Traders Sell Shares of Centene (CNC) on Strength (CNC)

Investors sold shares of Centene Corp (NYSE:CNC) on strength during trading hours on Friday. $35.34 million flowed into the stock on the tick-up and $293.29 million flowed out of the stock on the tick-down, for a money net flow of $257.95 million out of the stock. Of all stocks tracked, Centene had the 0th highest net out-flow for the day. Centene traded up $0.99 for the day and closed at $125.60

CNC has been the topic of a number of recent analyst reports. Cantor Fitzgerald reiterated a “buy” rating and set a $125.00 price target on shares of Centene in a research note on Monday, April 2nd. Zacks Investment Research lowered shares of Centene from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 10th. BMO Capital Markets reiterated a “buy” rating on shares of Centene in a research note on Monday, March 26th. Morgan Stanley upped their target price on shares of Centene from $126.00 to $127.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 25th. Finally, Wells Fargo & Co upped their target price on shares of Centene from $126.00 to $142.00 and gave the stock an “outperform” rating in a research report on Monday, June 18th. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $124.75.

The stock has a market capitalization of $25.57 billion, a price-to-earnings ratio of 24.97, a PEG ratio of 1.19 and a beta of 0.76. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.01 and a current ratio of 1.01.

Centene (NYSE:CNC) last announced its quarterly earnings results on Tuesday, April 24th. The company reported $2.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.92 by $0.25. Centene had a net margin of 2.06% and a return on equity of 15.69%. The company had revenue of $13.19 billion for the quarter, compared to the consensus estimate of $13.33 billion. During the same quarter in the prior year, the firm earned $1.12 earnings per share. The company’s revenue for the quarter was up 12.5% compared to the same quarter last year. research analysts forecast that Centene Corp will post 7.05 EPS for the current fiscal year.

In other Centene news, CEO Michael F. Neidorff sold 250,000 shares of the company’s stock in a transaction dated Thursday, April 26th. The shares were sold at an average price of $108.20, for a total value of $27,050,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Keith H. Williamson sold 1,000 shares of the company’s stock in a transaction dated Friday, April 27th. The shares were sold at an average price of $110.00, for a total transaction of $110,000.00. The disclosure for this sale can be found here. Insiders sold 262,750 shares of company stock worth $28,461,313 in the last ninety days. Insiders own 3.00% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Financial Gravity Wealth Inc. purchased a new stake in shares of Centene in the first quarter valued at about $114,000. Focused Wealth Management Inc lifted its holdings in shares of Centene by 900.0% in the fourth quarter. Focused Wealth Management Inc now owns 1,000 shares of the company’s stock valued at $101,000 after purchasing an additional 900 shares in the last quarter. Financial Gravity Companies Inc. purchased a new stake in shares of Centene in the fourth quarter valued at about $112,000. We Are One Seven LLC purchased a new stake in shares of Centene in the fourth quarter valued at about $114,000. Finally, Tower Research Capital LLC TRC purchased a new stake in shares of Centene in the fourth quarter valued at about $145,000. 76.05% of the stock is currently owned by institutional investors.

Centene Company Profile

Centene Corporation operates as a diversified and multi-national healthcare enterprise that provides programs and services to under-insured and uninsured individuals in the United States. It operates through two segments, Managed Care and Specialty Services. The Managed Care segment offers health plan coverage to individuals through government subsidized programs, including Medicaid, the State children's health insurance program, long-term care, foster care, and dual eligible individual, as well as aged, blind, or disabled programs.

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