why Centene Corporation [CNC] is a Good Choice for Investors After New Price Target of $83.15

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Centene Corporation [NYSE: CNC] plunged by -$1.72 during the normal trading session on Wednesday and reaching a high of $64.18 during the day while it closed the day at $62.72. The company report on August 28, 2023 at 4:05 PM that Wellcare Announces Partnership with The American Legion.

As Exclusive Medicare Partner, Wellcare and The American Legion will work to bring innovative healthcare solutions to veterans and their families, and support efforts to reduce veteran suicide  .

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Wellcare, the Medicare brand of Centene Corporation (NYSE: CNC), announced today a new strategic partnership with The American Legion, America’s largest veterans service organization, during The American Legion’s 104th National Convention in Charlotte, NC. Through the multi-year partnership, Wellcare will serve as the exclusive Medicare partner, connecting aged 65+ veterans, their spouses and the greater military community with innovative products and solutions that complement the benefits eligible veterans receive through their Veterans Affairs (VA) healthcare, as well as host joint events at Legion Posts nationwide and virtually to connect and educate about opportunities for Medicare Advantage Plans.

Centene Corporation stock has also loss -1.43% of its value over the past 7 days. However, CNC stock has inclined by 0.50% in the 3 months of the year. Over the past six months meanwhile, it has lost -8.45% and lost -23.52% year-on date.

The market cap for CNC stock reached $34.22 billion, with 548.93 million shares outstanding and 537.93 million shares in the current float. Compared to the average trading volume of 3.29M shares, CNC reached a trading volume of 4047023 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 $83.15 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 2.30. 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.

Morgan Stanley have made an estimate for Centene Corporation shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on August 30, 2023.

The Average True Range (ATR) for Centene Corporation is set at 1.27, with the Price to Sales ratio for CNC stock in the period of the last 12 months amounting to 0.23. The Price to Book ratio for the last quarter was 1.34, with the Price to Cash per share for the same quarter was set at 35.53. Price to Free Cash Flow for CNC in the course of the last twelve months was 4.48 with Quick ratio for the last quarter at 1.10.

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 -1.43. With this latest performance, CNC shares dropped by -7.78% in over the last four-week period, additionally sinking by -8.45% over the last 6 months – not to mention a drop of -31.41% 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 36.67, with the RSI for the last a single of trading hit 32.83, and the three-weeks RSI is set at 39.81 for Centene Corporation [CNC]. The present Moving Average for the last 50 days of trading for this stock 66.33, while it was recorded at 63.72 for the last single week of trading, and 70.75 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 +2.67. Centene Corporation’s Net Margin is presently recorded at +0.83.

Return on Total Capital for CNC is now 8.10, given the latest momentum, and Return on Invested Capital for the company is 2.55. Return on Equity for this stock inclined to 4.73, with Return on Assets sitting at 1.52. When it comes to the capital structure of this company, Centene Corporation [CNC] has a Total Debt to Total Equity ratio set at 88.68. Additionally, CNC Total Debt to Total Capital is recorded at 47.00, with Total Debt to Total Assets ending up at 27.16. Long-Term Debt to Equity for the company is recorded at 87.59, with the Long-Term Debt to Total Capital now at 46.42.

Reflecting on the efficiency of the workforce at the company, Centene Corporation [CNC] managed to generate an average of $16,178 per employee.Centene Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.

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 10.61%.

Centene Corporation [CNC]: Institutional Ownership

The top three institutional holders of CNC stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in CNC stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in CNC stock with ownership which is approximately 5.7381%.

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