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Sarah London Purchases 19,230 Shares of Centene Corporation (NYSE:CNC) Stock

Centene logo with Medical background

Key Points

  • Sarah London, CEO of Centene Corporation, purchased 19,230 shares of the company's stock for a total value of approximately $490,365, increasing her ownership of shares in Centene to 845,275.
  • Centene's stock price decreased by 1.3%, closing at $25.25, with trading volume surpassing its average at over 10.6 million shares.
  • Analysts have significantly reduced price targets for Centene stock, with estimates now ranging from $28.00 to $33.00, indicating a cautious outlook on the company's market performance.
  • Looking to export and analyze Centene data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Centene Corporation (NYSE:CNC - Get Free Report) CEO Sarah London bought 19,230 shares of Centene stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $25.50 per share, for a total transaction of $490,365.00. Following the acquisition, the chief executive officer directly owned 845,275 shares in the company, valued at approximately $21,554,512.50. This trade represents a 2.33% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Centene Stock Down 1.3%

Shares of CNC stock traded down $0.34 during trading hours on Monday, reaching $25.25. 10,634,548 shares of the company's stock were exchanged, compared to its average volume of 8,383,790. The stock's fifty day moving average price is $39.71 and its two-hundred day moving average price is $52.88. 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 stock has a market cap of $12.40 billion, a PE ratio of 6.25, a PEG ratio of 1.05 and a beta of 0.40. Centene Corporation has a 1 year low of $25.08 and a 1 year high of $80.59.

Centene (NYSE:CNC - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.39). The company had revenue of $48.74 billion for the quarter, compared to analysts' expectations of $44.71 billion. Centene had a return on equity of 9.57% and a net margin of 1.15%. The business's quarterly revenue was up 22.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.42 EPS. Research analysts predict that Centene Corporation will post 6.86 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CNC. JPMorgan Chase & Co. reduced their target price on shares of Centene from $48.00 to $30.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 29th. Jefferies Financial Group lowered their price objective on shares of Centene from $64.00 to $61.00 and set a "hold" rating for the company in a research report on Tuesday, April 29th. Morgan Stanley decreased their price objective on shares of Centene from $33.00 to $28.00 and set an "equal weight" rating for the company in a research report on Monday, August 4th. TD Cowen reissued a "hold" rating and set a $33.00 price objective (down previously from $73.00) on shares of Centene in a report on Monday, July 21st. Finally, UBS Group cut their price target on shares of Centene from $45.00 to $31.00 and set a "neutral" rating on the stock in a research note on Monday, July 28th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Centene presently has a consensus rating of "Hold" and an average target price of $42.20.

View Our Latest Analysis on CNC

Hedge Funds Weigh In On Centene

A number of large investors have recently modified their holdings of CNC. Ameriflex Group Inc. purchased a new position in shares of Centene in the 4th quarter worth $26,000. Pinney & Scofield Inc. acquired a new position in shares of Centene during the fourth quarter worth approximately $25,000. Quarry LP bought a new stake in Centene during the first quarter worth approximately $26,000. Studio Investment Management LLC bought a new position in shares of Centene in the fourth quarter valued at $32,000. Finally, Golden State Wealth Management LLC raised its stake in Centene by 203.1% during the 1st quarter. Golden State Wealth Management LLC now owns 579 shares of the company's stock valued at $35,000 after purchasing an additional 388 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Company Profile

(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.

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