Centene Sees Unusually High Options Volume (NYSE:CNC)

Centene Co. (NYSE:CNC) was the recipient of some unusual options trading on Wednesday. Stock traders acquired 9,141 put options on the stock. This is an increase of 95% compared to the average volume of 4,689 put options.

Centene Price Performance

Shares of Centene stock opened at $66.76 on Thursday. The firm has a market cap of $35.63 billion, a PE ratio of 13.27, a PEG ratio of 0.85 and a beta of 0.50. Centene has a 12 month low of $60.83 and a 12 month high of $81.42. The stock has a 50 day moving average of $72.00 and a 200 day moving average of $74.68. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.66.

Centene (NYSE:CNC) last announced its quarterly earnings results on Friday, April 26th. The company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.17. The company had revenue of $40.41 billion for the quarter, compared to analysts’ expectations of $36.43 billion. Centene had a net margin of 1.76% and a return on equity of 14.19%. Centene’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.11 earnings per share. On average, research analysts expect that Centene will post 6.82 EPS for the current fiscal year.

Insider Activity

In related news, Director Christopher J. Coughlin sold 878 shares of the company’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $76.75, for a total transaction of $67,386.50. Following the completion of the sale, the director now owns 25,504 shares in the company, valued at $1,957,432. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, President Kenneth J. Fasola sold 8,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $77.62, for a total value of $620,960.00. Following the completion of the sale, the president now directly owns 300,357 shares in the company, valued at approximately $23,313,710.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christopher J. Coughlin sold 878 shares of Centene stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $76.75, for a total value of $67,386.50. Following the transaction, the director now owns 25,504 shares in the company, valued at $1,957,432. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Centene

Several institutional investors have recently modified their holdings of CNC. Turtle Creek Wealth Advisors LLC bought a new position in shares of Centene during the fourth quarter valued at approximately $25,000. Rise Advisors LLC purchased a new stake in shares of Centene in the 1st quarter worth $25,000. Riggs Asset Managment Co. Inc. bought a new position in shares of Centene during the 4th quarter worth $32,000. Headinvest LLC purchased a new stake in Centene in the third quarter worth about $35,000. Finally, Neo Ivy Capital Management purchased a new stake in shares of Centene in the 4th quarter worth approximately $40,000. 93.63% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. StockNews.com cut Centene from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 29th. Oppenheimer reiterated an “outperform” rating and issued a $110.00 price target on shares of Centene in a research report on Friday, June 21st. Robert W. Baird assumed coverage on shares of Centene in a research report on Thursday, May 30th. They set a “neutral” rating and a $83.00 price objective on the stock. Wells Fargo & Company upped their target price on shares of Centene from $89.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Baird R W raised Centene to a “hold” rating in a report on Thursday, May 30th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Centene currently has an average rating of “Hold” and a consensus price target of $84.93.

About Centene

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.