Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Centene Corporation shares valued at $829,890 were sold by BAGLEY SHANNON on Jul 29. At $92.21 per share, BAGLEY SHANNON sold 9,000 shares. The insider’s holdings dropped to 118,194 shares worth approximately $9.56 million following the completion of this transaction.
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Also, Robinson Lori Jean sold 1,200 shares, netting a total of over 111,324 in proceeds. Following the sale of shares at $92.77 each, the insider now holds 9,908 shares.
Before that, GEPHARDT Richard A had sold 4,480 shares from its account. In a trade valued at $394,240, the Director traded Centene Corporation shares for $88.00 each. Upon closing the transaction, the insider’s holdings decreased to 4,480 shares, worth approximately $1.83 million.
As published in a research note from Wells Fargo on August 26, 2022, Centene Corporation [CNC] has been rated down from an Overweight to an Equal weight and the price target has been revised to $99 from $103. This represents a 18.27% premium over Wednesday’s closing price. As of July 14, 2022, Jefferies has increased its “Hold” rating to a “Buy” for CNC. Earlier on June 21, 2022, Credit Suisse upgraded its rating. Their new recommendation was “an Outperform” for CNC stock which previously was a “a Neutral”.
Analyzing CNC’s Price Performance
On Wednesday, Centene Corporation [NYSE: CNC] plunged -3.00% to $80.91. The stock’s lowest price that day was $80.79, but it reached a high of $84.49 in the same session. During the last five days, there has been a drop of approximately -3.59%. Over the course of the year, Centene Corporation shares have dropped approximately -1.81%. Shares of the company reached a 52-week high of $98.53 on 08/15/22 and a 52-week low of $74.46 on 01/26/22. A 50-day SMA is recorded $91.38, while a 200-day SMA reached $84.72. Nevertheless, trading volume fell to 5.1 million shares from 6.69 million shares the previous day.
Support And Resistance Levels for Centene Corporation (CNC)
According to the 24-hour chart, there is a support level at 79.64, which, if violated, would cause prices to drop to 78.36. In the upper region, resistance lies at 83.34. The next price resistance is at 85.76. RSI (Relative Strength Index) is 31.44 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -4.71, which suggests the price will decrease in the coming days. Percent R is at 99.06%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Centene Corporation subject to short interest?
Stocks of Centene Corporation saw a sharp steep in short interest on Jul 14, 2022 dropping by -0.96 million shares to 7.35 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 8.31 million shares. A decline of -13.06% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 2.29 of the overall float, the days-to-cover ratio (short ratio) decline to 2.29.
Which companies own the most shares of Centene Corporation (CNC)?
According to The Vanguard Group, Inc. filings, the company currently owns 62,972,372 shares, which is about 11.02% of the total CNC shares outstanding. The investor’s shares have appreciated by 1,683,234 from its previous 13-F filing of 61289138.0 shares. With the completion of the sale transaction, Capital Research & Management Co’s stake is now worth $4,265,732,210. T. Rowe Price Associates, Inc. acquire a 0.10% interest valued at $2.73 billion while Fidelity Management & Research Co sold a -404,860 stake. A total of 469,056 shares of Centene Corporation were sold by BlackRock Fund Advisors during the quarter, and -22,796 were sold by SSgA Funds Management, Inc. In its current portfolio, JPMorgan Investment Management, I holds 22,768,928 shares valued at $2.04 billion.