Zacks: Brokerages Anticipate WellCare Health Plans, Inc. (WCG) Will Announce Quarterly Sales of $4.31 Billion
Equities analysts expect WellCare Health Plans, Inc. (NYSE:WCG) to post sales of $4.31 billion for the current quarter, according to Zacks. Six analysts have issued estimates for WellCare Health Plans’ earnings, with the lowest sales estimate coming in at $4.25 billion and the highest estimate coming in at $4.35 billion. WellCare Health Plans reported sales of $3.52 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 22.4%. The company is expected to issue its next quarterly earnings results on Tuesday, February 6th.
According to Zacks, analysts expect that WellCare Health Plans will report full-year sales of $4.31 billion for the current year, with estimates ranging from $16.75 billion to $17.01 billion. For the next fiscal year, analysts forecast that the firm will post sales of $18.88 billion per share, with estimates ranging from $17.23 billion to $19.41 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover WellCare Health Plans.
WellCare Health Plans (NYSE:WCG) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $4.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.90 by $2.18. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.37 billion. WellCare Health Plans had a net margin of 2.21% and a return on equity of 19.42%. The firm’s quarterly revenue was up 22.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.63 EPS.
Several brokerages have weighed in on WCG. Zacks Investment Research raised WellCare Health Plans from a “hold” rating to a “buy” rating and set a $221.00 price objective for the company in a report on Thursday, November 2nd. Deutsche Bank boosted their price objective on WellCare Health Plans to $240.00 and gave the stock a “buy” rating in a report on Monday, November 20th. Piper Jaffray Companies reissued a “buy” rating and set a $214.00 price objective on shares of WellCare Health Plans in a report on Wednesday, November 1st. Jefferies Group boosted their price objective on WellCare Health Plans from $189.00 to $190.00 and gave the stock a “hold” rating in a report on Friday, October 13th. Finally, Mitsubishi UFJ Financial Group began coverage on WellCare Health Plans in a report on Thursday, September 21st. They set an “overweight” rating and a $204.00 price objective for the company. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $200.20.
In other news, Director Carol Burt sold 997 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $202.20, for a total value of $201,593.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Kenneth A. Burdick sold 8,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 23,627 shares of the company’s stock, valued at $4,116,768.48. The disclosure for this sale can be found here. Corporate insiders own 0.47% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. BlackRock Inc. increased its stake in WellCare Health Plans by 1.6% during the 2nd quarter. BlackRock Inc. now owns 4,260,559 shares of the company’s stock worth $765,026,000 after purchasing an additional 65,439 shares in the last quarter. Capital Research Global Investors bought a new stake in WellCare Health Plans during the 2nd quarter worth approximately $170,042,000. Renaissance Technologies LLC increased its stake in WellCare Health Plans by 37.7% during the 2nd quarter. Renaissance Technologies LLC now owns 851,293 shares of the company’s stock worth $152,858,000 after purchasing an additional 232,993 shares in the last quarter. American Century Companies Inc. increased its stake in WellCare Health Plans by 60.1% during the 3rd quarter. American Century Companies Inc. now owns 594,925 shares of the company’s stock worth $102,172,000 after purchasing an additional 223,364 shares in the last quarter. Finally, TIAA CREF Investment Management LLC increased its stake in WellCare Health Plans by 4.1% during the 2nd quarter. TIAA CREF Investment Management LLC now owns 564,259 shares of the company’s stock worth $101,318,000 after purchasing an additional 22,383 shares in the last quarter. 99.84% of the stock is owned by institutional investors.
Shares of WellCare Health Plans (NYSE WCG) traded down $1.64 during midday trading on Friday, reaching $211.35. 359,479 shares of the company traded hands, compared to its average volume of 363,373. The firm has a market cap of $9,320.00, a P/E ratio of 22.09, a price-to-earnings-growth ratio of 1.57 and a beta of 0.81. The company has a current ratio of 1.28, a quick ratio of 1.28 and a debt-to-equity ratio of 0.51. WellCare Health Plans has a 1-year low of $133.21 and a 1-year high of $213.97.
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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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