Centene (NYSE:CNC) Hits New 52-Week Low – What’s Next?

Centene Co. (NYSE:CNC)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $55.63 and last traded at $55.78, with a volume of 398302 shares changing hands. The stock had previously closed at $58.49.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CNC shares. StockNews.com downgraded Centene from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Barclays cut their price target on Centene from $97.00 to $91.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 29th. Jefferies Financial Group downgraded shares of Centene from a “hold” rating to an “underperform” rating and dropped their target price for the stock from $68.00 to $52.00 in a research note on Tuesday. Sanford C. Bernstein dropped their price objective on Centene from $96.00 to $88.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 30th. Finally, Robert W. Baird cut their target price on shares of Centene from $83.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Centene currently has an average rating of “Hold” and a consensus price target of $82.62.

Centene Price Performance

The stock has a 50 day simple moving average of $63.22 and a 200-day simple moving average of $69.01. 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 firm has a market cap of $28.24 billion, a PE ratio of 10.16, a price-to-earnings-growth ratio of 0.78 and a beta of 0.46.

Insider Activity

In other news, CFO Andrew Lynn Asher acquired 17,200 shares of Centene stock in a transaction that occurred on Wednesday, November 13th. The shares were bought at an average cost of $58.14 per share, with a total value of $1,000,008.00. Following the transaction, the chief financial officer now directly owns 486,847 shares of the company’s stock, valued at $28,305,284.58. This trade represents a 3.66 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, CEO Sarah London acquired 4,117 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was acquired at an average cost of $60.80 per share, with a total value of $250,313.60. Following the completion of the purchase, the chief executive officer now owns 667,229 shares of the company’s stock, 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. Company insiders own 0.29% of the company’s stock.

Institutional Investors Weigh In On Centene

Several institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC lifted its holdings in shares of Centene by 21.8% during the third quarter. Tidal Investments LLC now owns 42,117 shares of the company’s stock worth $3,171,000 after purchasing an additional 7,549 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Centene in the third quarter worth about $211,000. Sanctuary Advisors LLC boosted its holdings in shares of Centene by 18.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 60,155 shares of the company’s stock worth $4,528,000 after purchasing an additional 9,287 shares during the last quarter. Virtu Financial LLC purchased a new stake in Centene in the 3rd quarter valued at $844,000. Finally, TD Private Client Wealth LLC boosted its holdings in Centene by 5.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 9,229 shares of the company’s stock valued at $695,000 after purchasing an additional 501 shares during the last quarter. Institutional investors and hedge funds own 93.63% of the company’s stock.

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.