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 (NYSE) under the symbol "CNC" since October 16, 2003.
Stockholders
As of February 17, 2023, there were 1,036 holders of record of our common stock.
Issuer Purchases of Equity Securities
In 2022, our Board of Directors authorized increases to the Company's existing stock repurchase program, including $3.0 billion in June 2022 and an additional $2.0 billion in December 2022. With these increases, the Company is authorized to repurchase up to $6.0 billion.
The stock repurchase program is effected primarily through regular open-market purchases (which may include repurchase plans designed to comply with Rule 10b5-1 and accelerated share repurchases), the amounts and timing of which are subject to our discretion as part of our capital allocation strategy, and may be based upon general market conditions and the prevailing price and trading volumes of our common stock. No duration has been placed on the repurchase program. We reserve the right to discontinue the repurchase program at any time.
| Issuer Purchases of Equity Securities Fourth Quarter 2022 (Shares in thousands) | ||||||||||||||||||||||||||
| Period | Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs ($ in millions) (2) | ||||||||||||||||||||||
| October 1, 2022 - October 31, 2022 (3) | 3,842 | $ | 69.25 | 3,840 | $ | 2,150 | ||||||||||||||||||||
| November 1, 2022 - November 30, 2022 | 12,105 | 83.05 | 12,095 | 1,146 | ||||||||||||||||||||||
| December 1, 2022 - December 31, 2022 | 4,306 | 84.04 | 4,046 | 2,806 | ||||||||||||||||||||||
| Total | 20,253 | $ | 80.64 | 19,981 | $ | 2,806 | ||||||||||||||||||||
| (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) In December 2022, the Company's Board of Directors authorized an additional $2.0 billion increase to the stock repurchase program. A remaining amount of approximately $2.8 billion is available under the program as of December 31, 2022. (3) Includes 3.0 million shares delivered through an accelerated share repurchase (ASR) initiated in July 2022, which was settled based on the volume-weighted average price (VWAP) over the term of the agreement, less a discount, of $86.21. See Note 12. Stockholders' Equity for additional information. |
Stock Performance Graph
The graph below compares the cumulative total stockholder return on our common stock for the period from December 31, 2017 to December 31, 2022, 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, 2017 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, | |||||||||||||||||||||||||||||||||||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||
| Centene Corporation | $ | 100.00 | $ | 114.29 | $ | 124.64 | $ | 119.01 | $ | 163.36 | $ | 162.59 | |||||||||||||||||||||||
| New York Stock Exchange Composite Index | 100.00 | 88.80 | 108.62 | 113.40 | 134.00 | 118.55 | |||||||||||||||||||||||||||||
| S&P Supercomposite Managed Healthcare Index | 100.00 | 110.28 | 130.84 | 150.30 | 208.61 | 221.73 | |||||||||||||||||||||||||||||
| S&P 500 | 100.00 | 93.76 | 120.84 | 140.49 | 178.27 | 143.61 | |||||||||||||||||||||||||||||
| Centene Corporation closing stock price | $ | 50.44 | $ | 57.65 | $ | 62.87 | $ | 60.03 | $ | 82.40 | $ | 82.01 | |||||||||||||||||||||||
| Centene Corporation annual stockholder return | 78.5 | % | 14.3 | % | 9.1 | % | (4.5) | % | 37.3 | % | (0.5) | % |
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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