Centene (NYSE:CNC) Sees Large Volume Increase – What’s Next?

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

Analysts Set New Price Targets

CNC has been the subject of a number of recent analyst reports. Truist Financial decreased their price target on Centene from $89.00 to $84.00 and set a “buy” rating for the company in a research report on Friday, December 13th. Sanford C. Bernstein dropped their target price on shares of Centene from $96.00 to $88.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $90.00 price target on shares of Centene in a research report on Wednesday, December 11th. UBS Group upgraded shares of Centene from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $79.00 to $80.00 in a research report on Friday, December 13th. Finally, JPMorgan Chase & Co. restated an “overweight” rating and issued a $75.00 target price (down previously from $80.00) on shares of Centene in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $80.92.

Centene Price Performance

The stock 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. The company’s 50-day simple moving average is $61.25 and its 200 day simple moving average is $68.35. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling

In related news, Director H James Dallas acquired 1,693 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were 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 $99,903.93. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Lynn Asher bought 17,200 shares of Centene stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average price of $58.14 per share, with a total value of $1,000,008.00. Following the purchase, the chief financial officer now owns 486,847 shares of the company’s stock, valued at $28,305,284.58. This trade represents a 3.66 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders bought 28,010 shares of company stock valued at $1,644,526. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Centene

Several large investors have recently added to or reduced their stakes in CNC. Park Place Capital Corp raised its position in Centene by 1,190.0% in the third quarter. Park Place Capital Corp now owns 387 shares of the company’s stock worth $29,000 after purchasing an additional 357 shares in the last quarter. WR Wealth Planners LLC lifted its position in shares of Centene by 41.4% during the 2nd quarter. WR Wealth Planners LLC now owns 468 shares of the company’s stock worth $31,000 after buying an additional 137 shares during the period. Chris Bulman Inc acquired a new stake in Centene in the 2nd quarter valued at $33,000. Crewe Advisors LLC raised its stake in Centene by 174.3% during the second quarter. Crewe Advisors LLC now owns 683 shares of the company’s stock worth $45,000 after acquiring an additional 434 shares in the last quarter. Finally, Private Trust Co. NA lifted its holdings in shares of Centene by 75.3% during the third quarter. Private Trust Co. NA now owns 773 shares of the company’s stock valued at $58,000 after acquiring an additional 332 shares during the period. 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.