Centene Co. (NYSE:CNC) Short Interest Up 7.6% in November

Centene Co. (NYSE:CNC) was the recipient of a large increase in short interest in November. As of November 30th, there was short interest totalling 16,310,000 shares, an increase of 7.6% from the November 15th total of 15,160,000 shares. Based on an average trading volume of 5,590,000 shares, the short-interest ratio is presently 2.9 days. Currently, 3.3% of the company’s stock are short sold.

Centene Stock Performance

Shares of CNC traded down $1.37 during mid-day trading on Tuesday, reaching $57.81. 7,270,655 shares of the company’s stock traded hands, compared to its average volume of 4,120,537. Centene has a 12 month low of $55.03 and a 12 month high of $81.42. The stock has a market capitalization of $29.18 billion, a P/E ratio of 10.27, a price-to-earnings-growth ratio of 0.78 and a beta of 0.46. The business’s 50-day moving average price is $61.78 and its 200-day moving average price is $68.51. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.10 and a current ratio of 1.10.

Insider Transactions at Centene

In other Centene news, CFO Andrew Lynn Asher bought 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 approximately $28,305,284.58. This represents a 3.66 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sarah London acquired 4,117 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was purchased at an average cost of $60.80 per share, for a total transaction of $250,313.60. Following the completion of the acquisition, the chief executive officer now directly owns 667,229 shares of the company’s stock, valued at approximately $40,567,523.20. This trade represents a 0.62 % increase in their position. 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

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Park Place Capital Corp raised its stake in shares of Centene by 1,190.0% during the 3rd quarter. Park Place Capital Corp now owns 387 shares of the company’s stock worth $29,000 after purchasing an additional 357 shares in the last quarter. WR Wealth Planners LLC grew its holdings in shares of Centene by 41.4% during the 2nd quarter. WR Wealth Planners LLC now owns 468 shares of the company’s stock worth $31,000 after purchasing an additional 137 shares in the last quarter. Chris Bulman Inc acquired a new stake in shares of Centene during the 2nd quarter worth approximately $33,000. Crewe Advisors LLC grew its holdings in shares of Centene by 174.3% during the 2nd quarter. Crewe Advisors LLC now owns 683 shares of the company’s stock worth $45,000 after purchasing an additional 434 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in shares of Centene by 75.3% during the 3rd quarter. Private Trust Co. NA now owns 773 shares of the company’s stock worth $58,000 after buying an additional 332 shares during the period. Institutional investors and hedge funds own 93.63% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. StockNews.com cut Centene from a “strong-buy” rating to a “buy” rating in a report on Monday, October 28th. Barclays raised their price target on Centene from $91.00 to $93.00 and gave the stock an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $75.00 target price (down from $80.00) on shares of Centene in a report on Tuesday. Oppenheimer decreased their price target on Centene from $95.00 to $85.00 and set an “outperform” rating for the company in a report on Friday. Finally, Stephens decreased their price target on Centene from $75.00 to $73.00 and set an “equal weight” rating for the company in a report on Friday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $80.92.

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.