Centene (NYSE:CNC) Reaches New 52-Week Low - Here's Why

Shares of Centene Co. (NYSE:CNC - Get Free Report) hit a new 52-week low during trading on Monday . The stock traded as low as $57.20 and last traded at $57.75, with a volume of 351118 shares trading hands. The stock had previously closed at $57.46.

Wall Street Analyst Weigh In

Several equities analysts have commented on CNC shares. Oppenheimer lowered their price target on Centene from $110.00 to $95.00 and set an "outperform" rating on the stock in a report on Monday, July 29th. Robert W. Baird lowered their price objective on shares of Centene from $83.00 to $66.00 and set a "neutral" rating on the stock in a research note on Friday, October 25th. Sanford C. Bernstein lowered their price objective on shares of Centene from $96.00 to $88.00 and set an "outperform" rating on the stock in a research note on Wednesday, October 30th. TD Cowen raised their price objective on shares of Centene from $80.00 to $89.00 and gave the stock a "buy" rating in a research note on Wednesday, July 31st. Finally, Wells Fargo & Company lowered their price objective on shares of Centene from $91.00 to $90.00 and set an "overweight" rating on the stock in a research note on Monday, November 4th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $83.92.

Centene Stock Performance

The stock has a market capitalization of $29.70 billion, a P/E ratio of 9.98, a PEG ratio of 0.79 and a beta of 0.49. The firm has a 50-day moving average of $68.06 and a 200 day moving average of $70.99. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.64.

Insider Buying and Selling at Centene

In other Centene news, CFO Andrew Lynn Asher acquired 17,200 shares of the business's stock in a transaction dated Wednesday, November 13th. The shares were acquired at an average price of $58.14 per share, for a total transaction of $1,000,008.00. Following the acquisition, the chief financial officer now directly owns 486,847 shares of the company's stock, valued at approximately $28,305,284.58. This trade represents a 3.66 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sarah London bought 4,117 shares of the business's stock in a transaction on Friday, November 8th. The stock was purchased at an average price of $60.80 per share, for a total transaction of $250,313.60. Following the purchase, the chief executive officer now directly owns 667,229 shares in the company, valued at approximately $40,567,523.20. This represents a 0.62 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CNC. Vantage Investment Partners LLC grew its holdings in shares of Centene by 17.1% during the 3rd quarter. Vantage Investment Partners LLC now owns 683,817 shares of the company's stock worth $51,478,000 after purchasing an additional 99,904 shares in the last quarter. Diversified Trust Co lifted its holdings in Centene by 35.8% during the second quarter. Diversified Trust Co now owns 28,009 shares of the company's stock worth $1,857,000 after acquiring an additional 7,385 shares during the period. Bessemer Group Inc. lifted its holdings in Centene by 189.6% during the first quarter. Bessemer Group Inc. now owns 24,162 shares of the company's stock worth $1,895,000 after acquiring an additional 15,819 shares during the period. Comerica Bank raised its stake in shares of Centene by 7.3% in the first quarter. Comerica Bank now owns 118,597 shares of the company's stock valued at $9,307,000 after buying an additional 8,103 shares during the period. Finally, National Pension Service grew its position in shares of Centene by 15.4% in the third quarter. National Pension Service now owns 1,435,482 shares of the company's stock valued at $108,063,000 after purchasing an additional 191,768 shares in the last quarter. 93.63% of the stock is owned by institutional investors and hedge funds.

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.