Stock Traders Purchase High Volume of Centene Put Options (NYSE:CNC)

Centene Co. (NYSE:CNC) was the target of unusually large options trading on Wednesday. Investors acquired 9,141 put options on the stock. This represents an increase of 95% compared to the average daily volume of 4,689 put options.

Centene Stock Performance

Shares of Centene stock traded up $0.57 during trading hours on Wednesday, hitting $66.76. 2,200,550 shares of the company’s stock traded hands, compared to its average volume of 3,373,923. The company has a fifty day simple moving average of $72.19 and a 200-day simple moving average of $74.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $35.63 billion, a price-to-earnings ratio of 13.16, a PEG ratio of 0.85 and a beta of 0.50. Centene has a 12-month low of $60.83 and a 12-month high of $81.42.

Centene (NYSE:CNC) last announced its quarterly earnings data on Friday, April 26th. The company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.09 by $0.17. Centene had a net margin of 1.76% and a return on equity of 14.19%. The business had revenue of $40.41 billion for the quarter, compared to analyst estimates of $36.43 billion. During the same quarter in the previous year, the firm posted $2.11 earnings per share. The company’s revenue for the quarter was up 3.9% on a year-over-year basis. Equities research analysts anticipate that Centene will post 6.82 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. StockNews.com cut Centene from a “strong-buy” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company raised their price target on shares of Centene from $89.00 to $93.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Stephens reiterated an “equal weight” rating and set a $83.00 price objective on shares of Centene in a report on Thursday, May 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $110.00 target price on shares of Centene in a research report on Friday, June 21st. Finally, Barclays increased their price target on Centene from $101.00 to $104.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $84.93.

Insider Buying and Selling

In related news, Director Christopher J. Coughlin sold 878 shares of the stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $76.75, for a total value of $67,386.50. Following the completion of the transaction, the director now owns 25,504 shares of the company’s stock, valued at approximately $1,957,432. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Centene news, Director Christopher J. Coughlin sold 878 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $76.75, for a total value of $67,386.50. Following the completion of the transaction, the director now directly owns 25,504 shares in the company, valued at approximately $1,957,432. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, President Kenneth J. Fasola sold 8,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $77.62, for a total transaction of $620,960.00. Following the completion of the sale, the president now directly owns 300,357 shares in the company, valued at approximately $23,313,710.34. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Centene

Several institutional investors and hedge funds have recently bought and sold shares of the company. Lazard Asset Management LLC increased its stake in Centene by 70.2% in the third quarter. Lazard Asset Management LLC now owns 78,176 shares of the company’s stock valued at $5,384,000 after acquiring an additional 32,252 shares during the last quarter. Axxcess Wealth Management LLC bought a new position in Centene during the third quarter valued at approximately $438,000. Adage Capital Partners GP L.L.C. raised its stake in shares of Centene by 31.5% during the third quarter. Adage Capital Partners GP L.L.C. now owns 718,679 shares of the company’s stock worth $49,503,000 after acquiring an additional 171,967 shares in the last quarter. Earnest Partners LLC lifted its holdings in shares of Centene by 7.7% in the 3rd quarter. Earnest Partners LLC now owns 869,567 shares of the company’s stock worth $59,896,000 after acquiring an additional 62,450 shares during the last quarter. Finally, Sei Investments Co. grew its holdings in shares of Centene by 15.5% during the 3rd quarter. Sei Investments Co. now owns 816,126 shares of the company’s stock valued at $56,214,000 after purchasing an additional 109,733 shares during the last quarter. 93.63% of the stock is owned by institutional investors.

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.