Centene Co. (NYSE:CNC) Short Interest Up 7.6% in November

Centene Co. (NYSE:CNC) saw a significant increase in short interest in November. As of November 30th, there was short interest totalling 16,310,000 shares, an increase of 7.6% from the November 15th total of 15,160,000 shares. Based on an average daily trading volume, of 5,590,000 shares, the days-to-cover ratio is presently 2.9 days. Approximately 3.3% of the shares of the stock are short sold.

Insider Activity

In related news, CEO Sarah London bought 4,117 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was bought at an average cost of $60.80 per share, for a total transaction of $250,313.60. Following the transaction, the chief executive officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Lynn Asher acquired 17,200 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were acquired 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 directly owns 486,847 shares in the company, valued at $28,305,284.58. This represents a 3.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Centene

Several institutional investors and hedge funds have recently modified their holdings of CNC. WR Wealth Planners LLC boosted its position in Centene by 41.4% in the second quarter. WR Wealth Planners LLC now owns 468 shares of the company’s stock worth $31,000 after purchasing an additional 137 shares during the last quarter. Whittier Trust Co. boosted its holdings in shares of Centene by 10.0% in the 2nd quarter. Whittier Trust Co. now owns 1,562 shares of the company’s stock worth $104,000 after purchasing an additional 142 shares during the period. Mount Yale Investment Advisors LLC boosted its holdings in shares of Centene by 2.1% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 8,082 shares of the company’s stock worth $608,000 after purchasing an additional 167 shares during the period. Meridian Management Co. boosted its holdings in shares of Centene by 0.3% in the 2nd quarter. Meridian Management Co. now owns 64,721 shares of the company’s stock worth $4,291,000 after purchasing an additional 189 shares during the period. Finally, E Fund Management Co. Ltd. boosted its holdings in shares of Centene by 6.4% in the 2nd quarter. E Fund Management Co. Ltd. now owns 3,309 shares of the company’s stock worth $219,000 after purchasing an additional 199 shares during the period. 93.63% of the stock is currently owned by institutional investors.

Centene Stock Down 2.3 %

CNC traded down $1.37 during trading on Tuesday, reaching $57.81. The stock had a trading volume of 7,270,655 shares, compared to its average volume of 4,120,537. The stock’s 50 day moving average is $61.78 and its two-hundred day moving average is $68.51. 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 market capitalization of $29.18 billion, a price-to-earnings ratio of 10.27, a P/E/G ratio of 0.78 and a beta of 0.46. Centene has a one year low of $55.03 and a one year high of $81.42.

Analyst Ratings Changes

CNC has been the topic of a number of research reports. Oppenheimer decreased their price objective on Centene from $95.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday. UBS Group upgraded Centene from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $79.00 to $80.00 in a research report on Friday. Jefferies Financial Group downgraded 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 report on Tuesday, December 10th. Wells Fargo & Company dropped their target price on Centene from $91.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, November 4th. Finally, Stephens decreased their price target on Centene from $75.00 to $73.00 and set an “equal weight” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.92.

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.