Dallas H James, a director at Centene Corp (NYSE:CNC), recently acquired shares of the company's common stock. According to a Form 4 filing with the Securities and Exchange Commission, James purchased 1,693 shares at a price of $59.01 per share, totaling approximately $99,903. The purchase comes as the stock trades near its 52-week low of $55.03, with a current P/E ratio of 9.98.
This acquisition increases James's direct and indirect holdings in Centene, with a notable portion owned by a revocable family trust, as indicated in the filing. Following this transaction, James's total direct holdings amount to 40,303 shares, which includes 2,916 shares of restricted stock units subject to vesting requirements. Additionally, James holds 10,000 shares through stock options exercisable at $62.81. InvestingPro data reveals management has been actively buying back shares, demonstrating strong insider confidence.
Centene, a major player in the healthcare sector with a market capitalization of $29.19 billion, continues to be a focal point for investors, and transactions like these are closely watched for insights into insider sentiment. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, with 10+ additional exclusive insights available to subscribers.
In other recent news, Centene Corporation has been the focus of several financial analyst adjustments. Jefferies reaffirmed its Underperform rating on Centene shares due to concerns about the company's focus on the Health Insurance Exchange market and potential regulatory changes. Despite these concerns, Centene maintains strong financial health with revenue of $146.2 billion. JPMorgan, on the other hand, upgraded Centene to Overweight, citing an attractive investment relative to its current market valuation.
Truist Securities adjusted Centene's stock price target to $84, maintaining a Buy rating based on the company's robust long-term targets and solid initial guidance for 2025. Stephens cut Centene's stock price target from $75.00 to $73.00, retaining an Equal Weight rating on the company's shares.
UBS upgraded Centene's rating from Neutral to Buy, adjusting the price target to $80.00 based on the company's strong financial outlook and market position. However, Jefferies downgraded Centene to Underperform, reducing the price target to $52.00 due to potential regulatory changes that could impact the company's earnings.
Centene projects total revenues ranging from $166.5 billion to $169.5 billion for 2025, with an adjusted diluted earnings per share forecast for 2025 of over $7.25, exceeding the consensus estimate of $7.05. The company also reaffirmed its 2024 adjusted diluted EPS guidance of more than $6.80.
In terms of executive changes, Sunshine Health, part of Centene Corporation, announced the appointment of Charlene Zein as its new CEO. These are among the recent developments for Centene Corporation.
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