Morgan Stanley Increases WellCare Health Plans, Inc. (WCG) Price Target to $184.00
WellCare Health Plans, Inc. (NYSE:WCG) had its price target raised by research analysts at Morgan Stanley from $183.00 to $184.00 in a report issued on Monday. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 6.23% from the company’s previous close.
A number of other research firms have also recently issued reports on WCG. Jefferies Group LLC reissued a “hold” rating and issued a $142.00 target price on shares of WellCare Health Plans in a research note on Wednesday, April 19th. Leerink Swann reissued an “outperform” rating and issued a $225.00 target price (up from $185.00) on shares of WellCare Health Plans in a research note on Thursday, June 22nd. Deutsche Bank AG boosted their target price on WellCare Health Plans from $185.00 to $192.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. Bank of America Corporation boosted their target price on WellCare Health Plans from $185.00 to $189.00 and gave the company a “neutral” rating in a research note on Friday, July 14th. Finally, Zacks Investment Research cut WellCare Health Plans from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Eleven analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $170.09.
Shares of WellCare Health Plans (NYSE WCG) traded up 0.10% during midday trading on Monday, reaching $173.39. The company had a trading volume of 362,889 shares. The firm has a market cap of $7.71 billion, a P/E ratio of 28.53 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 company’s 50-day moving average is $180.02 and its 200-day moving average is $159.17.
WellCare Health Plans (NYSE:WCG) last posted its earnings results on Friday, August 4th. The company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.23 by $0.29. WellCare Health Plans had a return on equity of 14.91% and a net margin of 1.66%. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.23 billion. During the same period in the previous year, the firm earned $2.23 earnings per share. The company’s revenue was up 19.8% on a year-over-year basis. Equities research analysts expect that WellCare Health Plans will post $6.92 EPS for the current fiscal year.
In related news, VP Michael Troy Meyer sold 600 shares of the company’s stock in a transaction dated Thursday, May 25th. The stock was sold at an average price of $171.86, for a total transaction of $103,116.00. Following the sale, the vice president now owns 73 shares in the company, valued at $12,545.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Darren Ghanayem sold 800 shares of the company’s stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $170.30, for a total value of $136,240.00. Following the sale, the senior vice president now owns 476 shares in the company, valued at approximately $81,062.80. The disclosure for this sale can be found here. Insiders have sold 13,714 shares of company stock valued at $2,391,609 over the last ninety days. 0.50% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. OppenheimerFunds Inc. raised its position in WellCare Health Plans by 13.4% in the first quarter. OppenheimerFunds Inc. now owns 392,226 shares of the company’s stock worth $54,994,000 after buying an additional 46,415 shares during the period. Massachusetts Financial Services Co. MA raised its position in WellCare Health Plans by 29.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 67,549 shares of the company’s stock worth $9,473,000 after buying an additional 15,299 shares during the period. First Citizens Bank & Trust Co. raised its position in WellCare Health Plans by 62.5% in the first quarter. First Citizens Bank & Trust Co. now owns 2,483 shares of the company’s stock worth $348,000 after buying an additional 955 shares during the period. Swiss National Bank raised its position in WellCare Health Plans by 0.5% in the first quarter. Swiss National Bank now owns 73,200 shares of the company’s stock worth $10,263,000 after buying an additional 400 shares during the period. Finally, Parametrica Management Ltd raised its position in WellCare Health Plans by 23.3% in the first quarter. Parametrica Management Ltd now owns 2,096 shares of the company’s stock worth $294,000 after buying an additional 396 shares during the period. Institutional investors and hedge funds own 98.71% of the company’s stock.
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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