CNC Insider Purchase: Sarah London Increases Direct Holdings to 845,275 Shares

Rhea-AI Filing Summary

Centene Corporation director and chief executive officer Sarah London reported an open-market purchase of common stock on 08/08/2025. The filing shows acquisition of 19,230 shares at a weighted average price of $25.49–$25.50, increasing her reported direct beneficial ownership to 845,275 shares. The ownership total explicitly includes 591,998 shares represented by previously-granted restricted stock units and performance stock units reported at target levels and subject to vesting.

The report also discloses 13,449 performance-style stock options with an exercise price of $81.85, tied to a grant with a performance condition that the common stock close at or above $100 for 20 consecutive trading days before they may become exercisable. The form was executed by an attorney-in-fact.

Positive

• Insider purchased shares: acquisition of 19,230 common shares at a weighted average of $25.49–$25.50
• Significant ownership retained: reported direct beneficial ownership increased to 845,275 shares
• Long-term alignment: ownership includes 591,998 RSUs/PSUs (reported at target), linking compensation to future performance

Negative

• None.

Insights

Financial Analyst

TL;DR: CEO purchased 19,230 shares at ~$25.50, raising direct holdings to 845,275; transaction is modest in size relative to total holdings.

The reported purchase increases direct share holdings and confirms ongoing insider ownership. The disclosed 591,998 RSUs/PSUs (reported at target) comprise a substantial portion of total reported holdings, while the 13,449 performance options carry a high strike of $81.85 and a $100 performance hurdle. Taken together, the transactions and awards show continued executive equity exposure but do not, by themselves, represent a material capital event for the company.

Corporate Governance Expert

TL;DR: Filing documents a routine insider purchase and long‑dated performance option subject to vesting and a price-based vesting condition.

The Form 4 discloses acquisition details and the makeup of beneficial ownership, including restricted and performance awards recorded at target levels. The performance option's exercisability is contingent on a sustained $100 share price condition, which is a clear contractual vesting metric. The form was signed by an attorney‑in‑fact, which is consistent with standard filing practice when the reporting person uses a designated agent.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LONDON SARAH

(Last) (First) (Middle)

7700 FORSYTH BOULEVARD

(Street)

ST. LOUIS MO 63105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CENTENE CORP [ CNC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/08/2025		P		19,230	A	$25.5(1)	845,275(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Option (right to buy)	$81.85							(3)	12/15/2031	Common Stock	13,449		13,449	D

Explanation of Responses:

1. The weighted average price for this transaction is reported within the form. Shares were purchased at prices ranging from $25.49 to $25.50. Full information regarding the number of shares at each price is available upon request.

2. Ownership includes 591,998 shares of previously-granted restricted stock units and performance stock units (reported at target level performance) subject to vesting requirements.

3. Performance Stock Option granted on December 15, 2021, may become exercisable on or after the third anniversary of the grant date if the closing price of CNC's common stock equals or exceeds $100 per share for 20 consecutive trading days following the grant date.

Remarks:

	/s/ Christopher A. Koster (executed by attorney-in-fact)	08/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

When did Sarah London transact and how many shares did she buy (CNC)?

The Form 4 reports a purchase on 08/08/2025 of 19,230 common shares.

At what price were the CNC shares purchased by the reporting person?

The weighted average purchase price is reported as $25.49–$25.50.

How many Centene (CNC) shares does Sarah London beneficially own after the reported transaction?

Following the transaction, reported direct beneficial ownership is 845,275 shares.

What derivative securities does the filing disclose for Sarah London?

The filing discloses 13,449 performance-style stock options with an exercise price of $81.85 and an exercisability/expiration reference of 12/15/2031.

Does the reported ownership include restricted or performance stock units for CNC?

Yes. The filing states ownership includes 591,998 shares of previously-granted restricted stock units and performance stock units reported at target and subject to vesting.

Who executed the Form 4 filing for the reporting person?

The Form 4 shows execution by Christopher A. Koster acting as attorney-in-fact for the reporting person.