BMO Capital Markets Begins Coverage on WellCare Health Plans, Inc. (WCG)
BMO Capital Markets started coverage on shares of WellCare Health Plans, Inc. (NYSE:WCG) in a research report released on Monday morning. The brokerage issued an outperform rating and a $215.00 price target on the stock.
WCG has been the topic of a number of other reports. Cantor Fitzgerald reissued a buy rating and set a $195.00 target price on shares of WellCare Health Plans in a research report on Saturday, August 26th. Cowen and Company initiated coverage on shares of WellCare Health Plans in a research report on Monday, October 9th. They set an outperform rating and a $200.00 target price on the stock. Bank of America Corporation boosted their target price on shares of WellCare Health Plans from $185.00 to $189.00 and gave the stock a neutral rating in a research report on Friday, July 14th. Credit Suisse Group restated a neutral rating and issued a $163.00 price target (up previously from $155.00) on shares of WellCare Health Plans in a research note on Thursday, July 13th. Finally, Deutsche Bank AG lifted their price target on shares of WellCare Health Plans from $185.00 to $192.00 and gave the stock a buy rating in a research note on Thursday, July 13th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $181.73.
Shares of WellCare Health Plans (NYSE WCG) opened at 176.04 on Monday. WellCare Health Plans has a 12 month low of $113.34 and a 12 month high of $184.88. The firm has a 50 day moving average of $171.63 and a 200-day moving average of $170.61. The stock has a market capitalization of $7.84 billion, a P/E ratio of 30.93 and a beta of 0.88.
WellCare Health Plans (NYSE:WCG) last posted its earnings results on Friday, August 4th. The company reported $2.52 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the previous year, the company posted $2.23 earnings per share. The business’s revenue for the quarter was up 19.8% compared to the same quarter last year. Analysts forecast that WellCare Health Plans will post $7.01 earnings per share for the current year.
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In other WellCare Health Plans news, Director Glenn Md Phd Steele, Jr. sold 8,374 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $171.97, for a total transaction of $1,440,076.78. Following the completion of the sale, the director now owns 5,722 shares in the company, valued at $984,012.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kenneth A. Burdick sold 8,500 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $174.24, for a total transaction of $1,481,040.00. Following the sale, 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. 0.47% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in WCG. State of Alaska Department of Revenue bought a new stake in WellCare Health Plans during the second quarter valued at $121,000. Advisory Services Network LLC increased its stake in WellCare Health Plans by 8.4% during the second quarter. Advisory Services Network LLC now owns 866 shares of the company’s stock valued at $155,000 after purchasing an additional 67 shares during the last quarter. Eagle Global Advisors LLC bought a new stake in WellCare Health Plans during the second quarter valued at $211,000. Neuberger Berman Group LLC increased its stake in WellCare Health Plans by 1.1% during the first quarter. Neuberger Berman Group LLC now owns 1,539 shares of the company’s stock valued at $216,000 after purchasing an additional 16 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. bought a new stake in WellCare Health Plans during the first quarter valued at $217,000. Hedge funds and other institutional investors own 97.68% of the company’s stock.
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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