Centene Corp. (CNC) Shares Down 9.8%
Centene Corp. (NYSE:CNC) traded down 9.8% during mid-day trading on Tuesday . The stock traded as low as $63.44 and last traded at $67.90, with a volume of 8,617,815 shares traded. The stock had previously closed at $75.26.
Several equities research analysts have issued reports on the company. Barclays PLC increased their price target on Centene Corp. from $70.00 to $72.00 and gave the stock an “equal weight” rating in a report on Wednesday, June 1st. Cantor Fitzgerald restated a “buy” rating on shares of Centene Corp. in a report on Saturday, June 4th. Citigroup Inc. restated a “buy” rating on shares of Centene Corp. in a report on Saturday, April 2nd. FBR & Co restated an “outperform” rating on shares of Centene Corp. in a report on Tuesday. Finally, Vetr downgraded Centene Corp. from a “strong-buy” rating to a “buy” rating and set a $72.50 price target for the company. in a report on Thursday, June 2nd. Two research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Centene Corp. has a consensus rating of “Buy” and an average price target of $80.19.
The stock’s 50 day moving average price is $69.92 and its 200-day moving average price is $62.40. The firm has a market capitalization of $11.74 billion and a P/E ratio of 31.05.
Centene Corp. (NYSE:CNC) last posted its earnings results on Tuesday, July 26th. The company reported $1.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.20. The company had revenue of $10.90 billion for the quarter, compared to analysts’ expectations of $10.80 billion. The company’s revenue was up 97.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. Equities analysts anticipate that Centene Corp. will post $4.21 EPS for the current year.
In other Centene Corp. news, EVP Kenneth Rone Baldwin sold 6,000 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $71.00, for a total transaction of $426,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jesse N. Hunter sold 10,000 shares of the stock in a transaction on Thursday, April 28th. The stock was sold at an average price of $65.17, for a total value of $651,700.00. Following the sale, the executive vice president now owns 216,329 shares in the company, valued at approximately $14,098,160.93. The disclosure for this sale can be found here.
Several large investors recently bought and sold shares of the company. ProShare Advisors LLC increased its stake in Centene Corp. by 10.7% in the fourth quarter. ProShare Advisors LLC now owns 15,447 shares of the company’s stock valued at $1,017,000 after buying an additional 1,490 shares in the last quarter. Vanguard Group Inc. boosted its position in Centene Corp. by 6.7% in the fourth quarter. Vanguard Group Inc. now owns 9,314,409 shares of the company’s stock valued at $612,981,000 after buying an additional 581,540 shares during the last quarter. BOKF NA boosted its position in Centene Corp. by 1.0% in the fourth quarter. BOKF NA now owns 42,784 shares of the company’s stock valued at $2,815,000 after buying an additional 444 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in Centene Corp. by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 34,560 shares of the company’s stock valued at $2,274,000 after buying an additional 180 shares during the last quarter. Finally, Mutual of America Capital Management LLC boosted its position in Centene Corp. by 1.2% in the fourth quarter. Mutual of America Capital Management LLC now owns 80,125 shares of the company’s stock valued at $5,273,000 after buying an additional 960 shares during the last quarter.
Centene Corporation is a diversified healthcare company that provides programs and services to government sponsored healthcare programs. The Company also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Company operates through two segments.
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