$4.27 Billion in Sales Expected for WellCare Health Plans, Inc. (NYSE:WCG) This Quarter
Wall Street brokerages expect WellCare Health Plans, Inc. (NYSE:WCG) to post sales of $4.27 billion for the current fiscal quarter, according to Zacks. Six analysts have issued estimates for WellCare Health Plans’ earnings. The lowest sales estimate is $4.20 billion and the highest is $4.40 billion. WellCare Health Plans posted sales of $3.59 billion in the same quarter last year, which would indicate a positive year over year growth rate of 18.9%. The firm is expected to announce its next quarterly earnings results before the market opens on Friday, August 4th.
On average, analysts expect that WellCare Health Plans will report full-year sales of $4.27 billion for the current year, with estimates ranging from $16.75 billion to $16.96 billion. For the next fiscal year, analysts forecast that the firm will report sales of $18.87 billion per share, with estimates ranging from $18.52 billion to $19.04 billion. Zacks’ sales averages are an average based on a survey of research analysts that that provide coverage for WellCare Health Plans.
WellCare Health Plans (NYSE:WCG) last issued its quarterly earnings results on Wednesday, May 3rd. The company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.42. The company had revenue of $3.95 billion during the quarter, compared to the consensus estimate of $3.85 billion. WellCare Health Plans had a return on equity of 14.75% and a net margin of 1.85%. WellCare Health Plans’s revenue was up 11.6% on a year-over-year basis. During the same period last year, the company earned $1.06 earnings per share.
A number of research firms have weighed in on WCG. Zacks Investment Research raised WellCare Health Plans from a “hold” rating to a “buy” rating and set a $172.00 price objective on the stock in a research note on Monday, May 1st. Wolfe Research reissued a “market perform” rating on shares of WellCare Health Plans in a research note on Monday, May 15th. Credit Suisse Group reissued a “neutral” rating and set a $163.00 price objective (up previously from $155.00) on shares of WellCare Health Plans in a research note on Thursday, July 13th. Jefferies Group LLC boosted their price objective on WellCare Health Plans from $142.00 to $170.00 and gave the stock a “hold” rating in a research note on Thursday, May 4th. Finally, Deutsche Bank AG began coverage on WellCare Health Plans in a research note on Wednesday, April 5th. They set a “buy” rating and a $168.00 price objective on the stock. Twelve equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. WellCare Health Plans presently has a consensus rating of “Hold” and an average price target of $165.75.
Shares of WellCare Health Plans (NYSE WCG) traded up 0.05% during mid-day trading on Friday, reaching $183.87. The company had a trading volume of 209,024 shares. WellCare Health Plans has a 1-year low of $105.16 and a 1-year high of $184.88. The company has a market capitalization of $8.18 billion, a PE ratio of 30.25 and a beta of 0.86. The stock’s 50-day moving average price is $179.12 and its 200 day moving average price is $156.75.
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In other news, EVP Michael Robert Polen sold 6,000 shares of the company’s stock in a transaction on Thursday, May 4th. The stock was sold at an average price of $169.67, for a total value of $1,018,020.00. Following the transaction, the executive vice president now owns 12,952 shares of the company’s stock, valued at approximately $2,197,565.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Yount Michael sold 2,500 shares of the company’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $166.57, for a total value of $416,425.00. Following the completion of the transaction, the senior vice president now directly owns 4,804 shares in the company, valued at approximately $800,202.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,019 shares of company stock worth $4,133,066. Corporate insiders own 0.50% of the company’s stock.
Several institutional investors have recently made changes to their positions in WCG. Advisory Services Network LLC acquired a new position in shares of WellCare Health Plans during the first quarter valued at approximately $112,000. Creative Planning raised its position 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 period. State of Alaska Department of Revenue acquired a new position in shares of WellCare Health Plans during the second quarter valued at approximately $121,000. Neuberger Berman Group LLC raised its position in shares of WellCare Health Plans by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 1,539 shares of the company’s stock valued at $216,000 after buying an additional 16 shares during the period. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in shares of WellCare Health Plans during the first quarter valued at approximately $217,000. 98.65% of the stock is currently owned by institutional investors and hedge funds.
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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