Centene Corporation [CNC] Stock trading around $83.41 per share: What’s Next?

Centene Corporation [NYSE: CNC] traded at a low on 09/20/22, posting a -1.60 loss after which it closed the day’ session at $83.41. The company report on September 15, 2022 that Centene’s Texas Subsidiary Announces Successful Reprocurement of Foster Care Contract.


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Centene Corporation (NYSE: CNC) announced today that its Texas subsidiary, Superior HealthPlan (Superior), will continue to provide children and youth in foster care with healthcare coverage through the STAR Health Medicaid program. A new six-year contract was awarded to Superior by the Texas Health and Human Services Commission (HHSC). Superior has been the sole provider of STAR Health coverage since the program launched in 2008.

“We are pleased to continue our partnership with the state to help build a healthier Texas,” said Brent Layton, Centene’s President and Chief Operating Officer. “Together with our network of local providers and community partners, we are humbled to coordinate services and address the complex medical and non-medical needs of members in the foster care system.”.

The results of the trading session contributed to over 6644563 shares changing hands. Over the past one week, the price volatility of Centene Corporation stands at 4.26% while the volatility over the past one month is 2.89%.

The market cap for CNC stock reached $48.65 billion, with 583.64 million shares outstanding and 566.38 million shares in the current float. Compared to the average trading volume of 3.20M shares, CNC reached a trading volume of 6644563 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 2.00. 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 2.69, with the Price to Sales ratio for CNC stock in the period of the last 12 months amounting to 0.35. The Price to Book ratio for the last quarter was 1.85, with the Price to Cash per share for the same quarter was set at 23.03. Price to Free Cash Flow for CNC in the course of the last twelve months was 8.13.

How has CNC stock performed recently?

Centene Corporation [CNC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.35. With this latest performance, CNC shares dropped by -13.92% in over the last four-week period, additionally sinking by -3.85% over the last 6 months – not to mention a rise of 29.62% 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 35.22, with the RSI for the last a single of trading hit 31.73, and the three-weeks RSI is set at 38.66 for Centene Corporation [CNC]. The present Moving Average for the last 50 days of trading for this stock 91.50, while it was recorded at 84.48 for the last single week of trading, and 84.67 for the last 200 days.

Centene Corporation [CNC]: Deeper insight into the 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 analysis for Centene Corporation [CNC]

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%.

Insider trade positions for Centene Corporation [CNC]

There are presently around $45,723 million, or 99.00% 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 $3.96 billion in CNC stocks shares; and BLACKROCK INC., currently with $3.54 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 410 institutional holders increased their position in Centene Corporation [NYSE:CNC] by around 26,587,444 shares. Additionally, 378 investors decreased positions by around 23,409,079 shares, while 132 investors held positions by with 498,177,661 shares. The mentioned changes placed institutional holdings at 548,174,184 shares, according to the latest SEC report filing. CNC stock had 89 new institutional investments in for a total of 2,651,186 shares, while 72 institutional investors sold positions of 6,052,418 shares during the same period.

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