First Mercantile Trust Co. Sells 563 Shares of WellCare Health Plans, Inc. (NYSE:WCG)
First Mercantile Trust Co. lowered its stake in shares of WellCare Health Plans, Inc. (NYSE:WCG) by 7.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,521 shares of the company’s stock after selling 563 shares during the period. First Mercantile Trust Co.’s holdings in WellCare Health Plans were worth $1,171,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in WellCare Health Plans by 1.8% in the first quarter. Russell Investments Group Ltd. now owns 500,291 shares of the company’s stock worth $70,147,000 after buying an additional 9,040 shares during the period. ARP Americas LLC increased its stake in WellCare Health Plans by 2.0% in the first quarter. ARP Americas LLC now owns 3,354 shares of the company’s stock worth $470,000 after buying an additional 67 shares in the last quarter. Sapphire Star Partners LP purchased a new stake in WellCare Health Plans during the first quarter worth approximately $237,000. Sawgrass Asset Management LLC increased its stake in WellCare Health Plans by 21.1% in the first quarter. Sawgrass Asset Management LLC now owns 11,825 shares of the company’s stock worth $1,658,000 after buying an additional 2,060 shares in the last quarter. Finally, Glen Harbor Capital Management LLC increased its stake in WellCare Health Plans by 68.9% in the first quarter. Glen Harbor Capital Management LLC now owns 60,060 shares of the company’s stock worth $8,421,000 after buying an additional 24,500 shares in the last quarter. 98.71% of the stock is owned by institutional investors and hedge funds.
WellCare Health Plans, Inc. (NYSE WCG) opened at 172.39 on Friday. WellCare Health Plans, Inc. has a 1-year low of $109.74 and a 1-year high of $184.88. The stock has a market cap of $7.67 billion, a price-to-earnings ratio of 30.29 and a beta of 0.84. The firm’s 50 day moving average price is $179.68 and its 200-day moving average price is $160.58.
WellCare Health Plans (NYSE:WCG) last posted its quarterly earnings results on Friday, August 4th. The company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.23 by $0.29. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.23 billion. WellCare Health Plans had a net margin of 1.66% and a return on equity of 14.91%. The firm’s revenue for the quarter was up 19.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.23 earnings per share. On average, equities analysts anticipate that WellCare Health Plans, Inc. will post $6.99 earnings per share for the current year.
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A number of research firms recently commented on WCG. Leerink Swann reiterated an “outperform” rating and issued a $225.00 target price (up from $185.00) on shares of WellCare Health Plans in a research report on Thursday, June 22nd. Credit Suisse Group reiterated a “neutral” rating and issued a $163.00 target price (up from $155.00) on shares of WellCare Health Plans in a research report on Thursday, July 13th. Deutsche Bank AG boosted their target price on WellCare Health Plans from $185.00 to $192.00 and gave the stock a “buy” rating in a research report on Thursday, July 13th. Zacks Investment Research downgraded WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Monday, July 17th. Finally, Bank of America Corporation upped their price objective on WellCare Health Plans from $185.00 to $189.00 and gave the company a “neutral” rating in a research report on Friday, July 14th. Ten analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $172.00.
In other news, VP Michael Troy Meyer sold 600 shares of the stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $171.86, for a total value of $103,116.00. Following the sale, the vice president now directly owns 73 shares in the company, valued at $12,545.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelly A. Munson sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $173.71, for a total transaction of $521,130.00. Following the completion of the sale, the executive vice president now owns 4,243 shares in the company, valued at $737,051.53. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,914 shares of company stock valued at $2,255,369. 0.50% of the stock is currently owned by corporate 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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