Columbus Circle Investors Lowers Stake in WellCare (WCG)
Columbus Circle Investors cut its holdings in WellCare (NYSE:WCG) by 3.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 302,783 shares of the company’s stock after selling 9,369 shares during the quarter. WellCare comprises approximately 1.2% of Columbus Circle Investors’ portfolio, making the stock its 16th largest holding. Columbus Circle Investors’ holdings in WellCare were worth $58,628,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in WCG. Convergence Investment Partners LLC increased its stake in shares of WellCare by 18.5% in the fourth quarter. Convergence Investment Partners LLC now owns 17,003 shares of the company’s stock valued at $3,419,000 after buying an additional 2,653 shares in the last quarter. Acadian Asset Management LLC increased its stake in shares of WellCare by 5.3% in the fourth quarter. Acadian Asset Management LLC now owns 1,597,827 shares of the company’s stock valued at $321,339,000 after buying an additional 80,960 shares in the last quarter. State of Alaska Department of Revenue increased its stake in shares of WellCare by 462.8% in the fourth quarter. State of Alaska Department of Revenue now owns 4,086 shares of the company’s stock valued at $821,000 after buying an additional 3,360 shares in the last quarter. Smith Graham & Co. Investment Advisors LP increased its stake in shares of WellCare by 21.6% in the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 29,682 shares of the company’s stock valued at $5,969,000 after buying an additional 5,280 shares in the last quarter. Finally, James Investment Research Inc. acquired a new stake in shares of WellCare in the fourth quarter valued at $1,967,000. Institutional investors own 99.33% of the company’s stock.
A number of brokerages have recently weighed in on WCG. Cantor Fitzgerald restated a “buy” rating and issued a $235.00 target price on shares of WellCare in a research note on Tuesday, February 6th. Zacks Investment Research upgraded WellCare from a “hold” rating to a “buy” rating and set a $216.00 target price for the company in a research note on Tuesday, February 20th. ValuEngine upgraded WellCare from a “hold” rating to a “buy” rating in a research note on Friday, April 27th. Wells Fargo upgraded WellCare from a “market perform” rating to an “outperform” rating in a research note on Wednesday, March 21st. Finally, Morgan Stanley raised their target price on WellCare from $220.00 to $228.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 2nd. Four analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $222.14.
WellCare (NYSE:WCG) last posted its quarterly earnings results on Tuesday, May 1st. The company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.52. The business had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.70 billion. WellCare had a return on equity of 17.99% and a net margin of 2.31%. The firm’s quarterly revenue was up 17.5% compared to the same quarter last year. During the same quarter last year, the business earned $1.61 earnings per share. equities analysts predict that WellCare will post 10.27 earnings per share for the current fiscal year.
WellCare Health Plans, Inc provides managed care services for government-sponsored health care programs. It operates through three segments: Medicaid Health Plans, Medicare Health Plans, and Medicare PDPs. The Medicaid Health Plans segment offers plans for beneficiaries of temporary assistance for needy families, supplemental security income, and aged blind and disabled residents; and other state-based programs, such as children's health insurance programs and long-term services and supports for qualifying families who are not eligible for Medicaid.
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