On Jan. 06, Burkhalter Brandy divested U.S. $536,000 in shares of Centene Corporation. The EVP, COO sold 8,000 shares at a price per share of $67.00. The transaction decreased this specific insider’s holdings to 379,399 shares worth around $25.88 million at present.
Stephens took its Centene Corporation [CNC] rating to the equivalent of an Equal-weight from an Overweight,in a research note dated September 22, 2020. Other analysts also revised their coverage, with Stephens’s analysts downgrading the shares from “an Overweight” rating to “an Equal-weight” rating in a research note to investors issued in late September. Meanwhile, SVB Leerink had launched its coverage on CNC with “an Outperform”, in a research note produced for clients July 01, 2020. In addition, there was an upgrade from JP Morgan on February 05, 2020. The rater changed CNC from “a Neutral” to “an Overweight”.
Is Centene Corporation [NYSE:CNC] a Good Buy Right Now?
It should be noted that CNC technical indicators for short, intermediate as well as long term progress have placed an overall average of 24% as Buy. The average signal changed from 56% Sell in the last week and compares with 80% Buy in the past month. Data from Centene Corporation’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 4.47 million shares in the past 20 days and the short term average signal indicates a 50% Sell. In the last 50 days, the average trading volume was 4.13 million shares while the medium term average advocated for 50% Buy. The average long-term signal stands at 50% Buy and the 100-day average volume stands at 3.69 million shares.
CNC Price Performance
On Wall Street, Centene Corporation [NYSE:CNC] finished Friday’s session down -2.21% at $68.21. The stock went up to $70.2599 at the same session while its lowest single day price was $67.56. In the last five days, it saw a rise of about 13.63%, Centene Corporation shares gained by almost 13.63% since the beginning of the year. However, the share price has dropped to as low as -8.69% below its one year high. On 01/08/21, the company shares recorded $70.26, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/04/21, the same year at $59.91. The company’s shares have inclined by 6.31% in the past year. The 50-day SMA achieved is $63.36 while the 200-day SMA is $63.51. Volume dropped to 3.68 million from 4.31 million in the previous session.
Centene Corporation [CNC] Valuation Measures
Notably, Centene Corporation [CNC] stock cannot be classified as a good candidate in the listing of underestimated low-priced Healthcare Plans companies to purchase soonest possible with the prevailing 12-month PE ratio of 18.96. The measure means the stock is exchanging at a premium as compared to the 18.93x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 0.40 PS value ratio is reported for the last one year of reported earnings. That is lower than the industry average of 0.80 which means CNC serve an unattractive investment opportunity compared to its competitors.
CNC Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 67.09 level, and in case of violation of this particular level, it will cause more drop to 65.98 level. On the upper level, 71.38 is still the key resistance. The stock may increase to the subsequent resistance at 69.79. The Relative Strength Index (RSI) pinned on the 14-day chart is 64.79, implying a neutral technical stance while the MACD stands at 7.10, meaning price will increase in the next trading period. Percent R indicator moved to 16.14%, implying bullish price movement. Stochastic %K at 93.44% suggest selling the stock.
What is the short interest in Centene Corporation?
Short interest in the Centene Corporation stock has surged, increasing by 1.15 million shares to total 9.23 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 10.38 million, data from Yahoo Finance shows. The decrease of -12.46% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 1.80% of the overall float for the stock.
Centene Corporation’s Biggest Shareholders: Who Owns Centene Corporation [CNC]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 59,959,433 shares or roughly 10.34% of the outstanding CNC shares. This means their shares have reduced by -1,303,664 from the 59,959,433 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, T. Rowe Price Associates, Inc. updated stake is worth $2,481,548,130. Details in the latest 13F filings reveal that Capital Research & Management Co disposed off their -3.64% stake valued at $2,388,377,533 while Fidelity Management & Research Co cut theirs at $1,844,140,334. During the last quarter, Capital Research & Management Co liquidated -1,462,324 of its shares in Centene Corporation while Fidelity Management & Research Co sold -3,496,968 shares. The BlackRock Fund Advisors’s holdings currently number 26,084,237 shares at $1779205805.77. According to the firm’s last 13F report, SSgA Funds Management, Inc. shares in the company at filing stood at 25,325,355 shares, roughly $1,561,308,136.
CNC Earnings Forecast For The Current Quarter
Centene Corporation [CNC] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $28.38B and an earnings per share of $0.47 for Dec 2020. Looking further ahead, the company is expected to report revenue of $29.06B at an EPS of $1.6 for Mar 2021. The estimates represent upside of 4.00% and 5.63% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
CNC Earnings Estimates For The Current Year
For the financial year, Centene Corporation [NYSE:CNC] is expected to bring in revenue of $111.18B. The returns are nearly $36.54 billion higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 4.99, higher than that of FY19 by $0.57. Estimates put this year’s earnings growth at 12.90%, 5.60% for the next, and at an annual 10.87% over the next 5-year period. As for sales, forecasts are for an increase of 49.00% in the current fiscal year and a further 4.00% over the following year.
What are analyst thoughts on Centene Corporation?
Looking forward to the Centene Corporation share price prediction, we can see that analysts, surveyed by FactSet, offer the mean price target for Centene Corporation stock at $80.00 within the next 12 months, which represents almost 14.74 per cent growth from its previous closing price of $68.21. The highest analysts’ target for Centene Corporation stock projections is $102.00 and the lowest one is $69.00. Still, 18 analysts sharing their consensus rating for CNC stock in 2021 agree that it is a Buy.