WellCare Health Plans (NYSE:WCG)‘s stock had its “buy” rating restated by research analysts at Cantor Fitzgerald in a report released on Monday. They currently have a $330.00 target price on the stock. Cantor Fitzgerald’s price target suggests a potential upside of 43.48% from the company’s previous close.
The analysts wrote, “. We reiterate our Overweight rating on WCG shares and our 12-month price target of $330. Before the open, on Monday, WCG issued 2019 guidance that was above our estimates. The company also reaffirmed its 2018 outlook. At the midpoint of its stated range, 2019 adjusted revenue is expected to increase about 30%. Medicaid and Medicare premium guidance were slightly ahead of our estimates, while Medicare PDP premium revenue was well ahead. The revenue upside was primarily driven by the full year contribution of Meridian (which closed in September 2018). While adjusted EPS guidance was in-line with our estimate, FactSet consensus was above the high end of the range by $0.07. We note that there were some outlier sell-side estimates well above $13.40, which skewed consensus.””
WCG has been the topic of several other reports. Barclays reiterated a “buy” rating and set a $325.00 price objective on shares of WellCare Health Plans in a research report on Tuesday, September 18th. Zacks Investment Research lowered WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Thursday, December 13th. Argus increased their price objective on WellCare Health Plans from $265.00 to $360.00 and gave the company a “buy” rating in a research report on Friday, August 31st. Morgan Stanley increased their price objective on WellCare Health Plans from $330.00 to $350.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 12th. Finally, ValuEngine lowered WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Tuesday, November 20th. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $303.60.
WellCare Health Plans (NYSE:WCG) last announced its earnings results on Tuesday, October 30th. The company reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.09 by $0.24. The business had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. WellCare Health Plans had a return on equity of 15.45% and a net margin of 2.38%. The company’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the company earned $4.08 EPS. Research analysts forecast that WellCare Health Plans will post 11.01 EPS for the current fiscal year.
In related news, EVP Yount Michael sold 500 shares of the stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $263.38, for a total transaction of $131,690.00. Following the completion of the sale, the executive vice president now directly owns 7,044 shares in the company, valued at approximately $1,855,248.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard C. Breon sold 2,500 shares of the stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $239.96, for a total value of $599,900.00. Following the sale, the director now owns 6,406 shares of the company’s stock, valued at $1,537,183.76. The disclosure for this sale can be found here. Insiders have sold a total of 7,647 shares of company stock valued at $1,924,167 over the last 90 days. 0.59% of the stock is currently owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Financial Gravity Wealth Inc. lifted its stake in shares of WellCare Health Plans by 3,977.8% in the 3rd quarter. Financial Gravity Wealth Inc. now owns 367 shares of the company’s stock valued at $107,000 after purchasing an additional 358 shares during the period. Private Capital Group LLC lifted its stake in shares of WellCare Health Plans by 234.0% in the 3rd quarter. Private Capital Group LLC now owns 334 shares of the company’s stock valued at $107,000 after purchasing an additional 234 shares during the period. Chicago Partners Investment Group LLC lifted its stake in shares of WellCare Health Plans by 100.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 400 shares of the company’s stock valued at $117,000 after purchasing an additional 200 shares during the period. Nordea Investment Management AB purchased a new position in shares of WellCare Health Plans in the 3rd quarter valued at approximately $173,000. Finally, Paradigm Asset Management Co. LLC purchased a new position in shares of WellCare Health Plans in the 3rd quarter valued at approximately $176,000. Institutional investors own 98.49% of the company’s stock.
WellCare Health Plans Company Profile
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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