Sunday, June 26, 2022

Checking in on Centene Corporation (CNC) after recent insiders movement

Centene Corporation’s filing revealed that its Director Dallas H James acquired Company’s shares for reported $0.25 million on Apr 29. In the deal valued at $81.75 per share,3,065 shares were bought. As a result of this transaction, Dallas H James now holds 32,582 shares worth roughly $ 2.63 million.


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Then, COUGHLIN CHRISTOPHER J bought 12,000 shares, generating $976,440 in total proceeds. Upon buying the shares at $81.37, the Director now owns 15,865 shares.

Before that, BAGLEY SHANNON sold 8,000 shares. Centene Corporation shares valued at $647,920 were divested by the EVP, Chief Admin. Officer at a price of $80.99 per share. As a result of the transaction, BAGLEY SHANNON now holds 128,353 shares, worth roughly $10.38 million.

While this happened, Credit Suisse upgraded its Centene Corporation [CNC] rating to an Outperform from a a Neutral in a research note published on Tuesday, June 21, 2022; the price target was increased to $88 from $86. PT values the company’s stock at a premium of 8.11 to its Tuesday closing price. A number of analysts have revised their coverage, including Loop Capital’s analysts, who began to cover the stock in mid June with a ‘”a Buy”‘ rating. BofA Securities revised its rating on May 26, 2022. It rated CNC as “a Neutral” which previously was an “a Buy”.

Price Performance Review of CNC

On Tuesday, Centene Corporation [NYSE:CNC] saw its stock jump 5.95% to $80.86. On the same session, the stock had its day’s lowest price of $77.94, but rose to a high of $81.59. Over the last five days, the stock has gained 6.82%. Centene Corporation shares have fallen nearly -1.87% since the year began. Nevertheless, the stocks have risen 12.04% over the past one year. While a 52-week high of $89.92 was reached on 04/21/22, a 52-week low of $59.67 was recorded on 01/26/22. SMA at 50 days reached $82.65, while 200 days put it at $77.65. A total of 5.98 million shares were traded, compared to the trading of 4.13 million shares in the previous session.

Levels Of Support And Resistance For CNC Stock

The 24-hour chart illustrates a support level at 78.67, which if violated will result in even more drops to 76.48. On the upside, there is a resistance level at 82.32. A further resistance level may holdings at 83.78. The Relative Strength Index (RSI) on the 14-day chart is 50.18, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.89, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 32.20%. Stochastics %K at 33.18% indicates the stock is a holding.

Centene Corporation [CNC] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 61,289,138 shares, or roughly 10.48% of the outstanding CNC shares. In other words, the investor’s shares have risen by 1,159,531 from its previous 13-F filing of 60129607.0. Additionally, Capital Research & Management Co increased 7.86% of its stake after which the total value it holdings stand at $4,115,631,154, while T. Rowe Price Associates, Inc. added 5.84% of its stake to hold $2.47 billion in the firm. Over the last quarter, Fidelity Management & Research Co sold -832,694 shares of Centene Corporation, while BlackRock Fund Advisors sold -14,282 shares. At present, SSgA Funds Management, Inc. is holding 24,248,051 shares valued at $1.97 billion. JPMorgan Investment Management, I owned 20,808,961 shares of the company at the time of its most recent 13F filing, worth $1.69 billion.

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