Centene (NYSE:CNC) Trading Up 3.7% on Analyst Upgrade

Centene Co. (NYSE:CNC)’s stock price traded up 3.7% during mid-day trading on Friday after Barclays raised their price target on the stock from $91.00 to $93.00. Barclays currently has an overweight rating on the stock. Centene traded as high as $60.32 and last traded at $60.12. 2,088,749 shares changed hands during trading, a decline of 49% from the average session volume of 4,078,045 shares. The stock had previously closed at $58.00.

Other research analysts have also recently issued reports about the stock. Truist Financial cut their price target on shares of Centene from $89.00 to $84.00 and set a “buy” rating on the stock in a report on Friday. Jefferies Financial Group cut Centene from a “hold” rating to an “underperform” rating and dropped their price objective for the stock from $68.00 to $52.00 in a research note on Tuesday. Cantor Fitzgerald reissued an “overweight” rating and set a $90.00 price target on shares of Centene in a research report on Wednesday. Wells Fargo & Company dropped their target price on shares of Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, November 4th. Finally, Robert W. Baird dropped their price objective on shares of Centene from $83.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, October 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Centene currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.31.

Insiders Place Their Bets

In related news, CEO Sarah London bought 4,117 shares of the stock in a transaction dated Friday, November 8th. The shares were purchased 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 of the company’s stock, valued at $40,567,523.20. This represents a 0.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Lynn Asher acquired 17,200 shares of the stock in a transaction on Wednesday, November 13th. The stock was bought at an average price of $58.14 per share, for a total transaction of $1,000,008.00. Following the transaction, the chief financial officer now owns 486,847 shares in the company, valued at approximately $28,305,284.58. This represents a 3.66 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harris Associates L P raised its position in Centene by 5.7% during the third quarter. Harris Associates L P now owns 26,314,183 shares of the company’s stock worth $1,980,932,000 after acquiring an additional 1,420,825 shares during the period. State Street Corp increased its position in shares of Centene by 0.5% during the third quarter. State Street Corp now owns 23,468,159 shares of the company’s stock worth $1,766,683,000 after purchasing an additional 111,654 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Centene by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,768,534 shares of the company’s stock valued at $434,255,000 after purchasing an additional 194,566 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Centene by 0.5% in 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 buying an additional 25,595 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Centene by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,113,759 shares of the company’s stock valued at $339,042,000 after acquiring an additional 636,683 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Centene Trading Up 2.4 %

The firm has a market capitalization of $29.99 billion, a price-to-earnings ratio of 10.38, a PEG ratio of 0.78 and a beta of 0.46. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.64. The company has a fifty day moving average price of $62.28 and a two-hundred day moving average price of $68.73.

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.