filings.toolsItem 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Common Stock
Our common stock has been traded and quoted on the New York Stock Exchange under the symbol "CNC" since October 16, 2003. The high and low prices, as reported by the NYSE, are set forth below for the periods indicated.
| 2022 Stock Price (through February 18, 2022**)** | 2021 Stock Price | 2020 Stock Price | |||||||||||||||||||||||||||||||||
| High | Low | High | Low | High | Low | ||||||||||||||||||||||||||||||
| First Quarter | $ | 86.81 | $ | 74.47 | $ | 70.26 | $ | 57.16 | $ | 68.64 | $ | 43.96 | |||||||||||||||||||||||
| Second Quarter | 75.25 | 59.33 | 74.70 | 53.83 | |||||||||||||||||||||||||||||||
| Third Quarter | 75.59 | 59.67 | 68.45 | 53.60 | |||||||||||||||||||||||||||||||
| Fourth Quarter | 85.44 | 60.81 | 72.31 | 57.56 |
As of February 18, 2022, there were 1,078 holders of record of our common stock.
Issuer Purchases of Equity Securities
In February 2021, our Board of Directors approved an increase in the Company's existing share repurchase program for its common stock. With the increase, the Company is authorized to repurchase up to $1.0 billion of shares of the Company's common stock, inclusive of the previously approved stock repurchase program. No duration has been placed on the repurchase program. We reserve the right to discontinue the repurchase program at any time.
During the fourth quarter of 2021, we used proceeds from divestiture of U.S. Medical Management (USMM) and cash on hand to repurchase 2.4 million shares of Centene common stock for $200 million through our stock repurchase program. We have $800 million remaining under the program for repurchases as of December 31, 2021.
| Issuer Purchases of Equity Securities Fourth Quarter 2021 (shares in thousands) | ||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased**(1)** | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate $ Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)****(2) | ||||||||||||||||||||||
| October 1 – October 31, 2021 | 3 | $ | 64.90 | — | $ | 1,000 | ||||||||||||||||||||
| November 1 – November 30, 2021 | 2 | 73.94 | — | 1,000 | ||||||||||||||||||||||
| December 1 – December 31, 2021 | 3,012 | 82.42 | 2,402 | 800 | ||||||||||||||||||||||
| Total | 3,017 | $ | 79.10 | 2,402 | $ | 800 | ||||||||||||||||||||
| (1) Shares purchased through a publicly announced plan or program and shares relinquished to the Company by certain employees for payment of taxes or option cost upon vesting of restricted stock units or option exercise. | ||||||||||||||||||||||||||
| (2) Our Board of Directors adopted a stock repurchase program which allows for repurchases of up to 14,160 thousand shares. As of January 2021, a remaining amount of 5,488 thousand shares were available under the program. In February 2021, the Company's Board of Directors approved an increase in the Company's existing share repurchase program for its common stock. With the increase, the Company was authorized to repurchase up to $1.0 billion worth of shares of the Company's common stock, inclusive of the previously approved stock repurchase program. A remaining amount of $800 million is available under the program. No duration has been placed on the repurchase program. |
Stock Performance Graph
The graph below compares the cumulative total stockholder return on our common stock for the period from December 31, 2016 to December 31, 2021 with the cumulative total return of the New York Stock Exchange Composite Index, the Standard & Poor's Supercomposite Managed Healthcare Index and the Standard & Poor's 500 over the same period. Standard & Poor's 500 is included because our common stock is within the index. The graph assumes an investment of $100 on December 31, 2016 in our common stock (at the last reported sale price on such day), the New York Stock Exchange Composite Index, the Standard & Poor's Supercomposite Managed Healthcare Index, and the Standard & Poor's 500 and assumes the reinvestment of any dividends.
| December 31, | |||||||||||||||||||||||||||||||||||
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||
| Centene Corporation | $ | 100.00 | $ | 178.55 | $ | 204.07 | $ | 222.55 | $ | 212.50 | $ | 291.68 | |||||||||||||||||||||||
| New York Stock Exchange Composite Index | 100.00 | 115.84 | 102.87 | 125.83 | 131.36 | 155.23 | |||||||||||||||||||||||||||||
| S&P Supercomposite Managed Healthcare Index | 100.00 | 142.26 | 156.88 | 186.13 | 213.81 | 296.76 | |||||||||||||||||||||||||||||
| S&P 500 | 100.00 | 119.42 | 111.97 | 144.31 | 167.77 | 212.89 | |||||||||||||||||||||||||||||
| Centene Corporation closing stock price | $ | 28.25 | $ | 50.44 | $ | 57.65 | $ | 62.87 | $ | 60.03 | $ | 82.40 | |||||||||||||||||||||||
| Centene Corporation annual stockholder return | (14.1) | % | 78.5 | % | 14.3 | % | 9.1 | % | (4.5) | % | 37.3 | % |
In accordance with the rules of the SEC, the information contained in the Stock Performance Graph on this page shall not be deemed to be "soliciting material," or to be "filed" with the SEC or subject to the SEC's Regulation 14A, or to the liabilities of Section 18 of the Exchange Act, except to the extent that Centene specifically requests that the information be treated as soliciting material or specifically incorporates it by reference into a document filed under the Securities Act, or the Exchange Act.
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