating to a “buy” rating and raised their price target for the company from $79.00 to $80.00 in a report on Friday, December 13th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and issued a $75.00 price target (down from $80.00) on shares of Centene in a report on Tuesday. Stephens decreased their price objective 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. Oppenheimer reduced their target price on shares of Centene from $95.00 to $85.00 and set an “outperform” rating on the stock in a research report on Friday, December 13th. Finally, Barclays boosted their price objective on shares of Centene from $91.00 to $93.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $80.92.

Centene Stock Up 0.3 %

The business’s 50-day moving average is $61.25 and its two-hundred day moving average is $68.35. 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 $30.13 billion, a price-to-earnings ratio of 10.36, a P/E/G ratio of 0.78 and a beta of 0.46.

Insider Activity at Centene

In other Centene news, CFO Andrew Lynn Asher bought 17,200 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was acquired at an average price of $58.14 per share, with a total value of $1,000,008.00. Following the completion of the transaction, the chief financial officer now owns 486,847 shares in the company, valued at approximately $28,305,284.58. This trade represents a 3.66 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sarah London purchased 4,117 shares of the stock in a transaction on Friday, November 8th. The stock was acquired at an average price of $60.80 per share, for a total transaction of $250,313.60. Following the completion of the purchase, the chief executive officer now directly owns 667,229 shares in the company, valued at approximately $40,567,523.20. The trade was a 0.62 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders acquired 28,010 shares of company stock worth $1,644,526. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Centene

Several hedge funds have recently modified their holdings of CNC. Principal Financial Group Inc. increased its position in shares of Centene by 3.7% during the 3rd quarter. Principal Financial Group Inc. now owns 621,664 shares of the company’s stock worth $46,799,000 after purchasing an additional 22,233 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Centene by 32.4% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 4,152 shares of the company’s stock valued at $307,000 after purchasing an additional 1,016 shares during the period. Tidal Investments LLC lifted its stake in Centene by 21.8% in the 3rd quarter. Tidal Investments LLC now owns 42,117 shares of the company’s stock valued at $3,171,000 after purchasing an additional 7,549 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Centene during the third quarter worth approximately $211,000. Finally, Sanctuary Advisors LLC increased its holdings in shares of Centene by 18.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 60,155 shares of the company’s stock worth $4,528,000 after acquiring an additional 9,287 shares during the last quarter. 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.