Investors Buy Shares of Centene (CNC) on Weakness
Investors purchased shares of Centene Corporation (NYSE:CNC) on weakness during trading hours on Friday. $151.72 million flowed into the stock on the tick-up and $70.03 million flowed out of the stock on the tick-down, for a money net flow of $81.69 million into the stock. Of all stocks tracked, Centene had the 29th highest net in-flow for the day. Centene traded down ($4.16) for the day and closed at $94.86
A number of equities analysts recently issued reports on the stock. Cowen reissued an “outperform” rating and issued a $105.00 price objective (up previously from $77.00) on shares of Centene in a report on Wednesday, September 13th. Oppenheimer restated a “buy” rating and set a $111.00 target price on shares of Centene in a research note on Friday. Cantor Fitzgerald raised their target price on shares of Centene to $107.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 13th. BidaskClub upgraded shares of Centene from a “hold” rating to a “buy” rating in a research note on Thursday, August 24th. Finally, Piper Jaffray Companies restated a “buy” rating and set a $105.00 target price on shares of Centene in a research note on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seventeen have given a buy rating to the company. Centene currently has a consensus rating of “Buy” and a consensus target price of $99.11.
The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $16,370.00, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 1.54 and a beta of 0.71.
In related news, Director Robert K. Ditmore sold 4,167 shares of the firm’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $90.42, for a total value of $376,780.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of CNC. Municipal Employees Retirement System of Michigan boosted its stake in Centene by 45.7% during the second quarter. Municipal Employees Retirement System of Michigan now owns 7,910 shares of the company’s stock worth $632,000 after buying an additional 2,480 shares during the period. IFP Advisors Inc boosted its stake in shares of Centene by 9.6% during the second quarter. IFP Advisors Inc now owns 1,944 shares of the company’s stock valued at $155,000 after purchasing an additional 170 shares during the period. Global X Management Co. LLC boosted its stake in shares of Centene by 32.9% during the second quarter. Global X Management Co. LLC now owns 6,046 shares of the company’s stock valued at $483,000 after purchasing an additional 1,496 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Centene by 28.8% during the second quarter. Schwab Charles Investment Management Inc. now owns 788,573 shares of the company’s stock valued at $62,992,000 after purchasing an additional 176,403 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of Centene by 11.3% during the second quarter. DekaBank Deutsche Girozentrale now owns 39,220 shares of the company’s stock valued at $3,195,000 after purchasing an additional 3,969 shares during the period. 92.33% of the stock is owned by institutional investors.
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Centene Corporation is a healthcare company. The Company provides a portfolio of services to government sponsored healthcare programs, focusing on under-insured and uninsured individuals. The Company operates through two segments: Managed Care and Specialty Services. The Company’s Managed Care segment provides health plan coverage to individuals, through government subsidized programs, including Medicaid, the State Children’s Health Insurance Program (CHIP), Long Term Care, Foster Care, dual-eligible individuals (Duals) and the Supplemental Security Income Program, also known as the Aged, Blind or Disabled Program (ABD), Medicare, and Health Insurance Marketplace.
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