Centene Co. (NYSE:CNC) Director Sells $858,786.60 in Stock

Centene Co. (NYSE:CNCGet Rating) Director Richard A. Gephardt sold 10,220 shares of the stock in a transaction that occurred on Thursday, June 23rd. The stock was sold at an average price of $84.03, for a total value of $858,786.60. Following the completion of the transaction, the director now directly owns 27,040 shares of the company’s stock, valued at approximately $2,272,171.20. The sale was disclosed in a filing with the SEC, which is accessible through this link.

NYSE CNC traded up $1.77 during trading hours on Thursday, hitting $83.64. 2,914,213 shares of the company were exchanged, compared to its average volume of 2,909,527. The stock has a 50-day moving average price of $82.28 and a 200 day moving average price of $82.27. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.68. Centene Co. has a 52 week low of $59.67 and a 52 week high of $89.92. The stock has a market cap of $48.92 billion, a PE ratio of 33.19, a price-to-earnings-growth ratio of 1.01 and a beta of 0.52.

Centene (NYSE:CNCGet Rating) last announced its earnings results on Tuesday, April 26th. The company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.15. The business had revenue of $37.19 billion during the quarter, compared to analyst estimates of $34.48 billion. Centene had a return on equity of 11.82% and a net margin of 1.12%. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 earnings per share. As a group, sell-side analysts anticipate that Centene Co. will post 5.63 earnings per share for the current year.

Centene announced that its board has authorized a share repurchase program on Friday, June 17th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to reacquire up to 6.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Several brokerages have recently issued reports on CNC. Wells Fargo & Company decreased their target price on Centene from $96.00 to $95.00 and set an “overweight” rating for the company in a research report on Wednesday, May 25th. StockNews.com assumed coverage on Centene in a research report on Thursday, March 31st. They set a “strong-buy” rating for the company. Bank of America lowered Centene from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $95.00 to $90.00 in a research report on Thursday, May 26th. Loop Capital assumed coverage on Centene in a research report on Thursday, June 16th. They set a “buy” rating and a $100.00 price objective for the company. Finally, Credit Suisse Group raised Centene from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $86.00 to $88.00 in a research report on Tuesday. Four analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $92.44.

A number of institutional investors have recently bought and sold shares of CNC. Norges Bank purchased a new stake in Centene during the fourth quarter worth $470,456,000. Capital World Investors lifted its holdings in Centene by 8.6% during the fourth quarter. Capital World Investors now owns 46,851,859 shares of the company’s stock worth $3,860,593,000 after buying an additional 3,717,875 shares during the period. JPMorgan Chase & Co. lifted its holdings in Centene by 14.3% during the first quarter. JPMorgan Chase & Co. now owns 26,720,429 shares of the company’s stock worth $2,249,594,000 after buying an additional 3,350,045 shares during the period. Rockefeller Capital Management L.P. increased its position in shares of Centene by 8,192.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,640,417 shares of the company’s stock worth $135,169,000 after purchasing an additional 1,620,635 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Centene by 38.1% during the fourth quarter. Invesco Ltd. now owns 5,798,904 shares of the company’s stock worth $477,829,000 after purchasing an additional 1,599,740 shares in the last quarter. Institutional investors own 92.32% of the company’s stock.

About Centene (Get Rating)

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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