Centene Co. (NYSE:CNC) Short Interest Up 8.6% in March

Centene Co. (NYSE:CNCGet Free Report) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 9,600,000 shares, a growth of 8.6% from the February 29th total of 8,840,000 shares. Based on an average daily trading volume, of 2,940,000 shares, the days-to-cover ratio is currently 3.3 days. Currently, 1.8% of the shares of the company are sold short.

Centene Price Performance

CNC traded up $0.38 during midday trading on Wednesday, hitting $72.83. The stock had a trading volume of 785,030 shares, compared to its average volume of 2,999,928. The company has a market cap of $38.96 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 0.97 and a beta of 0.38. The business has a fifty day moving average of $77.25 and a 200 day moving average of $74.29. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.11 and a current ratio of 1.11. Centene has a 1 year low of $60.83 and a 1 year high of $81.42.

Centene (NYSE:CNCGet Free Report) last issued its earnings results on Tuesday, February 6th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. The business had revenue of $39.46 billion during the quarter, compared to analyst estimates of $36.16 billion. Centene had a return on equity of 14.26% and a net margin of 1.75%. Centene’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.86 earnings per share. As a group, equities analysts forecast that Centene will post 6.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Kenneth J. Fasola sold 12,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total value of $900,840.00. Following the sale, the president now directly owns 235,365 shares in the company, valued at approximately $17,668,850.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, President Kenneth J. Fasola sold 12,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $75.07, for a total value of $900,840.00. Following the sale, the president now directly owns 235,365 shares in the company, valued at approximately $17,668,850.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lori Jean Robinson sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $77.41, for a total value of $774,100.00. Following the completion of the sale, the director now owns 11,455 shares in the company, valued at $886,731.55. The disclosure for this sale can be found here. 0.28% of the stock is owned by insiders.

Institutional Trading of Centene

A number of institutional investors have recently made changes to their positions in the stock. Kapitalo Investimentos Ltda purchased a new stake in shares of Centene during the fourth quarter valued at approximately $668,000. HighPoint Advisor Group LLC bought a new position in shares of Centene during the fourth quarter valued at approximately $210,000. PNC Financial Services Group Inc. raised its holdings in shares of Centene by 6.2% during the fourth quarter. PNC Financial Services Group Inc. now owns 79,498 shares of the company’s stock valued at $5,900,000 after acquiring an additional 4,618 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of Centene by 9.6% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 4,854 shares of the company’s stock valued at $360,000 after acquiring an additional 427 shares in the last quarter. Finally, Alamar Capital Management LLC raised its holdings in shares of Centene by 1.7% during the fourth quarter. Alamar Capital Management LLC now owns 53,473 shares of the company’s stock valued at $3,968,000 after acquiring an additional 904 shares in the last quarter. Hedge funds and other institutional investors own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

CNC has been the topic of several analyst reports. Truist Financial upped their price target on Centene from $83.00 to $86.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Cantor Fitzgerald boosted their price objective on Centene from $82.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, December 15th. Wells Fargo & Company boosted their price objective on Centene from $90.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. UBS Group boosted their price objective on Centene from $72.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, December 21st. Finally, StockNews.com lowered Centene from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 28th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Centene presently has a consensus rating of “Moderate Buy” and a consensus target price of $85.46.

Read Our Latest Research Report on Centene

About Centene

(Get Free Report)

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.

Further Reading

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