WellCare Health Plans, Inc. (WCG) Downgraded by ValuEngine to “Hold”
WellCare Health Plans, Inc. (NYSE:WCG) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a report released on Monday.
WCG has been the subject of a number of other reports. Leerink Swann reiterated an “outperform” rating and set a $225.00 price objective (up from $185.00) on shares of WellCare Health Plans in a report on Thursday, June 22nd. Credit Suisse Group restated a “neutral” rating and issued a $163.00 target price (up previously from $155.00) on shares of WellCare Health Plans in a report on Thursday, July 13th. Deutsche Bank AG raised their price target on shares of WellCare Health Plans from $185.00 to $192.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. Zacks Investment Research downgraded WellCare Health Plans from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Finally, Bank of America Corporation lifted their price target on WellCare Health Plans from $185.00 to $189.00 and gave the company a “neutral” rating in a research note on Friday, July 14th. Ten investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $176.23.
Shares of WellCare Health Plans (WCG) traded up 0.07% during mid-day trading on Monday, hitting $171.86. The stock had a trading volume of 185,259 shares. The firm has a market cap of $7.65 billion, a PE ratio of 30.19 and a beta of 0.88. WellCare Health Plans has a 52 week low of $113.34 and a 52 week high of $184.88. The stock has a 50 day moving average price of $171.70 and a 200 day moving average price of $168.03.
WellCare Health Plans (NYSE:WCG) last issued its earnings results on Friday, August 4th. The company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.29. WellCare Health Plans had a return on equity of 14.91% and a net margin of 1.66%. The company had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.23 billion. During the same period in the prior year, the firm earned $2.23 earnings per share. WellCare Health Plans’s revenue for the quarter was up 19.8% on a year-over-year basis. Equities research analysts expect that WellCare Health Plans will post $7.00 EPS for the current fiscal year.
In other news, Director Glenn Md Phd Steele, Jr. sold 8,374 shares of WellCare Health Plans stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $171.97, for a total value of $1,440,076.78. Following the completion of the transaction, the director now owns 5,722 shares in the company, valued at $984,012.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Kenneth A. Burdick sold 8,500 shares of WellCare Health Plans stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $174.24, for a total transaction of $1,481,040.00. Following the completion of the transaction, the chief executive officer now owns 23,627 shares of the company’s stock, valued at approximately $4,116,768.48. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc boosted its holdings in WellCare Health Plans by 9.1% in the 2nd quarter. Legal & General Group Plc now owns 58,653 shares of the company’s stock worth $10,528,000 after buying an additional 4,893 shares during the period. Artemis Investment Management LLP purchased a new position in WellCare Health Plans in the 2nd quarter valued at approximately $7,486,000. Pacer Advisors Inc. grew its stake in WellCare Health Plans by 3.2% in the 2nd quarter. Pacer Advisors Inc. now owns 6,372 shares of the company’s stock valued at $1,144,000 after buying an additional 195 shares in the last quarter. Globeflex Capital L P grew its stake in WellCare Health Plans by 155.8% in the 2nd quarter. Globeflex Capital L P now owns 16,449 shares of the company’s stock valued at $2,954,000 after buying an additional 10,018 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of WellCare Health Plans by 29.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 67,549 shares of the company’s stock worth $9,473,000 after acquiring an additional 15,299 shares in the last quarter. Institutional investors own 97.78% of the company’s stock.
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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