Convergence Investment Partners LLC Has $2.49 Million Position in WellCare Health Plans, Inc. (NYSE:WCG)
Convergence Investment Partners LLC cut its stake in shares of WellCare Health Plans, Inc. (NYSE:WCG) by 20.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,863 shares of the company’s stock after selling 3,503 shares during the period. Convergence Investment Partners LLC’s holdings in WellCare Health Plans were worth $2,489,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the stock. State of Alaska Department of Revenue purchased a new stake in shares of WellCare Health Plans during the second quarter valued at $121,000. Advisory Services Network LLC purchased a new stake in shares of WellCare Health Plans during the first quarter valued at $112,000. Creative Planning increased its stake in shares of WellCare Health Plans by 3.0% in the first quarter. Creative Planning now owns 862 shares of the company’s stock valued at $121,000 after buying an additional 25 shares during the last quarter. Eagle Global Advisors LLC purchased a new stake in shares of WellCare Health Plans during the second quarter valued at $211,000. Finally, Ronald Blue & Co. LLC purchased a new stake in shares of WellCare Health Plans during the second quarter valued at $240,000. 98.71% of the stock is currently owned by institutional investors and hedge funds.
Shares of WellCare Health Plans, Inc. (NYSE WCG) opened at 172.39 on Friday. WellCare Health Plans, Inc. has a 52 week low of $109.74 and a 52 week high of $184.88. The company has a 50 day moving average of $179.68 and a 200 day moving average of $160.58. The firm has a market cap of $7.67 billion, a PE ratio of 30.29 and a beta of 0.84.
WellCare Health Plans (NYSE:WCG) last announced its earnings results on Friday, August 4th. The company reported $2.52 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.23 by $0.29. The firm had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.23 billion. WellCare Health Plans had a net margin of 1.66% and a return on equity of 14.91%. WellCare Health Plans’s revenue was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.23 EPS. On average, equities research analysts anticipate that WellCare Health Plans, Inc. will post $6.99 EPS for the current fiscal year.
Several brokerages have recently weighed in on WCG. Morgan Stanley lifted their target price on shares of WellCare Health Plans from $183.00 to $184.00 and gave the company an “equal weight” rating in a report on Monday, August 7th. Zacks Investment Research raised shares of WellCare Health Plans from a “hold” rating to a “buy” rating and set a $193.00 target price on the stock in a report on Friday. BidaskClub downgraded shares of WellCare Health Plans from a “strong-buy” rating to a “buy” rating in a report on Friday, July 28th. Credit Suisse Group reaffirmed a “neutral” rating and issued a $163.00 target price (up previously from $155.00) on shares of WellCare Health Plans in a report on Thursday, July 13th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $170.00 target price on shares of WellCare Health Plans in a report on Thursday, June 8th. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $172.00.
In related news, VP Michael Troy Meyer sold 600 shares of the stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $171.86, for a total value of $103,116.00. Following the completion of the transaction, the vice president now owns 73 shares in the company, valued at approximately $12,545.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Kelly A. Munson sold 3,000 shares of the stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $173.71, for a total transaction of $521,130.00. Following the completion of the transaction, the executive vice president now owns 4,243 shares of the company’s stock, valued at approximately $737,051.53. The disclosure for this sale can be found here. Insiders sold a total of 12,914 shares of company stock valued at $2,255,369 in the last quarter. 0.50% of the stock is currently owned by insiders.
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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