Investors Buy Centene Corp. (CNC) on Weakness on Insider Selling
Investors purchased shares of Centene Corp. (NYSE:CNC) on weakness during trading hours on Wednesday following insider selling activity. $135.68 million flowed into the stock on the tick-up and $110.80 million flowed out of the stock on the tick-down, for a money net flow of $24.88 million into the stock. Of all equities tracked, Centene Corp. had the 16th highest net in-flow for the day. Centene Corp. traded down ($12.75) for the day and closed at $54.05Specifically, VP Carol Goldman sold 10,000 shares of Centene Corp. stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $66.36, for a total transaction of $663,600.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Jesse N. Hunter sold 5,000 shares of Centene Corp. stock in a transaction on Monday, November 7th. The stock was sold at an average price of $65.00, for a total transaction of $325,000.00. The disclosure for this sale can be found here. 4.50% of the stock is currently owned by insiders.
Several brokerages recently commented on CNC. Jefferies Group reiterated a “buy” rating and set a $82.00 price target on shares of Centene Corp. in a research note on Sunday, October 16th. Zacks Investment Research lowered shares of Centene Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 11th. Leerink Swann reiterated a “hold” rating on shares of Centene Corp. in a research note on Tuesday, October 4th. Credit Suisse Group AG cut their price target on shares of Centene Corp. from $78.00 to $76.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 5th. Finally, Cantor Fitzgerald reiterated a “buy” rating on shares of Centene Corp. in a research note on Thursday, September 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $80.76.
The stock has a 50-day moving average price of $63.09 and a 200 day moving average price of $65.91. The firm has a market capitalization of $9.47 billion, a P/E ratio of 20.42 and a beta of 0.79.
Centene Corp. (NYSE:CNC) last released its quarterly earnings data on Tuesday, October 25th. The company reported $1.11 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.15 by $0.04. Centene Corp. had a return on equity of 13.40% and a net margin of 1.17%. The firm earned $10.85 billion during the quarter, compared to analyst estimates of $10.96 million. During the same period last year, the business earned $0.87 EPS. The firm’s revenue was up 86.3% on a year-over-year basis. On average, equities analysts expect that Centene Corp. will post $4.34 EPS for the current year.
Several hedge funds have recently added to or reduced their stakes in CNC. Global X Management Co. LLC boosted its stake in Centene Corp. by 170.5% in the third quarter. Global X Management Co. LLC now owns 1,580 shares of the company’s stock worth $106,000 after buying an additional 996 shares during the period. Robecosam AG purchased a new stake in Centene Corp. during the first quarter worth $107,000. BKS Advisors LLC purchased a new stake in Centene Corp. during the third quarter worth $107,000. Duncker Streett & Co. Inc. boosted its stake in Centene Corp. by 28.0% in the second quarter. Duncker Streett & Co. Inc. now owns 1,600 shares of the company’s stock worth $114,000 after buying an additional 350 shares during the period. Finally, Bronfman E.L. Rothschild L.P. boosted its stake in Centene Corp. by 88.3% in the third quarter. Bronfman E.L. Rothschild L.P. now owns 1,781 shares of the company’s stock worth $119,000 after buying an additional 835 shares during the period. 93.11% of the stock is currently owned by institutional investors and hedge funds.
Centene Corp. Company Profile
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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