Shorts Action: What Next for Centene Corporation Del (NYSE:CNC) Stock After Increase in Shorted Shares?

November 30, 2016 - By Ruchi Gupta   ·   0 Comments

Shorts Action: What Next for Centene Corporation Del (NYSE:CNC) Stock After Increase in Shorted Shares?

The stock of Centene Corporation Del (NYSE:CNC) registered an increase of 11.38% in short interest. CNC’s total short interest was 5.76 million shares in November as published by FINRA. Its up 11.38% from 5.17M shares, reported previously. With 1.46 million shares average volume, it will take short sellers 4 days to cover their CNC’s short positions. The short interest to Centene Corporation Del’s float is 3.48%. The stock increased 3.84% or $2.13 during the last trading session, hitting $57.6. Centene Corp (NYSE:CNC) has declined 12.06% since April 27, 2016 and is downtrending. It has underperformed by 17.29% the S&P500.

Centene Corporation is a diversified healthcare firm that provides programs and services to government sponsored healthcare programs. The company has a market cap of $9.61 billion. The Firm also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. It has a 22.2 P/E ratio. The Firm operates through two divisions.

Insitutional Activity: The institutional sentiment decreased to 0.8 in Q2 2016. Its down 0.03, from 0.83 in 2016Q1. The ratio is negative, as 77 funds sold all Centene Corp shares owned while 185 reduced positions. 64 funds bought stakes while 154 increased positions. They now own 147.39 million shares or 7.12% less from 158.68 million shares in 2016Q1.
Advance Capital I accumulated 1.15% or 15,200 shares. The Washington-based Cornerstone Advsrs has invested 0.05% in Centene Corp (NYSE:CNC). Earnest Prns Limited Liability Corp accumulated 1.47% or 1.90M shares. Livforsakringsbolaget Skandia Omsesidigt holds 20,600 shares or 0.07% of its portfolio. Cleararc Capital accumulated 0.06% or 4,155 shares. Mitsubishi Ufj Trust & Bk accumulated 342,702 shares or 0.05% of the stock. Ls Inv Advsr Ltd Co last reported 7,254 shares in the company. The Florida-based State Board Of Administration Of Florida Retirement System has invested 0.05% in Centene Corp (NYSE:CNC). Smith Moore has 5,959 shares for 0.18% of their US portfolio. The Illinois-based Driehaus Capital Lc has invested 0.49% in Centene Corp (NYSE:CNC). Cfo4life L P accumulated 7,886 shares or 0.48% of the stock. The Connecticut-based Everpoint Asset Management Ltd Liability has invested 0.72% in Centene Corp (NYSE:CNC). Origin Asset Management Llp last reported 0.96% of its portfolio in the stock. First Personal Financial Svcs, a North Carolina-based fund reported 299 shares. Bnp Paribas Arbitrage Sa accumulated 0% or 10,043 shares.

Insider Transactions: Since June 6, 2016, the stock had 1 buy, and 6 selling transactions for $3.15 million net activity. 150 shares were bought by DITMORE ROBERT K, worth $10,050. Another trade for 10,000 shares valued at $663,600 was made by GOLDMAN CAROL on Monday, October 3. Baldwin Kenneth Rone sold $426,000 worth of Centene Corp (NYSE:CNC) on Friday, July 1. The insider BROOKS MARK J sold 3,914 shares worth $254,449. On Monday, November 7 Hunter Jesse N sold $325,000 worth of the stock or 5,000 shares. $1.10M worth of Centene Corp (NYSE:CNC) shares were sold by GEPHARDT Richard A.

Centene Corp (NYSE:CNC) Ratings Coverage

Out of 12 analysts covering Centene Corporation (NYSE:CNC), 9 rate it a “Buy”, 1 “Sell”, while 2 “Hold”. This means 75% are positive. $86 is the highest target while $69 is the lowest. The $78 average target is 35.42% above today’s ($57.6) stock price. Centene Corporation has been the topic of 18 analyst reports since July 22, 2015 according to StockzIntelligence Inc. As per Friday, November 11, the company rating was downgraded by Credit Suisse. As per Wednesday, June 29, the company rating was upgraded by Morgan Stanley. Barclays Capital upgraded it to “Overweight” rating and $82 target price in Monday, June 20 report. Credit Suisse initiated the stock with “Outperform” rating in Wednesday, December 16 report. Jefferies maintained the shares of CNC in a report on Friday, January 8 with “Buy” rating. Evercore initiated Centene Corp (NYSE:CNC) rating on Friday, September 23. Evercore has “Buy” rating and $79 price target. Credit Suisse maintained Centene Corp (NYSE:CNC) rating on Wednesday, October 5. Credit Suisse has “Outperform” rating and $76 price target. On Thursday, June 16 the stock rating was initiated by Bernstein with “Market Perform”. UBS upgraded Centene Corp (NYSE:CNC) rating on Monday, July 27. UBS has “Buy” rating and $80 price target. The company was downgraded on Tuesday, September 6 by Leerink Swann.

CNC Company Profile

Centene Corporation, incorporated on September 26, 2001, is a diversified healthcare firm that provides programs and services to government sponsored healthcare programs. The Firm offers member-focused services by assisting in accessing care, coordinating referrals to related health and social services, and addressing member concerns and questions. It also provides education and outreach programs to inform and assist members in accessing appropriate healthcare services. The Firm operates through two divisions: Managed Care and Specialty Services. The Managed Care segment consists of the Company’s health plans, including all of the functions needed to operate them. The Specialty Services segment consists of the Company’s specialty companies offering auxiliary healthcare services and products.

More notable recent Centene Corp (NYSE:CNC) news were published by: Prnewswire.com which released: “Centene Corporation To Provide 2017 Financial Guidance And Host Investor …” on November 15, 2016, also Bizjournals.com with their article: “Sacramento shortlisted for 1500 jobs from managed health care company (Update)” published on November 18, 2016, Prnewswire.com published: “Centene Corporation To Present At Credit Suisse And Stifel Healthcare …” on October 31, 2016. More interesting news about Centene Corp (NYSE:CNC) were released by: Bizjournals.com and their article: “Centene shortlists Sacramento for 1500 jobs” published on November 18, 2016 as well as Prnewswire.com‘s news article titled: “Centene Announces New Medicaid Contract In Nevada” with publication date: November 07, 2016.

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By Ruchi Gupta

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