Centene (NYSE:CNC) Hits New 1-Year Low – What’s Next?

Centene Co. (NYSE:CNC)’s stock price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $57.20 and last traded at $57.75, with a volume of 351118 shares trading hands. The stock had previously closed at $57.46.

Analysts Set New Price Targets

A number of research firms have recently commented on CNC. Sanford C. Bernstein cut their target price on Centene from $96.00 to $88.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 30th. Barclays reduced their price objective on shares of Centene from $97.00 to $91.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Wells Fargo & Company cut their price target 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. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $90.00 price objective on shares of Centene in a research report on Tuesday, October 1st. Finally, Stephens reissued an “equal weight” rating and set a $78.00 price objective on shares of Centene in a report on Monday, August 5th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Centene presently has an average rating of “Moderate Buy” and an average price target of $83.92.

Centene Stock Performance

The firm’s 50-day moving average price is $68.06 and its 200-day moving average price is $70.99. The stock has a market cap of $29.15 billion, a P/E ratio of 9.98, a PEG ratio of 0.79 and a beta of 0.49. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10.

Insider Transactions at Centene

In related news, CFO Andrew Lynn Asher bought 17,200 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was purchased at an average price of $58.14 per share, for a total transaction of $1,000,008.00. Following the acquisition, the chief financial officer now owns 486,847 shares in the company, valued at $28,305,284.58. This trade represents a 3.66 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sarah London purchased 4,117 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was bought at an average price of $60.80 per share, with a total value of $250,313.60. Following the completion of the transaction, the chief executive officer now owns 667,229 shares of the company’s stock, valued at $40,567,523.20. The trade was a 0.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Centene

A number of large investors have recently made changes to their positions in the company. Vantage Investment Partners LLC lifted its stake in shares of Centene by 17.1% during the 3rd quarter. Vantage Investment Partners LLC now owns 683,817 shares of the company’s stock worth $51,478,000 after acquiring an additional 99,904 shares during the last quarter. Diversified Trust Co lifted its holdings in Centene by 35.8% during the 2nd quarter. Diversified Trust Co now owns 28,009 shares of the company’s stock valued at $1,857,000 after buying an additional 7,385 shares in the last quarter. Bessemer Group Inc. grew its stake in Centene by 189.6% in the 1st quarter. Bessemer Group Inc. now owns 24,162 shares of the company’s stock worth $1,895,000 after acquiring an additional 15,819 shares in the last quarter. Comerica Bank boosted its holdings in shares of Centene by 7.3% in the first quarter. Comerica Bank now owns 118,597 shares of the company’s stock valued at $9,307,000 after purchasing an additional 8,103 shares during the period. Finally, National Pension Service lifted its holdings in shares of Centene by 15.4% in the 3rd quarter. National Pension Service now owns 1,435,482 shares of the company’s stock worth $108,063,000 after buying an additional 191,768 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

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.