ProShare Advisors LLC Lowers Position in WellCare Health Plans, Inc. (WCG)
ProShare Advisors LLC trimmed its position in WellCare Health Plans, Inc. (NYSE:WCG) by 13.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,068 shares of the company’s stock after selling 656 shares during the quarter. ProShare Advisors LLC’s holdings in WellCare Health Plans were worth $730,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new stake in WellCare Health Plans during the 2nd quarter worth about $121,000. Eagle Global Advisors LLC acquired a new position in WellCare Health Plans during the 2nd quarter valued at about $211,000. Neuberger Berman Group LLC lifted its position in WellCare Health Plans by 1.1% during the 1st 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 period. Cambridge Investment Research Advisors Inc. bought a new position in shares of WellCare Health Plans in the 1st quarter valued at about $217,000. Finally, National Asset Management Inc. bought a new position in shares of WellCare Health Plans in the 1st quarter valued at about $232,000. Hedge funds and other institutional investors own 97.78% of the company’s stock.
Shares of WellCare Health Plans, Inc. (NYSE:WCG) opened at 171.86 on Tuesday. The company’s 50-day moving average price is $171.70 and its 200 day moving average price is $168.03. The firm has a market cap of $7.65 billion, a P/E ratio of 30.19 and a beta of 0.88. WellCare Health Plans, Inc. has a 52 week low of $113.34 and a 52 week high of $184.88.
WellCare Health Plans (NYSE:WCG) last issued its quarterly earnings results on Friday, August 4th. The company reported $2.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $4.31 billion for the quarter, compared to the consensus estimate of $4.23 billion. During the same quarter in the previous year, the company earned $2.23 EPS. The company’s revenue for the quarter was up 19.8% on a year-over-year basis. On average, equities analysts anticipate that WellCare Health Plans, Inc. will post $7.00 earnings per share for the current year.
Several equities research analysts have recently commented on WCG shares. ValuEngine cut shares of WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Monday. Mitsubishi UFJ Financial Group initiated coverage on shares of WellCare Health Plans in a research note on Thursday, September 21st. They set an “overweight” rating and a $204.00 price target for the company. Cantor Fitzgerald restated a “buy” rating and issued a $195.00 price objective on shares of WellCare Health Plans in a report on Saturday, August 26th. Zacks Investment Research upgraded shares of WellCare Health Plans from a “hold” rating to a “buy” rating and set a $193.00 price objective on the stock in a report on Friday, August 11th. Finally, Morgan Stanley raised their price objective on shares of WellCare Health Plans from $183.00 to $184.00 and gave the company an “equal weight” rating in a research note on Monday, August 7th. Ten equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $176.23.
In related news, 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 value of $1,481,040.00. Following the transaction, the chief executive officer now owns 23,627 shares in the company, valued at $4,116,768.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, 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 transaction, the director now owns 5,722 shares in the company, valued at approximately $984,012.34. The disclosure for this sale can be found here. Corporate insiders own 0.50% of the company’s stock.
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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