Market cap of Centene Corporation [CNC] reaches 43.48B – now what?

Centene Corporation [NYSE: CNC] traded at a low on 01/12/23, posting a -0.33 loss after which it closed the day’ session at $78.18. The company report on January 3, 2023 that CENTENE’S HEALTH NET ISSUED NEW MEDI-CAL DIRECT CONTRACTS BY CALIFORNIA DEPARTMENT OF HEALTH CARE SERVICES.

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Health Net to Serve Members in 10 counties including Los Angeles and Sacramento Counties.

Centene Corporation (NYSE: CNC) announced today the California Department of Health Care Services (DHCS) has selected its California subsidiary Health Net of California (Health Net) for direct contracts in Los Angeles and Sacramento counties, increasing the number of direct county contracts by DHCS to 10.

The results of the trading session contributed to over 3503527 shares changing hands. Over the past one week, the price volatility of Centene Corporation stands at 2.99% while the volatility over the past one month is 2.72%.

The market cap for CNC stock reached $43.48 billion, with 573.96 million shares outstanding and 563.21 million shares in the current float. Compared to the average trading volume of 3.50M shares, CNC reached a trading volume of 3503527 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 $100.00 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 2.13, with the Price to Sales ratio for CNC stock in the period of the last 12 months amounting to 0.31. The Price to Book ratio for the last quarter was 1.77, with the Price to Cash per share for the same quarter was set at 26.95. Price to Free Cash Flow for CNC in the course of the last twelve months was 5.80.

How has CNC stock performed recently?

Centene Corporation [CNC] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.19. With this latest performance, CNC shares dropped by -10.02% in over the last four-week period, additionally sinking by -8.84% over the last 6 months – not to mention a drop of -2.30% 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 41.02, with the RSI for the last a single of trading hit 40.91, and the three-weeks RSI is set at 42.41 for Centene Corporation [CNC]. The present Moving Average for the last 50 days of trading for this stock 82.57, while it was recorded at 77.80 for the last single week of trading, and 84.48 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 11.09%.

Insider trade positions for Centene Corporation [CNC]

There are presently around $41,543 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 $3.8 billion in CNC stocks shares; and BLACKROCK INC., currently with $3.29 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 February and at the time of the February reporting period, where 411 institutional holders increased their position in Centene Corporation [NYSE:CNC] by around 31,010,015 shares. Additionally, 411 investors decreased positions by around 39,466,310 shares, while 119 investors held positions by with 460,898,899 shares. The mentioned changes placed institutional holdings at 531,375,224 shares, according to the latest SEC report filing. CNC stock had 107 new institutional investments in for a total of 10,165,240 shares, while 90 institutional investors sold positions of 14,362,901 shares during the same period.


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