Shares of Centene Corp (NYSE: CNC) shot up over 3% on average volume on Friday, after it was revealed that activist investor and CEO of asset management firm Third Point, Daniel Seth Loeb, has sought for the company’s sale.
According to The Wall Street Journal, Third Point holds at least a $300 million worth of stake in the insurance firm.
Loeb reportedly wants Centene to sell itself before it consummates the deal to buy WellCare Health Plans (NYSE: WCG) for $15.3 billion. The deal was announced in March this year, and both the companies are set to have shareholder meetings next month to sort out differences and go forward with the deal.
READ: WHAT YOU NEED TO KNOW BEFORE BUYING VILLAGE FARMS STOCK
Other activist investors including Corvex Management and Sachem Head Capital Management had also earlier put forward similar demands.
However, earlier this month, Centene chief Michael Neidorff said in a letter that the deal was under regulatory process and they are planning to go ahead with it.
Shares of health insurers Humana (NYSE: HUM) and UnitedHealth Group (NYSE: UNH) also spiked during intra-day trading on the likelihood of being a potential match to Centene. Shares of WellCare Health, meanwhile, fell into the red zone.
Most Popular
Infographic: How Lennar (LEN) performed in Q4 2025
Lennar Corporation (NYSE: LEN) reported total revenues of $9.4 billion for the fourth quarter of 2025, compared to $9.9 billion reported in the same period a year ago. Net earnings
Paychex expected to report higher revenue and earnings for Q2 FY26
Paychex, Inc. (NASDAQ: PAYX), a leading provider of human capital management solutions, is undergoing an AI-driven transformation that enhances both its internal operations and client-facing services. Entering fiscal 2026, the
Signet Jewelers (SIG): A look at the progress made on Grow Brand Love
Shares of Signet Jewelers Limited (NYSE: SIG) fell over 3% on Tuesday. The stock has gained 3% year-to-date. The jewelry retailer delivered strong results for the third quarter of 2026,
