First Mercantile Trust Co. Reduces Position in WellCare Health Plans Inc. (WCG)
First Mercantile Trust Co. cut its position in shares of WellCare Health Plans Inc. (NYSE:WCG) by 3.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,840 shares of the company’s stock after selling 320 shares during the period. First Mercantile Trust Co.’s holdings in WellCare Health Plans were worth $841,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Acadian Asset Management LLC increased its position in shares of WellCare Health Plans by 180.3% in the second quarter. Acadian Asset Management LLC now owns 1,431,606 shares of the company’s stock worth $153,583,000 after buying an additional 920,829 shares in the last quarter. Vanguard Group Inc. increased its position in WellCare Health Plans by 15.3% in the second quarter. Vanguard Group Inc. now owns 3,698,604 shares of the company’s stock worth $396,786,000 after buying an additional 489,944 shares in the last quarter. Emerald Acquisition Ltd. purchased a new position in WellCare Health Plans during the second quarter worth approximately $41,026,000. Eaton Vance Management purchased a new position in WellCare Health Plans during the second quarter worth approximately $39,586,000. Finally, Prudential Financial Inc. increased its position in WellCare Health Plans by 643.6% in the first quarter. Prudential Financial Inc. now owns 381,472 shares of the company’s stock worth $35,382,000 after buying an additional 330,169 shares in the last quarter.
Shares of WellCare Health Plans Inc. (NYSE:WCG) opened at 112.06 on Tuesday. The company has a market capitalization of $4.96 billion, a PE ratio of 28.00 and a beta of 1.32. WellCare Health Plans Inc. has a 52-week low of $69.16 and a 52-week high of $117.51. The stock has a 50 day moving average price of $113.33 and a 200 day moving average price of $102.22.
WellCare Health Plans (NYSE:WCG) last posted its earnings results on Tuesday, August 2nd. The company reported $2.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.83. The business had revenue of $3.59 billion for the quarter, compared to analyst estimates of $3.53 billion. WellCare Health Plans had a return on equity of 12.33% and a net margin of 1.26%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.34 EPS. On average, analysts predict that WellCare Health Plans Inc. will post $5.04 earnings per share for the current fiscal year.
A number of research firms recently commented on WCG. Morgan Stanley restated a “sell” rating and issued a $80.00 price objective on shares of WellCare Health Plans in a report on Wednesday, August 3rd. Jefferies Group increased their price objective on WellCare Health Plans to $105.00 in a report on Wednesday, August 3rd. Credit Suisse Group AG restated a “sell” rating and issued a $100.00 price objective on shares of WellCare Health Plans in a report on Tuesday, September 13th. JPMorgan Chase & Co. restated a “buy” rating and issued a $115.00 price objective on shares of WellCare Health Plans in a report on Wednesday, August 3rd. Finally, Leerink Swann restated an “outperform” rating and issued a $110.00 price objective on shares of WellCare Health Plans in a report on Wednesday, June 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $101.30.
In related news, Director Glenn Md Phd Steele, Jr. sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $114.86, for a total transaction of $1,148,600.00. Following the transaction, the director now directly owns 10,852 shares of the company’s stock, valued at approximately $1,246,460.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.50% of the company’s stock.
WellCare Health Plans Company Profile
WellCare Health Plans, Inc is a managed care company focused 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 complex medical needs. The Company’s segments include Medicaid Health Plans, Medicare Health Plans and Medicare PDPs.
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