Why Are People Selling Their CNC Shares?

This afternoon we watched Centene drop -2.5% to a price of $73.61 per share. The large-cap Medical Specialities company is now trading -14.01% below its average target price of $85.6. Analysts have set target prices ranging from $72.0 to $110.0 per share for Centene, and have given the stock an average rating of buy.

The stock has a very low short interest at 1.5%, and a short ratio of 2.38. The company's insiders own 0.45% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that a significant number of institutional investors are invested in the stock, with 96.4% of Centene's shares being owned by this investor type.

Institutions Invested in Centene

Date Reported Holder Percentage Shares Value
2023-09-30 Vanguard Group Inc 12% 62,179,435 $4,577,028,248
2023-09-30 Blackrock Inc. 7% 39,000,832 $2,870,851,267
2023-09-30 Capital World Investors 7% 35,276,885 $2,596,731,526
2023-09-30 FMR, LLC 6% 33,315,931 $2,452,385,701
2023-09-30 State Street Corporation 4% 22,810,864 $1,679,107,712
2023-09-30 Wellington Management Group, LLP 4% 20,210,844 $1,487,720,239
2023-09-30 JP Morgan Chase & Company 3% 13,467,834 $991,367,268
2023-09-30 Politan Capital Management LP 2% 12,137,283 $893,425,409
2023-09-30 Geode Capital Management, LLC 2% 10,147,633 $746,967,271
2023-09-30 Invesco Ltd. 2% 8,788,485 $646,920,386

Besides an analyst consensus of some upside potential, other market factors point to there being mixed market sentiment on Centene.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.