Jessica L. Blume, a director at Centene Corp (NYSE:CNC), recently acquired 250 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The shares were purchased at a price of $59.48 each, resulting in a total transaction value of $14,870. The purchase comes as the $29.19 billion healthcare provider trades near its 52-week low, with InvestingPro analysis indicating the stock is currently undervalued. Following this acquisition, Blume indirectly owns 250 shares through a revocable family trust, where she serves as the sole trustee.
Additionally, Blume directly holds 24,786 shares of Centene's common stock, which includes 2,916 shares of restricted stock units subject to vesting requirements. The filing also indicates that Blume possesses stock options for 20,000 shares, exercisable at $55.29 per share, with an expiration date in 2028.
In other recent news, Centene Corporation has been the subject of multiple analyst adjustments. Jefferies reconfirmed an Underperform rating due to concerns about the company's focus on the Health Insurance Exchange market and skepticism over Centene's Prescription Drug Plan margins. However, JPMorgan (NYSE:JPM) upgraded Centene to Overweight, citing the company's attractive market valuation. Truist Securities adjusted Centene's stock price target to $84, maintaining a Buy rating based on the company's long-term targets and 2025 guidance. Stephens cut Centene's stock price target from $75.00 to $73.00, retaining an Equal Weight rating, while 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. The company also reaffirmed its 2024 adjusted diluted EPS guidance of more than $6.80.
In 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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