News Spotlight: Centene Corporation (NYSE:CNC)

Adam Benton

Centene Corporation (NYSE:CNC) stock observed trading -25.72% off 52-week high price. On the other end, the stock has been noted 21.76% away from low price over the last 52-weeks. The stock disclosed a move of 2.70% away from 50 day moving average and -10.40% away from 200 day moving average. Moving closer, we can see that shares have been trading 0.67% off 20-day moving average. It has market cap of $22470.07M.

June 24, 2019   Centene Corporation (NYSE:CNC) and WellCare Health Plans (NYSE: WCG) announced that the stockholders of both companies approved all proposals regarding Centene’s pending acquisition of WellCare pursuant to the definitive merger agreement between the parties.

At the special meeting of Centene’s stockholders held in St. Louis, Centene stockholders voted to approve proposals of the pending transaction with WellCare. Approximately 85% of the outstanding shares of Centene common stock voted at the Centene special meeting, with over 99% voting to approve the issuance of Centene common stock in connection with the acquisition.

At the special meeting of WellCare’s stockholders held separately in New York, WellCare stockholders voted to approve proposals of the pending transaction with Centene. Approximately 83% of the shares of WellCare outstanding common stock voted at the special meeting, with 99% voting in favor of the adoption of the merger agreement.

Centene and WellCare will each file the final vote results for their respective stockholder meetings on a Current Report on Form 8-K with the U.S. Securities and Exchange Commission.

We are pleased that Centene stockholders overwhelmingly support the recommendation of the board of directors on the pending combination with WellCare and have voted in favor of the transaction, said Michael F. Neidorff, Centene’s Chairman and Chief Executive Officer. With the addition of WellCare, we are creating a combined company that is better able to serve members and help them achieve better health outcomes. Centene and WellCare will continue to move forward with federal and regulatory approvals with a focus on improving quality for recipients, fair compensation for providers and savings for states. We thank our stockholders for their continued support and look forward to working with WellCare to complete this transaction. The USA based company Centene Corporation moved with change of -1.84% to $55.33 with the total traded volume of 5663850 shares in recent session versus to an average volume of 9732.66K. The stock was observed in the 5 days activity at 0.58%. The one month performance of stock was -0.16%. CNC’s shares are at -3.01% for the quarter and driving a -11.19% return over the course of the past year and is now at -4.02% since this point in 2018.  Right now the stock beta is 0.88. The average volatility for the week and month was at 2.54% and 2.89% respectively. There are 406.11M shares outstanding and 403.71M shares are floated in market.

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