Centene Corporation [CNC] Is Currently 1.02 below its 200 Period Moving Avg: What Does This Mean?

Centene Corporation [NYSE: CNC] gained 1.02% or 0.84 points to close at $82.96 with a heavy trading volume of 3328743 shares. The company report on November 22, 2022 that Health Net Providing Special Assistance to Members Affected by Wildfires, Flash Flooding.

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Health Net Assisting Members in Alpine, El Dorado, Inyo, Los Angeles and Placer Counties During State of Emergency.

In response to Gov. Gavin Newsom’s declared state of emergencies in Alpine, El Dorado, Inyo, Los Angeles and Placer counties, Health Net is providing special assistance to assist members affected by the wildfires and flash flooding. Health Net wants to ensure its members have access to essential prescription medications, critical Health Net information and other healthcare services should their services be interrupted.

It opened the trading session at $82.73, the shares rose to $83.53 and dropped to $82.37, the range by which the price of stock traded the whole day. The daily chart for CNC points out that the company has recorded -4.87% loss over the past six months. However, it is still -19.35% lower than its most recent low trading price.

If we look at the average trading volume of 3.99M shares, CNC reached to a volume of 3328743 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $101.32 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.

Argus have made an estimate for Centene Corporation shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 30, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $103 to $99. The new note on the price target was released on August 26, 2022, representing the official price target for Centene Corporation stock. Previously, the target price had yet another raise to $107, while Barclays analysts kept a Overweight rating on CNC stock. On July 14, 2022, analysts increased their price target for CNC shares from 82 to 115.

The Average True Range (ATR) for Centene Corporation is set at 2.47, with the Price to Sales ratio for CNC stock in the period of the last 12 months amounting to 0.32. The Price to Book ratio for the last quarter was 1.88, with the Price to Cash per share for the same quarter was set at 27.04. Price to Free Cash Flow for CNC in the course of the last twelve months was 6.14.

Trading performance analysis for CNC stock

Centene Corporation [CNC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.13. With this latest performance, CNC shares gained by 9.43% in over the last four-week period, additionally sinking by -4.87% over the last 6 months – not to mention a rise of 11.99% 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 53.59, with the RSI for the last a single of trading hit 55.26, and the three-weeks RSI is set at 51.99 for Centene Corporation [CNC]. The present Moving Average for the last 50 days of trading for this stock 80.36, while it was recorded at 81.64 for the last single week of trading, and 84.78 for the last 200 days.

Centene Corporation [CNC]: A deeper dive into fundamental analysis

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.

Centene Corporation [CNC]: An earnings per share (EPS) analysis

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 13.71%.

An analysis of insider ownership at Centene Corporation [CNC]

There are presently around $44,580 million, or 98.30% of CNC stock, in the hands of institutional investors. The top three institutional holders of CNC stocks are: VANGUARD GROUP INC with ownership of 65,173,608, which is approximately -0.246% of the company’s market cap and around 0.50% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 48,666,122 shares of the stock with an approximate value of $4.04 billion in CNC stocks shares; and BLACKROCK INC., currently with $3.49 billion in CNC stock with ownership of nearly -0.8% of the company’s market capitalization.

Positions in Centene Corporation stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 408 institutional holders increased their position in Centene Corporation [NYSE:CNC] by around 30,975,622 shares. Additionally, 407 investors decreased positions by around 40,072,760 shares, while 125 investors held positions by with 466,324,588 shares. The mentioned changes placed institutional holdings at 537,372,970 shares, according to the latest SEC report filing. CNC stock had 102 new institutional investments in for a total of 10,289,055 shares, while 86 institutional investors sold positions of 14,338,678 shares during the same period.


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