Centene (NYSE:CNC) Stock Price Up 3.7% After Analyst Upgrade

Centene Co. (NYSE:CNC) shot up 3.7% during trading on Friday after Barclays raised their price target on the stock from $91.00 to $93.00. Barclays currently has an overweight rating on the stock. Centene traded as high as $60.32 and last traded at $60.12. 2,088,749 shares were traded during mid-day trading, a decline of 49% from the average session volume of 4,078,045 shares. The stock had previously closed at $58.00.

Several other analysts also recently issued reports on the company. Cantor Fitzgerald reissued an “overweight” rating and issued a $90.00 price target on shares of Centene in a report on Wednesday. UBS Group upgraded shares of Centene from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $79.00 to $80.00 in a research report on Friday. StockNews.com cut shares of Centene from a “strong-buy” rating to a “buy” rating in a research report on Monday, October 28th. Sanford C. Bernstein cut their price target on Centene from $96.00 to $88.00 and set an “outperform” rating on the stock in a report on Wednesday, October 30th. Finally, Wells Fargo & Company lowered their target price on Centene from $91.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, November 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.31.

Insider Transactions at Centene

In related news, CEO Sarah London acquired 4,117 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was bought at an average price of $60.80 per share, for a total transaction of $250,313.60. Following the transaction, the chief executive officer now owns 667,229 shares of the company’s stock, valued at approximately $40,567,523.20. The trade was a 0.62 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Andrew Lynn Asher bought 17,200 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The stock was bought at an average price of $58.14 per share, for a total transaction of $1,000,008.00. Following the completion of the acquisition, the chief financial officer now directly owns 486,847 shares in the company, valued at approximately $28,305,284.58. The trade was a 3.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Centene

Hedge funds have recently modified their holdings of the stock. Harris Associates L P raised its holdings in Centene by 5.7% during the 3rd quarter. Harris Associates L P now owns 26,314,183 shares of the company’s stock worth $1,980,932,000 after buying an additional 1,420,825 shares during the period. State Street Corp raised its holdings in shares of Centene by 0.5% during the third quarter. State Street Corp now owns 23,468,159 shares of the company’s stock valued at $1,766,683,000 after acquiring an additional 111,654 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Centene by 3.5% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,768,534 shares of the company’s stock worth $434,255,000 after purchasing an additional 194,566 shares during the period. Bank of New York Mellon Corp grew its position in Centene by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,491,968 shares of the company’s stock worth $364,117,000 after purchasing an additional 25,595 shares in the last quarter. Finally, Legal & General Group Plc raised its stake in Centene by 14.2% during the 2nd quarter. Legal & General Group Plc now owns 5,113,759 shares of the company’s stock valued at $339,042,000 after purchasing an additional 636,683 shares during the period. 93.63% of the stock is owned by hedge funds and other institutional investors.

Centene Price Performance

The company has a debt-to-equity ratio of 0.64, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $30.00 billion, a PE ratio of 10.32, a price-to-earnings-growth ratio of 0.78 and a beta of 0.46. The stock has a fifty day moving average price of $62.02 and a 200-day moving average price of $68.59.

About Centene

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.