Centene's Options Frenzy: What You Need to Know

Deep-pocketed investors have adopted a bearish approach towards Centene CNC, and it’s something market players shouldn’t ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CNC usually suggests something big is about to happen.

We gleaned this information from our observations today when Benzinga’s options scanner highlighted 13 extraordinary options activities for Centene. This level of activity is out of the ordinary.

The general mood among these heavyweight investors is divided, with 23% leaning bullish and 69% bearish. Among these notable options, 2 are puts, totaling $64,580, and 11 are calls, amounting to $763,881.

What’s The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $25.0 to $32.5 for Centene over the last 3 months.

Volume & Open Interest Development

Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Centene’s options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Centene’s substantial trades, within a strike price spectrum from $25.0 to $32.5 over the preceding 30 days.

Centene 30-Day Option Volume & Interest Snapshot

Largest Options Trades Observed:

Symbol	PUT/CALL	Trade Type	Sentiment	Exp. Date	Ask	Bid	Price	Strike Price	Total Trade Price	Open Interest	Volume
CNC	CALL	SWEEP	BEARISH	11/21/25	$6.0	$5.9	$5.9	$25.00	$118.2K	560	0
CNC	CALL	SWEEP	BEARISH	01/16/26	$5.0	$4.9	$4.9	$27.50	$98.0K	4.7K	137
CNC	CALL	SWEEP	BEARISH	01/16/26	$4.0	$3.8	$3.8	$30.00	$76.1K	5.8K	295
CNC	CALL	TRADE	BULLISH	09/05/25	$3.6	$3.5	$3.57	$26.00	$70.6K	223	2
CNC	CALL	SWEEP	BEARISH	12/19/25	$3.5	$3.4	$3.4	$30.00	$68.0K	5.7K	10

About Centene

Centene is a managed care organization that focuses on government-sponsored healthcare plans, including Medicaid, Medicare, and the individual exchanges. Centene served 22 million medical members as of December 2024, mostly in Medicaid (about 60% of membership), the individual exchanges (about 20%), and Medicare (about 5%). The company also has a military contract and provides Medicare Part D pharmaceutical plans.

Current Position of Centene

• With a volume of 3,284,009, the price of CNC is up 0.39% at $29.45.
• RSI indicators hint that the underlying stock may be approaching overbought.
• Next earnings are expected to be released in 65 days.

Expert Opinions on Centene

In the last month, 5 experts released ratings on this stock with an average target price of $30.4.

Unusual Options Activity Detected: Smart Money on the Move

Benzinga Edge’s Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access.
* Maintaining their stance, an analyst from Baird continues to hold a Neutral rating for Centene, targeting a price of $28.
* Reflecting concerns, an analyst from Wells Fargo lowers its rating to Equal-Weight with a new price target of $30.
* Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on Centene with a target price of $28.
* An analyst from UBS persists with their Neutral rating on Centene, maintaining a target price of $31.
* An analyst from Truist Securities has decided to maintain their Buy rating on Centene, which currently sits at a price target of $35.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for Centene, Benzinga Pro gives you real-time options trades alerts.