Convergence Investment Partners LLC grew its holdings in WellCare Health Plans, Inc. (NYSE:WCG) by 18.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 17,003 shares of the company’s stock after acquiring an additional 2,653 shares during the quarter. Convergence Investment Partners LLC’s holdings in WellCare Health Plans were worth $3,419,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. BlackRock Inc. increased its position in shares of WellCare Health Plans by 1.6% in the second quarter. BlackRock Inc. now owns 4,260,559 shares of the company’s stock valued at $765,026,000 after buying an additional 65,439 shares in the last quarter. Capital Research Global Investors purchased a new stake in shares of WellCare Health Plans in the second quarter valued at approximately $170,042,000. Renaissance Technologies LLC increased its position in shares of WellCare Health Plans by 37.7% in the second quarter. Renaissance Technologies LLC now owns 851,293 shares of the company’s stock valued at $152,858,000 after buying an additional 232,993 shares in the last quarter. American Century Companies Inc. increased its position in shares of WellCare Health Plans by 60.1% in the third quarter. American Century Companies Inc. now owns 594,925 shares of the company’s stock valued at $102,172,000 after buying an additional 223,364 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of WellCare Health Plans by 7.3% in the third quarter. Russell Investments Group Ltd. now owns 533,384 shares of the company’s stock valued at $91,603,000 after buying an additional 36,198 shares in the last quarter. Institutional investors and hedge funds own 99.88% of the company’s stock.
A number of analysts have recently commented on the company. Zacks Investment Research cut WellCare Health Plans from a “strong-buy” rating to a “hold” rating in a research report on Saturday, January 6th. Goldman Sachs Group assumed coverage on WellCare Health Plans in a research report on Wednesday, January 3rd. They issued a “buy” rating and a $255.00 price objective for the company. Cantor Fitzgerald restated a “buy” rating and issued a $235.00 price objective on shares of WellCare Health Plans in a research report on Monday, December 18th. Bank of America lifted their price target on WellCare Health Plans from $210.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, November 17th. Finally, Deutsche Bank lifted their price target on WellCare Health Plans to $240.00 and gave the stock a “buy” rating in a research note on Monday, November 20th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. WellCare Health Plans currently has an average rating of “Hold” and an average price target of $210.07.
WellCare Health Plans (NYSE:WCG) last released its quarterly earnings data on Tuesday, October 31st. The company reported $4.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.90 by $2.18. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.37 billion. WellCare Health Plans had a return on equity of 19.42% and a net margin of 2.21%. The firm’s revenue for the quarter was up 22.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 earnings per share. research analysts predict that WellCare Health Plans, Inc. will post 8.38 EPS for the current fiscal year.
In other WellCare Health Plans news, Director Carol Burt sold 997 shares of the business’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $202.20, for a total transaction of $201,593.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.47% of the company’s stock.
TRADEMARK VIOLATION WARNING: This piece was published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this piece on another publication, it was illegally stolen and reposted in violation of US & international copyright and trademark legislation. The correct version of this piece can be read at https://sportsperspectives.com/2018/01/17/wellcare-health-plans-inc-wcg-stake-increased-by-convergence-investment-partners-llc.html.
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.
Want to see what other hedge funds are holding WCG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WellCare Health Plans, Inc. (NYSE:WCG).
Receive News & Ratings for WellCare Health Plans Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WellCare Health Plans and related companies with MarketBeat.com's FREE daily email newsletter.