Key Points
- Centene General Counsel Christopher Koster sold 56,500 shares at an average price of $66.90, generating $3.78 million and reducing his direct holdings by 18.5% to 248,854 shares. He also sold 47,603 shares on August 18.
- Centene reported quarterly earnings of $2.51 per share, well above the $1.09 analyst consensus, while revenue rose 9.9% year over year to $53.58 billion.
- The stock opened at $65.23, near its 50-day average, while analysts maintained a consensus “Hold” rating with a $70.05 price target; institutional investors own 93.63% of outstanding shares.
Centene Corporation (NYSE:CNC - Get Free Report) General Counsel Christopher Koster sold 56,500 shares of the business's stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $66.90, for a total transaction of $3,779,850.00. Following the completion of the transaction, the general counsel directly owned 248,854 shares in the company, valued at $16,648,332.60. This trade represents a 18.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.
Christopher Koster also recently made the following trade(s):
- On Tuesday, August 18th, Christopher Koster sold 47,603 shares of Centene stock. The shares were sold at an average price of $65.36, for a total transaction of $3,111,332.08.
Centene Stock Down 0.4%
Shares of CNC stock opened at $65.23 on Friday. The company's fifty day simple moving average is $65.26 and its two-hundred day simple moving average is $53.16. Centene Corporation has a 52 week low of $28.24 and a 52 week high of $69.36. The stock has a market cap of $32.22 billion, a P/E ratio of -6.25, a PEG ratio of 0.35 and a beta of 1.08. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.71.
Centene (NYSE:CNC - Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The company reported $2.51 earnings per share for the quarter, beating analysts' consensus estimates of $1.09 by $1.42. Centene had a positive return on equity of 12.12% and a negative net margin of 2.51%.The firm had revenue of $53.58 billion during the quarter, compared to analyst estimates of $47.64 billion. During the same quarter last year, the business posted ($0.16) earnings per share. The business's quarterly revenue was up 9.9% compared to the same quarter last year. Analysts predict that Centene Corporation will post 4.89 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of the company. Deutsche Bank AG bought a new stake in Centene in the second quarter worth about $257,279,000. Hara Capital LLC purchased a new stake in shares of Centene in the second quarter worth approximately $5,222,000. Roberts Glore & Co. Inc. IL bought a new stake in shares of Centene during the 2nd quarter worth approximately $1,659,000. Paralel Advisors LLC purchased a new position in Centene during the 2nd quarter valued at $4,531,000. Finally, GSA Capital Partners LLP bought a new position in Centene in the 2nd quarter valued at $2,134,000. Institutional investors own 93.63% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on CNC shares. Raymond James Financial set a $75.00 price objective on Centene in a report on Tuesday, July 7th. Wells Fargo & Company set a $69.00 price target on shares of Centene and gave the stock an "equal weight" rating in a research report on Monday, July 13th. Wall Street Zen raised shares of Centene from a "buy" rating to a "strong-buy" rating in a research note on Saturday, July 18th. Robert W. Baird lifted their price objective on shares of Centene from $46.00 to $66.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Finally, Truist Financial boosted their target price on shares of Centene from $71.00 to $78.00 and gave the stock a "buy" rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, Centene presently has a consensus rating of "Hold" and a consensus price target of $70.05.
Get Our Latest Report on Centene
About Centene
(
Get Free Report)
Centene Corporation (NYSE: CNC) is a diversified, multi-national healthcare enterprise that specializes in providing services to government-sponsored and national health programs. The company primarily acts as a managed care organization, delivering healthcare coverage and administering benefits for Medicaid, the Children's Health Insurance Program (CHIP), Medicare Advantage, and individual marketplace plans. Centene also contracts with federal and state agencies to manage specialty care programs and community-based services for vulnerable populations.
Centene's offerings extend beyond traditional insurance to include a range of specialty and support services.
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