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NEW YORK (TheStreet) -- Health Net (HNT) stock is up by 4.14% to $67.49 in mid-morning trading on Wednesday, after the California Department of Insuranceapproved Centene Corp.'s (CNC) acquisition of the health care services company. 

After receiving the regulatory group's approval, Centene's $6.3 billion acquisition of Health Net should close within days, the companies said in a statement on Wednesday. 

The California Department of Insurance approved the combination with several conditions, the group said in a statement on Tuesday. 

Health Net will grow its commercial line of business and maintain its California management operations in the state, Insurance Commissioner Dave Jones said in a statement. The companies also cannot impose merger costs on consumers, he added. 

"Economic studies of past health insurance mergers have found that health insurance mergers have not benefited consumers with lower price," Jones added. "This merger and the current condition of the companies involved, however, present circumstances which led me to conclude that, with strong and comprehensive conditions, this particular merger was in the best interest of Californians."

Centene stock is rising by 3.54% to $62.57 in mid-morning trading on Wednesday. 

Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rates this stock as a "buy" with a ratings score of B+. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow.

You can view the full analysis from the report here: HNT

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