WellCare Health Plans, Inc. (NYSE:WCG) Announces Earnings Results, Beats Estimates By $0.29 EPS
WellCare Health Plans, Inc. (NYSE:WCG) posted its quarterly earnings results on Friday. The company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.23 by $0.29, Bloomberg Earnings reports. The firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.23 billion. WellCare Health Plans had a net margin of 1.85% and a return on equity of 14.75%. WellCare Health Plans’s quarterly revenue was up 19.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.23 earnings per share. WellCare Health Plans updated its FY17 guidance to $6.75-6.95 EPS.
WellCare Health Plans (WCG) opened at 173.21 on Friday. The stock has a market capitalization of $7.71 billion, a P/E ratio of 28.50 and a beta of 0.84. WellCare Health Plans has a 52 week low of $109.74 and a 52 week high of $184.88. The firm’s 50-day moving average is $180.02 and its 200-day moving average is $159.17.
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In other WellCare Health Plans news, Director Paul E. Weaver sold 2,000 shares of the firm’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $175.44, for a total transaction of $350,880.00. Following the sale, the director now directly owns 15,262 shares of the company’s stock, valued at approximately $2,677,565.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Lynn Asher sold 7,314 shares of the firm’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $175.04, for a total transaction of $1,280,242.56. Following the sale, the chief financial officer now directly owns 13,244 shares in the company, valued at $2,318,229.76. The disclosure for this sale can be found here. Insiders have sold a total of 15,519 shares of company stock worth $2,698,621 over the last ninety days. 0.50% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in WellCare Health Plans by 7,347.7% in the first quarter. BlackRock Inc. now owns 4,195,120 shares of the company’s stock valued at $588,199,000 after buying an additional 4,138,792 shares in the last quarter. Renaissance Technologies LLC boosted its stake in WellCare Health Plans by 157.2% in the first quarter. Renaissance Technologies LLC now owns 618,300 shares of the company’s stock valued at $86,692,000 after buying an additional 377,900 shares in the last quarter. AQR Capital Management LLC boosted its stake in WellCare Health Plans by 18.8% in the first quarter. AQR Capital Management LLC now owns 2,114,365 shares of the company’s stock valued at $296,455,000 after buying an additional 334,095 shares in the last quarter. Vanguard Group Inc. boosted its stake in WellCare Health Plans by 5.5% in the first quarter. Vanguard Group Inc. now owns 4,435,885 shares of the company’s stock valued at $621,956,000 after buying an additional 231,890 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in WellCare Health Plans during the first quarter valued at about $15,123,000. 98.74% of the stock is currently owned by institutional investors.
A number of equities analysts recently weighed in on WCG shares. Jefferies Group LLC restated a “hold” rating and set a $142.00 price target on shares of WellCare Health Plans in a research report on Wednesday, April 19th. Zacks Investment Research upgraded shares of WellCare Health Plans from a “hold” rating to a “buy” rating and set a $172.00 price target on the stock in a research report on Monday, May 1st. Wolfe Research restated a “market perform” rating on shares of WellCare Health Plans in a research report on Friday, May 5th. Morgan Stanley started coverage on shares of WellCare Health Plans in a research report on Tuesday, June 6th. They set an “equal weight” rating and a $183.00 price target on the stock. Finally, Leerink Swann restated an “outperform” rating and set a $225.00 price target (up from $185.00) on shares of WellCare Health Plans in a research report on Thursday, June 22nd. Eleven research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $170.00.
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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