107,861 Shares in WellCare Health Plans, Inc. (WCG) Acquired by Point72 Asset Management L.P.
Point72 Asset Management L.P. acquired a new position in shares of WellCare Health Plans, Inc. (NYSE:WCG) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 107,861 shares of the company’s stock, valued at approximately $15,123,000.
Other institutional investors also recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in WellCare Health Plans during the first quarter worth $112,000. Creative Planning raised its position in WellCare Health Plans by 3.0% in the first quarter. Creative Planning now owns 862 shares of the company’s stock worth $121,000 after buying an additional 25 shares during the last quarter. Neuberger Berman Group LLC raised its position in WellCare Health Plans by 1.1% in the first 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. bought a new position in WellCare Health Plans during the first quarter worth $217,000. Finally, Pacad Investment Ltd. raised its position in WellCare Health Plans by 31.2% in the fourth quarter. Pacad Investment Ltd. now owns 1,678 shares of the company’s stock worth $230,000 after buying an additional 399 shares during the last quarter. Institutional investors and hedge funds own 99.45% of the company’s stock.
Shares of WellCare Health Plans, Inc. (NYSE WCG) traded up 1.34% during trading on Wednesday, hitting $182.06. The company had a trading volume of 38,545 shares. WellCare Health Plans, Inc. has a 52-week low of $101.98 and a 52-week high of $182.34. The stock’s 50-day moving average is $172.52 and its 200 day moving average is $150.35. The firm has a market capitalization of $8.10 billion, a P/E ratio of 29.95 and a beta of 0.79.
WellCare Health Plans (NYSE:WCG) last posted its earnings results on Wednesday, May 3rd. The company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.42. WellCare Health Plans had a net margin of 1.85% and a return on equity of 14.75%. The firm had revenue of $3.95 billion during the quarter, compared to analyst estimates of $3.85 billion. During the same period in the previous year, the business posted $1.06 EPS. WellCare Health Plans’s revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that WellCare Health Plans, Inc. will post $6.86 earnings per share for the current fiscal year.
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A number of equities analysts have weighed in on the company. Zacks Investment Research upgraded WellCare Health Plans from a “hold” rating to a “buy” rating and set a $172.00 price objective for the company in a research note on Monday, May 1st. Wolfe Research reiterated a “market perform” rating on shares of WellCare Health Plans in a research note on Monday, May 15th. Jefferies Group LLC lifted their price objective on WellCare Health Plans from $142.00 to $170.00 and gave the company a “hold” rating in a research note on Thursday, May 4th. Deutsche Bank AG assumed coverage on WellCare Health Plans in a research note on Wednesday, April 5th. They set a “buy” rating and a $168.00 price objective for the company. Finally, Leerink Swann reiterated an “outperform” rating and set a $225.00 price objective (up previously from $185.00) on shares of WellCare Health Plans in a research note on Thursday, June 22nd. Eleven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $157.09.
In other news, SVP Yount Michael sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, May 4th. The shares were sold at an average price of $166.57, for a total transaction of $416,425.00. Following the sale, the senior vice president now owns 4,804 shares in the company, valued at $800,202.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Lynn Asher sold 7,314 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 13,244 shares in the company, valued at approximately $2,318,229.76. The disclosure for this sale can be found here. Insiders have sold a total of 24,019 shares of company stock worth $4,133,066 over the last 90 days. 0.50% of the stock is owned by insiders.
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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