Centene Corporation [CNC] stock Downgrade by BofA Securities analyst, price target now $85

Centene Corporation [NYSE: CNC] price surged by 1.58 percent to reach at $1.27. The company report on December 21, 2022 that Health Net Providing Special Assistance to Members Affected by Earthquake.


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Health Net Assisting Members in Humboldt County During State of Emergency.

In response to Gov. Gavin Newsom’s declared state of emergency in Humboldt County, Health Net is providing special assistance to members affected by the earthquake. 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.

A sum of 3269293 shares traded at recent session while its average daily volume was at 3.71M shares. Centene Corporation shares reached a high of $81.69 and dropped to a low of $79.39 until finishing in the latest session at $81.65.

The one-year CNC stock forecast points to a potential upside of 18.78. The average equity rating for CNC stock is currently 2.00, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on 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 $100.53 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.

BofA Securities have made an estimate for Centene Corporation shares, keeping their opinion on the stock as Underperform, with their previous recommendation back on December 13, 2022. While these analysts kept the previous recommendation, Argus raised their target price to Buy. The new note on the price target was released on September 30, 2022, representing the official price target for Centene Corporation stock. Previously, the target price had yet another drop from $103 to $99, while Wells Fargo kept a Equal Weight rating on CNC stock.

The Average True Range (ATR) for Centene Corporation is set at 2.15, 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 1.85, with the Price to Cash per share for the same quarter was set at 26.83. Price to Free Cash Flow for CNC in the course of the last twelve months was 6.09.

CNC Stock Performance Analysis:

Centene Corporation [CNC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.63. With this latest performance, CNC shares dropped by -0.57% in over the last four-week period, additionally sinking by -2.38% over the last 6 months – not to mention a drop of -1.61% 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 44.41, with the RSI for the last a single of trading hit 41.56, and the three-weeks RSI is set at 46.34 for Centene Corporation [CNC]. The present Moving Average for the last 50 days of trading for this stock 82.19, while it was recorded at 81.03 for the last single week of trading, and 84.88 for the last 200 days.

Insight into Centene Corporation 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.

CNC Stock EPS

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 11.26%.

Centene Corporation [CNC] Insider Position Details

There are presently around $43,880 million, or 98.40% 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 $3.97 billion in CNC stocks shares; and BLACKROCK INC., currently with $3.44 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 409 institutional holders increased their position in Centene Corporation [NYSE:CNC] by around 31,014,488 shares. Additionally, 406 investors decreased positions by around 40,069,068 shares, while 126 investors held positions by with 466,328,322 shares. The mentioned changes placed institutional holdings at 537,411,878 shares, according to the latest SEC report filing. CNC stock had 102 new institutional investments in for a total of 10,316,488 shares, while 86 institutional investors sold positions of 14,338,678 shares during the same period.

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