Could Centene Corp (CNC) See a Reversal After Having Formed Several Months Bullish Wedge Up Chart Pattern

June 19, 2017 - By Louis Casey

Investors sentiment increased to 0.98 in Q4 2016. Its up 0.18, from 0.8 in 2016Q3. It increased, as 56 investors sold Centene Corp shares while 172 reduced holdings. 86 funds opened positions while 137 raised stakes. 146.22 million shares or 4.61% less from 153.29 million shares in 2016Q3 were reported.
State Of New Jersey Common Pension Fund D stated it has 0.1% of its portfolio in Centene Corp (NYSE:CNC). Joel Isaacson Lc, New York-based fund reported 13 shares. Connable Office accumulated 0.3% or 22,936 shares. Jennison Ltd Com holds 2.73 million shares. Tiaa Cref Investment Ltd Com accumulated 0.07% or 1.60M shares. Regions Corp invested 0% of its portfolio in Centene Corp (NYSE:CNC). Pnc Financial Group Inc Inc has 11,822 shares. 268,939 were reported by Barclays Plc. Commerzbank Aktiengesellschaft Fi holds 0.01% of its portfolio in Centene Corp (NYSE:CNC) for 8,423 shares. Parkside Comml Bank And Tru reported 3,337 shares. Oregon Employees Retirement Fund holds 0.06% or 50,155 shares. 158,796 are held by Balyasny Asset Management Ltd Llc. Tarbox Group holds 0% or 77 shares. 4,687 were reported by Cetera Advisor Network Ltd Liability Corporation. Sandy Spring Bank reported 700 shares.

Since January 11, 2017, it had 0 insider purchases, and 11 sales for $4.90 million activity. Another trade for 4,167 shares valued at $286,398 was made by DITMORE ROBERT K on Thursday, February 9. 2,161 Centene Corp (NYSE:CNC) shares with value of $163,004 were sold by BROOKS MARK J. $137,040 worth of Centene Corp (NYSE:CNC) was sold by Schwaneke Jeffrey A. on Wednesday, January 11. NEIDORFF MICHAEL F sold $1.88M worth of stock or 25,000 shares. Hunter Jesse N sold 5,000 shares worth $347,700. $420,180 worth of Centene Corp (NYSE:CNC) was sold by Williamson Keith H.

The stock of Centene Corp (CNC) formed an up wedge with $84.60 target or 7.00 % above today’s $79.07 share price. The 6 months wedge indicates low risk for the $13.55B company. If the $84.60 price target is reached, the company will be worth $948.50M more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

About 430,143 shares traded. Centene Corp (NYSE:CNC) has risen 32.56% since June 19, 2016 and is uptrending. It has outperformed by 15.86% the S&P500.

Analysts await Centene Corp (NYSE:CNC) to report earnings on July, 25 before the open. They expect $1.30 EPS, up 0.78 % or $0.01 from last year’s $1.29 per share. CNC’s profit will be $222.86 million for 15.21 P/E if the $1.30 EPS becomes a reality. After $1.12 actual EPS reported by Centene Corp for the previous quarter, Wall Street now forecasts 16.07 % EPS growth.

Centene Corp (NYSE:CNC) Ratings Coverage

Among 17 analysts covering Centene Corporation (NYSE:CNC), 12 have Buy rating, 0 Sell and 5 Hold. Therefore 71% are positive. Centene Corporation had 28 analyst reports since July 22, 2015 according to SRatingsIntel. Citigroup initiated the stock with “Buy” rating in Friday, October 2 report. The stock of Centene Corp (NYSE:CNC) earned “Buy” rating by Jefferies on Wednesday, July 27. As per Thursday, May 26, the company rating was upgraded by Stifel Nicolaus. As per Tuesday, December 13, the company rating was upgraded by Goldman Sachs. The company was maintained on Wednesday, February 8 by Barclays Capital. The stock of Centene Corp (NYSE:CNC) has “Overweight” rating given on Wednesday, June 7 by Morgan Stanley. The stock of Centene Corp (NYSE:CNC) has “Equal-Weight” rating given on Wednesday, January 6 by Barclays Capital. The stock of Centene Corp (NYSE:CNC) has “Sell” rating given on Wednesday, July 22 by Goldman Sachs. The firm earned “Overweight” rating on Wednesday, January 4 by Piper Jaffray. The firm earned “Neutral” rating on Thursday, March 23 by Citigroup.

More notable recent Centene Corp (NYSE:CNC) news were published by: Washingtonpost.com which released: “Key insurer Centene plans to expand health exchange presence” on June 13, 2017, also Prnewswire.com with their article: “Centene’s Washington Subsidiary Selected For Fully Integrated Managed Care …” published on May 25, 2017, Nasdaq.com published: “Commit To Buy Centene Corp At $67.50, Earn 8.8% Annualized Using Options” on May 26, 2017. More interesting news about Centene Corp (NYSE:CNC) were released by: Prnewswire.com and their article: “Centene Corporation Announces Statewide Career Opportunities In Arizona” published on May 25, 2017 as well as Prnewswire.com‘s news article titled: “Final Reminder Re: Centene Corporation’s June 16, 2017 Investor Day In New …” with publication date: June 07, 2017.

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