Eagle Asset Management Inc. lowered its holdings in WellCare Health Plans, Inc. (NYSE:WCG) by 1.0% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 10,686 shares of the company’s stock after selling 110 shares during the period. Eagle Asset Management Inc.’s holdings in WellCare Health Plans were worth $1,918,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. State of Alaska Department of Revenue purchased a new position in WellCare Health Plans in the second quarter worth approximately $121,000. Eagle Global Advisors LLC purchased a new stake in shares of WellCare Health Plans during the 2nd quarter worth approximately $211,000. Neuberger Berman Group LLC lifted its position in shares of WellCare Health Plans by 1.1% during the 1st quarter. Neuberger Berman Group LLC now owns 1,539 shares of the company’s stock worth $216,000 after buying an additional 16 shares during the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of WellCare Health Plans during the 1st quarter worth approximately $217,000. Finally, National Asset Management Inc. purchased a new stake in shares of WellCare Health Plans during the 1st quarter worth approximately $232,000. Hedge funds and other institutional investors own 97.81% of the company’s stock.
Shares of WellCare Health Plans, Inc. (NYSE WCG) opened at 176.15 on Tuesday. WellCare Health Plans, Inc. has a 52-week low of $109.74 and a 52-week high of $184.88. The company’s 50-day moving average is $174.48 and its 200-day moving average is $164.91. The firm has a market cap of $7.84 billion, a P/E ratio of 30.95 and a beta of 0.88.
WellCare Health Plans (NYSE:WCG) last announced its quarterly 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 return on equity of 14.91% and a net margin of 1.66%. The business had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.23 billion. During the same period in the previous year, the company earned $2.23 EPS. The firm’s revenue was up 19.8% on a year-over-year basis. Equities research analysts forecast that WellCare Health Plans, Inc. will post $6.99 earnings per share for the current fiscal year.
In related news, CFO Andrew Lynn Asher sold 7,314 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $175.04, for a total value of $1,280,242.56. Following the transaction, the chief financial officer now directly owns 13,244 shares of the company’s stock, valued at approximately $2,318,229.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Glenn Md Phd Steele, Jr. sold 8,374 shares of the firm’s stock in a transaction that occurred on 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 directly owns 5,722 shares in the company, valued at $984,012.34. The disclosure for this sale can be found here. Insiders sold a total of 18,688 shares of company stock worth $3,241,449 over the last three months. 0.50% of the stock is owned by company insiders.
A number of equities analysts have recently commented on the stock. Deutsche Bank AG lifted their target price on shares of WellCare Health Plans from $185.00 to $192.00 and gave the company a “buy” rating in a report on Thursday, July 13th. Zacks Investment Research cut 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 price objective 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. Leerink Swann reissued an “outperform” rating and issued a $225.00 price objective (up from $185.00) on shares of WellCare Health Plans in a research note on Thursday, June 22nd. Finally, Morgan Stanley began coverage on shares of WellCare Health Plans in a research note on Tuesday, June 6th. They set an “equal weight” rating and a $183.00 price target on the stock. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $173.92.
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WellCare Health Plans Company Profile
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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