Geode Capital Management LLC has recently announced that it has increased stake in Centene Corp. (NYSE:CNC) by 1.37%. After grabbing 10.15 million shares, the institutional investor is now in possession of 0.14 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 1.90% having worth around $753.06 million. Moreover, JPMorgan Investment Management, I increased its share by 91413.0 to have a control over 9.21 million shares.
Centene Corp. (CNC) concluded trading on Wednesday at a closing price of $75.48, with 3.16 million shares of worth about $238.17 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 7.34% during that period and On Wednesday, January 24 the price saw a loss of about -0.11%. Currently the company’s common shares owned by public are about 550.75M shares, out of which, 528.65M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 56 times over the past 12 months. They bought 630,248 shares in 40 of the transactions. In 16 selling transactions, insiders dumped 75,889 shares.
Vanguard Total Stock Market ETF, American Funds Fundamental Invest, and Vanguard 500 Index Fund are the top 3 mutual funds which are holding stakes in Centene Corp. Vanguard Total Stock Market ETF is currently holding 16.8 million shares of worth totaling $1.25 billion. The company recently came selling -0.18 million shares which brought its stake up to 3.14% of the company’s outstanding shares. American Funds Fundamental Invest sold -2.6 million shares, after which its hold over company’s outstanding shares shrunk to 2.95%, leaving 15.75 million shares with the mutual fund that have a worth of about $1.17 billion. Vanguard 500 Index Fund, after selling 13.04 million shares, have now control over 2.44% of the stake in the company. It holds -0.15 million shares of worth $967.97 million.
However, the stock later moved at a day high price of 77.29, or with a loss of -0.11%. Stock saw a price change of -3.23% in past 5 days and over the past one month there was a price change of 2.82%. Year-to-date (YTD), CNC shares are showing a performance of 1.71% which decreased to -0.41% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $60.83 but also hit the highest price of $79.83 during that period. The average intraday trading volume for Centene Corp. shares is 3.18 million. The stock is currently trading -1.10% below its 20-day simple moving average (SMA20), while that difference is up 0.95% for SMA50 and it goes to 9.12% higher than SMA200.
Geode Capital Management LLC acquired 10.15 million shares of Centene Corp. having value of about $753.06 million. Data submitted at the U.S SEC by Geode Capital Management LLC revealed that the firm now holds 0.14 million shares in the company valued at close to $10337212.44, or have control over 1.37% stake in the company. Centene Corp. (NYSE: CNC) currently have 550.75M outstanding shares and institutions hold larger chunk of about 92.41% of that. Holding of mutual funds in the company is about 36.43% while other institutional holders and individual stake holders have control over 58.71% and 3.40% of the stake respectively.
The stock has a current market capitalization of $40.32B and its 3Y-monthly beta is at 0.37. PE ratio of stock for trailing 12 months is 16.97, while it has posted earnings per share of $4.45 in the same period. Its PEG reads 1.45 while making debt-to-equity ratio of 0.76. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for CNC, volatility over the week remained 2.58% while standing at 1.99% over the month.
Analysts are in expectations that Centene Corp. (CNC) stock would likely to be making an EPS of $Canadian National Railway Compa in the current quarter, while forecast for next quarter EPS is $123.01 and it is $Stocks for next year. For the current quarter EPS, analysts have given the company a lowest target $PNC Financial Services Group, I which is $Chemours Company (The) at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $Lincoln National Corporation in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 13.83% while it is estimated to increase by 1.48% in next year. EPS is likely to grow at an annualized rate of 11.71% for next 5-years, compared to annual growth of -2.49% made by the stock over the past 5-years.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Wells Fargo on January 02, 2024 offering an Overweight rating for the stock and assigned a target price range of between $82 and $90 to it.
