Centene Corporation [CNC] stock Downgrade by Wells Fargo analyst, price target now $99

Centene Corporation [NYSE: CNC] closed the trading session at $89.74 on 08/31/22. The day’s price range saw the stock hit a low of $87.16, while the highest price level was $92.69. The company report on August 25, 2022 that Centene Statement re: California’s Medi-Cal Managed Care Contract Award.

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Centene Corporation (NYSE: CNC) issued the following statement after the announcement of the award of the Medi-Cal Managed Care contracts:.

“As one of the state’s longest serving and most experienced Medi-Cal partners, we are pleased to have been awarded contracts by the California Department of Health Care Services to continue serving members in nine counties across California.”.

The stocks have a year to date performance of 8.91 percent and weekly performance of -6.15 percent. The stock has been moved at 5.98 percent over the last six months. The stock has performed -3.83 percent around the most recent 30 days and changed 10.50 percent over the most recent 3-months.

If compared to the average trading volume of 2.76M shares, CNC reached to a volume of 8759616 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Centene Corporation [CNC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CNC shares is $104.84 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CNC stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Wells Fargo have made an estimate for Centene Corporation shares, keeping their opinion on the stock as Equal Weight, with their previous recommendation back on August 26, 2022. While these analysts kept the previous recommendation, Barclays raised their target price to Overweight. The new note on the price target was released on July 28, 2022, representing the official price target for Centene Corporation stock. Previously, the target price had yet another raise from $82 to $115, while Jefferies kept a Buy rating on CNC stock. On June 21, 2022, analysts increased their price target for CNC shares from 86 to 88.

The Average True Range (ATR) for Centene Corporation is set at 2.33, with the Price to Sales ratio for CNC stock in the period of the last 12 months amounting to 0.40. The Price to Book ratio for the last quarter was 1.99, with the Price to Cash per share for the same quarter was set at 22.08. Price to Free Cash Flow for CNC in the course of the last twelve months was 9.12.

CNC stock trade performance evaluation

Centene Corporation [CNC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.15. With this latest performance, CNC shares dropped by -3.83% in over the last four-week period, additionally plugging by 5.98% over the last 6 months – not to mention a rise of 42.49% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CNC stock in for the last two-week period is set at 40.19, with the RSI for the last a single of trading hit 32.98, and the three-weeks RSI is set at 45.32 for Centene Corporation [CNC]. The present Moving Average for the last 50 days of trading for this stock 90.63, while it was recorded at 91.61 for the last single week of trading, and 83.73 for the last 200 days.

Centene Corporation [CNC]: An insightful look at the core fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Centene Corporation [CNC] shares currently have an operating margin of +2.77. Centene Corporation’s Net Margin is presently recorded at +1.07.

Return on Equity for this stock inclined to 5.12, with Return on Assets sitting at 1.80.

Earnings per share (EPS) analysis for Centene Corporation [CNC] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CNC. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Centene Corporation go to 12.48%.

Centene Corporation [CNC]: Insider Ownership positions

There are presently around $49,193 million, or 98.90% of CNC stock, in the hands of institutional investors. The top three institutional holders of CNC stocks are: VANGUARD GROUP INC with ownership of 65,334,084, which is approximately 2.715% of the company’s market cap and around 0.50% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 47,534,346 shares of the stock with an approximate value of $4.27 billion in CNC stocks shares; and BLACKROCK INC., currently with $3.81 billion in CNC stock with ownership of nearly 1.459% of the company’s market capitalization.

Positions in Centene Corporation stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 409 institutional holders increased their position in Centene Corporation [NYSE:CNC] by around 26,586,560 shares. Additionally, 380 investors decreased positions by around 23,416,069 shares, while 131 investors held positions by with 498,167,003 shares. The mentioned changes placed institutional holdings at 548,169,632 shares, according to the latest SEC report filing. CNC stock had 88 new institutional investments in for a total of 2,650,358 shares, while 74 institutional investors sold positions of 6,059,408 shares during the same period.


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