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Centene (CNC) Stock Moves -0.73%: What You Should Know

Centene (CNC) closed the most recent trading day at $74.70, moving -0.73% from the previous trading session. This move was narrower than the S&P 500's daily loss of 1.3%. Meanwhile, the Dow lost 0.77%, and the Nasdaq, a tech-heavy index, lost 5.51%.

Prior to today's trading, shares of the healthcare company had lost 8.24% over the past month. This has lagged the Medical sector's loss of 0.54% and the S&P 500's gain of 6.41% in that time.

Centene will be looking to display strength as it nears its next earnings release, which is expected to be February 7, 2023. On that day, Centene is projected to report earnings of $0.87 per share, which would represent a year-over-year decline of 13.86%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $35.59 billion, up 9.28% from the year-ago period.

Investors should also note any recent changes to analyst estimates for Centene. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

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Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.2% lower. Centene is holding a Zacks Rank of #3 (Hold) right now.

Digging into valuation, Centene currently has a Forward P/E ratio of 11.94. This valuation marks a discount compared to its industry's average Forward P/E of 16.24.

It is also worth noting that CNC currently has a PEG ratio of 0.89. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. Medical - HMOs stocks are, on average, holding a PEG ratio of 0.9 based on yesterday's closing prices.

The Medical - HMOs industry is part of the Medical sector. This group has a Zacks Industry Rank of 94, putting it in the top 38% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Centene Corporation (CNC) : Free Stock Analysis Report

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