Centene (NYSE:CNC) Trading Up 3.7% on Analyst Upgrade

Centene Co. (NYSE:CNC - Get Free Report) was up 3.7% 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. Approximately 2,088,749 shares traded hands during trading, a decline of 49% from the average daily volume of 4,078,045 shares. The stock had previously closed at $58.00.

Other analysts have also issued research reports about the stock. UBS Group raised shares of Centene from a "neutral" rating to a "buy" rating and boosted their price target for the company from $79.00 to $80.00 in a research report on Friday. StockNews.com downgraded Centene from a "strong-buy" rating to a "buy" rating in a research report on Monday, October 28th. Truist Financial reduced their price target on Centene from $89.00 to $84.00 and set a "buy" rating for the company in a research report on Friday. Cantor Fitzgerald reissued an "overweight" rating and set a $90.00 price objective on shares of Centene in a report on Wednesday. Finally, Jefferies Financial Group lowered Centene from a "hold" rating to an "underperform" rating and reduced their target price for the company from $68.00 to $52.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $81.31.

Insiders Place Their Bets

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 stock was bought at an average price of $58.14 per share, with a total value of $1,000,008.00. Following the purchase, the chief financial officer now 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sarah London bought 4,117 shares of the firm's stock in a transaction that occurred on Friday, November 8th. The stock was acquired 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 in the company, valued at $40,567,523.20. This trade represents a 0.62 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Centene

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

Centene Stock Performance

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 company's 50 day moving average is $62.02 and its 200-day moving average is $68.62. The company has a market capitalization of $30.00 billion, a P/E ratio of 10.32, a price-to-earnings-growth ratio of 0.78 and a beta of 0.46.

Centene Company Profile

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.