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

Centene Co. (NYSE:CNC) shares saw unusually-high 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 purchased 17,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was purchased at an average cost of $59.75 per share, for a total transaction of $1,015,750.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theodore R. Samuels II bought 5,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was bought at an average cost of $58.86 per share, with a total value of $294,300.00. Following the transaction, the director now directly 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. In related news, Director H James Dallas purchased 1,693 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was purchased at an average price of $59.01 per share, for a total transaction of $99,903.93. Following the acquisition, the director now directly owns 1,693 shares in the company, valued at $99,903.93. The trade was a ∞ 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 link.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CNC. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price objective on shares of Centene in a research report on Wednesday, December 11th. Wells Fargo & Company cut their target price on Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. Barclays upped their price target on shares of Centene from $91.00 to $93.00 and gave the company an “overweight” rating in a report on Friday, December 13th. StockNews.com lowered shares of Centene from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Finally, Oppenheimer reduced their price target 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.92.

Centene Stock Down 0.2 %

The firm has a market cap of $30.08 billion, a P/E ratio of 10.34, a price-to-earnings-growth ratio of 0.78 and a beta of 0.46. The firm’s 50-day moving average price is $60.75 and its 200 day moving average price is $68.21. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64.

Institutional Investors Weigh In On Centene

Large investors have recently made changes to their positions in the company. Independence Bank of Kentucky lifted its holdings in 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 purchasing an additional 900 shares during the period. Cypress Capital Group increased its stake in shares of Centene by 192.8% during 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 during the period. Bank of New York Mellon Corp raised 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 worth $364,117,000 after purchasing an additional 25,595 shares in the last quarter. State of Michigan Retirement System lifted its position in 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 purchasing an additional 2,700 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its stake in Centene by 30.5% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 585,995 shares of the company’s stock valued at $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.