Centene Co. (NYSE:CNC) EVP Shannon Bagley Sells 9,000 Shares

Centene Co. (NYSE:CNCGet Rating) EVP Shannon Bagley sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $92.21, for a total transaction of $829,890.00. Following the completion of the sale, the executive vice president now directly owns 118,194 shares of the company’s stock, valued at $10,898,668.74. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Centene Stock Down 0.8 %

CNC stock opened at $92.25 on Tuesday. The company has a 50 day moving average of $84.89 and a two-hundred day moving average of $83.78. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.70. Centene Co. has a 12-month low of $59.67 and a 12-month high of $94.58. The company has a market cap of $53.51 billion, a price-to-earnings ratio of 29.29, a PEG ratio of 1.19 and a beta of 0.50.

Centene (NYSE:CNCGet Rating) last issued its earnings results on Tuesday, July 26th. The company reported $1.77 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.18. The firm had revenue of $35.94 billion for the quarter, compared to the consensus estimate of $35.56 billion. Centene had a return on equity of 12.92% and a net margin of 1.35%. The business’s quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.25 earnings per share. On average, equities analysts anticipate that Centene Co. will post 5.69 earnings per share for the current fiscal year.

Centene announced that its board has initiated a share buyback plan on Friday, June 17th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the company to purchase up to 6.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of analysts have recently weighed in on CNC shares. Loop Capital started coverage on shares of Centene in a research note on Thursday, June 16th. They issued a “buy” rating and a $100.00 price target for the company. Bank of America lowered shares of Centene from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $95.00 to $90.00 in a research note on Thursday, May 26th. Oppenheimer raised their target price on shares of Centene to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. Barclays reaffirmed an “overweight” rating and issued a $107.00 price target on shares of Centene in a report on Thursday, July 28th. Finally, Truist Financial lifted their target price on Centene from $102.00 to $110.00 and gave the stock an “outperform” rating in a report on Wednesday, July 27th. Three research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $98.33.

Institutional Trading of Centene

Large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Centene during the 4th quarter valued at $470,456,000. Capital World Investors raised its holdings in shares of Centene by 8.6% during the 4th quarter. Capital World Investors now owns 46,851,859 shares of the company’s stock valued at $3,860,593,000 after purchasing an additional 3,717,875 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Centene by 14.3% during the 1st quarter. JPMorgan Chase & Co. now owns 26,720,429 shares of the company’s stock valued at $2,249,594,000 after purchasing an additional 3,350,045 shares in the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Centene by 8,192.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,640,417 shares of the company’s stock valued at $135,169,000 after purchasing an additional 1,620,635 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Centene by 38.1% during the 4th quarter. Invesco Ltd. now owns 5,798,904 shares of the company’s stock valued at $477,829,000 after purchasing an additional 1,599,740 shares in the last quarter. 92.32% of the stock is owned by institutional investors.

Centene Company Profile

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Centene Corporation operates as a multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. Its Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term services and support, foster care, and medicare-medicaid plans, which cover dually eligible individuals, as well as aged, blind, or disabled programs.

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