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

Centene Corporation (NYSE:CNC) was the recipient of some unusual options trading on Thursday. Stock traders acquired 18,448 call options on the stock. This is an increase of approximately 206% compared to the average volume of 6,033 call options.

Centene Trading Down 1.5%

Shares of Centene stock opened at $33.28 on Friday. Centene has a 12-month low of $33.30 and a 12-month high of $80.59. The business’s 50 day moving average is $55.93 and its 200-day moving average is $59.05. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.65. The stock has a market cap of $16.56 billion, a P/E ratio of 4.96, a P/E/G ratio of 0.45 and a beta of 0.44.

Centene (NYSE:CNC) last posted its quarterly earnings results on Friday, April 25th. The company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.38. Centene had a return on equity of 14.56% and a net margin of 2.04%. The business had revenue of $46.62 billion for the quarter, compared to analysts’ expectations of $43.16 billion. During the same quarter in the prior year, the business earned $2.26 EPS. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. Equities research analysts predict that Centene will post 6.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Centene

A number of large investors have recently added to or reduced their stakes in the business. Kera Capital Partners Inc. bought a new position in Centene during the 2nd quarter worth $264,000. AG2R LA Mondiale Gestion D Actifs bought a new position in Centene during the 1st quarter worth $1,288,000. Voya Investment Management LLC increased its position in Centene by 2.4% during the 1st quarter. Voya Investment Management LLC now owns 322,302 shares of the company’s stock worth $19,567,000 after buying an additional 7,446 shares during the period. First Hawaiian Bank increased its position in Centene by 7.7% during the 1st quarter. First Hawaiian Bank now owns 27,886 shares of the company’s stock worth $1,693,000 after buying an additional 1,988 shares during the period. Finally, Strs Ohio bought a new position in Centene during the 1st quarter worth $5,464,000. Institutional investors own 93.63% of the company’s stock.

Wall Street Analysts Forecast Growth

CNC has been the topic of a number of research analyst reports. Guggenheim reaffirmed a “neutral” rating on shares of Centene in a research report on Tuesday, April 29th. UBS Group restated a “neutral” rating and issued a $45.00 target price (down previously from $80.00) on shares of Centene in a research note on Wednesday. Robert W. Baird cut their target price on Centene from $71.00 to $69.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Jefferies Financial Group cut their target price on Centene from $64.00 to $61.00 and set a “hold” rating on the stock in a research note on Tuesday, April 29th. Finally, Bank of America cut their target price on Centene from $65.00 to $52.00 and set a “neutral” rating on the stock in a research note on Wednesday. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Centene presently has an average rating of “Hold” and a consensus target price of $68.87.

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.