Vanguard Group Inc. increased its stake in shares of WellCare Health Plans Inc. (NYSE:WCG) by 15.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,698,604 shares of the company’s stock after buying an additional 489,944 shares during the period. Vanguard Group Inc. owned 8.36% of WellCare Health Plans worth $396,786,000 at the end of the most recent reporting period.
A number of other institutional investors also recently bought and sold shares of the stock. Advisors Asset Management Inc. increased its position in WellCare Health Plans by 27.4% in the second quarter. Advisors Asset Management Inc. now owns 1,529 shares of the company’s stock valued at $164,000 after buying an additional 329 shares during the last quarter. Acrospire Investment Management LLC acquired a new position in WellCare Health Plans during the first quarter valued at $214,000. MAI Capital Management acquired a new position in WellCare Health Plans during the second quarter valued at $223,000. First Citizens Bank & Trust Co. acquired a new position in WellCare Health Plans during the second quarter valued at $235,000. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new position in WellCare Health Plans during the second quarter valued at $290,000.
Shares of WellCare Health Plans Inc. (NYSE:WCG) traded down 0.28% during midday trading on Thursday, hitting $117.30. 11,477 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $114.08 and its 200 day moving average price is $104.32. The firm has a market cap of $5.19 billion, a PE ratio of 29.31 and a beta of 1.20. WellCare Health Plans Inc. has a one year low of $69.16 and a one year high of $118.35.
WellCare Health Plans (NYSE:WCG) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $2.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.40 by $0.83. WellCare Health Plans had a net margin of 1.26% and a return on equity of 12.33%. The business had revenue of $3.59 billion for the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the prior year, the company posted $1.34 EPS. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Equities research analysts forecast that WellCare Health Plans Inc. will post $5.04 EPS for the current year.
WCG has been the topic of several research reports. Jefferies Group raised their price target on shares of WellCare Health Plans to $105.00 in a research note on Wednesday, August 3rd. JPMorgan Chase & Co. reissued a “buy” rating and issued a $115.00 price target on shares of WellCare Health Plans in a research note on Wednesday, August 3rd. Leerink Swann reissued a “buy” rating on shares of WellCare Health Plans in a research note on Wednesday, August 3rd. Cantor Fitzgerald reissued a “hold” rating and issued a $90.00 price target (up from $85.00) on shares of WellCare Health Plans in a research note on Friday, June 24th. Finally, Wedbush reissued a “neutral” rating and issued a $119.00 price target (down from $126.00) on shares of WellCare Health Plans in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $101.30.
In related news, Director Glenn Md Phd Steele, Jr. sold 10,000 shares of the business’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $114.86, for a total value of $1,148,600.00. Following the sale, the director now directly owns 10,852 shares in the company, valued at approximately $1,246,460.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.50% of the company’s stock.
WellCare Health Plans Company Profile
WellCare Health Plans, Inc is a managed care company focused 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 complex medical needs. The Company’s segments include Medicaid Health Plans, Medicare Health Plans and Medicare PDPs.
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