Theodore R. Samuels II, a director at Centene Corp (NYSE:CNC), recently acquired 5,000 shares of the company's common stock. The purchase, valued at approximately $294,300, was made at a price of $58.86 per share on December 13, 2024. This insider purchase comes as the $29.2 billion healthcare provider trades near its 52-week low, with InvestingPro analysis indicating the stock is currently undervalued. Management's share buybacks and insider purchases signal strong confidence in the company's future, trading at an attractive P/E ratio of 10x. Following this transaction, Samuels holds a total of 23,000 shares indirectly through a revocable family trust, where he serves as a co-trustee. Additionally, he directly owns 13,622.979 shares, which includes 2,916 restricted stock units subject to vesting requirements.
In the derivative securities section, Samuels holds an option for 10,000 shares of common stock with an exercise price of $80.57, exercisable beginning February 7, 2025, and expiring on February 7, 2032.
In other recent news, Centene Corporation has been the focus of several adjustments by financial analysts. Jefferies reaffirmed its Underperform rating on Centene shares with a steady price target of $52.00, citing concerns about the company's limited focus on the Health Insurance Exchange market and risk pool. Despite these concerns, Centene maintains a strong revenue of $146.2 billion. On the other hand, JPMorgan (NYSE:JPM) 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.
Additionally, 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. 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. Lastly, Sunshine Health, part of Centene Corporation, announced the appointment of Charlene Zein as its new CEO. These are recent developments for Centene Corporation.
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