WellCare Health Plans, Inc. (NYSE:WCG) had its price target increased by investment analysts at Morgan Stanley from $183.00 to $184.00 in a report issued on Monday, August 7th. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 6.02% from the stock’s previous close.
A number of other equities research analysts have also weighed in on WCG. Zacks Investment Research lowered shares of WellCare Health Plans from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Bank of America Corporation boosted their target price on shares of WellCare Health Plans from $185.00 to $189.00 and gave the company a “neutral” rating in a research note on Friday, July 14th. Wolfe Research reiterated a “market perform” rating on shares of WellCare Health Plans in a research note on Friday, May 5th. Leerink Swann reissued an “outperform” rating and set a $225.00 price objective (up previously from $185.00) on shares of WellCare Health Plans in a research report on Thursday, June 22nd. Finally, Deutsche Bank AG upped their target price on shares of WellCare Health Plans from $185.00 to $192.00 and gave the stock a “buy” rating in a report on Thursday, July 13th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $172.00.
Shares of WellCare Health Plans (NYSE:WCG) traded down 1.25% during mid-day trading on Monday, reaching $173.56. The company’s stock had a trading volume of 222,027 shares. WellCare Health Plans has a 52-week low of $109.74 and a 52-week high of $184.88. The firm has a 50 day moving average price of $178.79 and a 200 day moving average price of $161.63. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 30.49 and a beta of 0.84.
WellCare Health Plans (NYSE:WCG) last released its earnings results on Friday, August 4th. The company reported $2.52 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.23 by $0.29. WellCare Health Plans had a net margin of 1.66% and a return on equity of 14.91%. The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period last year, the business earned $2.23 earnings per share. The business’s revenue was up 19.8% on a year-over-year basis. On average, equities analysts predict that WellCare Health Plans will post $6.99 EPS for the current fiscal year.
In related news, CFO Andrew Lynn Asher sold 7,314 shares of the firm’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $175.04, for a total transaction of $1,280,242.56. Following the completion of the transaction, the chief financial officer now owns 13,244 shares of the company’s stock, valued at $2,318,229.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Michael Troy Meyer sold 600 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $171.86, for a total transaction of $103,116.00. Following the transaction, the vice president now directly owns 73 shares of the company’s stock, valued at approximately $12,545.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,288 shares of company stock valued at $3,695,445. 0.50% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position in WellCare Health Plans by 1.8% in the first quarter. Russell Investments Group Ltd. now owns 500,291 shares of the company’s stock worth $70,147,000 after buying an additional 9,040 shares during the last quarter. ARP Americas LLC boosted its position in WellCare Health Plans by 2.0% in the first quarter. ARP Americas LLC now owns 3,354 shares of the company’s stock worth $470,000 after buying an additional 67 shares during the last quarter. Sapphire Star Partners LP purchased a new position in WellCare Health Plans during the first quarter worth $237,000. Sawgrass Asset Management LLC raised its stake in shares of WellCare Health Plans by 21.1% in the first quarter. Sawgrass Asset Management LLC now owns 11,825 shares of the company’s stock valued at $1,658,000 after buying an additional 2,060 shares during the period. Finally, Glen Harbor Capital Management LLC raised its stake in shares of WellCare Health Plans by 68.9% in the first quarter. Glen Harbor Capital Management LLC now owns 60,060 shares of the company’s stock valued at $8,421,000 after buying an additional 24,500 shares during the period. 98.85% of the stock is owned by hedge funds and other institutional investors.
About WellCare Health Plans
WellCare Health Plans, Inc is a managed care company. The Company focuses on government-sponsored managed care services, primarily through Medicaid, Medicare Advantage (MA) and Medicare Prescription Drug Plans (PDPs), to families, children, seniors and individuals with medical needs. The Company operates through three segments: Medicaid Health Plans, Medicare Health Plans and Medicare PDPs.
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