Verition Fund Management LLC increased its holdings in WellCare Health Plans, Inc. (NYSE:WCG) by 457.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,957 shares of the company’s stock after acquiring an additional 10,633 shares during the period. Verition Fund Management LLC’s holdings in WellCare Health Plans were worth $2,509,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of WCG. Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of WellCare Health Plans by 98.9% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 561 shares of the company’s stock worth $108,000 after purchasing an additional 279 shares in the last quarter. Bessemer Group Inc. lifted its position in shares of WellCare Health Plans by 593.2% during the 4th quarter. Bessemer Group Inc. now owns 818 shares of the company’s stock worth $165,000 after buying an additional 700 shares during the period. Mackenzie Financial Corp bought a new position in WellCare Health Plans in the 4th quarter valued at $202,000. Gotham Asset Management LLC bought a new position in WellCare Health Plans in the 4th quarter valued at $202,000. Finally, MANA Advisors LLC bought a new position in WellCare Health Plans in the 1st quarter valued at $205,000. 96.84% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently weighed in on WCG. Leerink Swann boosted their target price on WellCare Health Plans from $275.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 30th. Wells Fargo & Co boosted their price target on WellCare Health Plans from $240.00 to $250.00 and gave the company an “outperform” rating in a report on Wednesday, May 30th. ValuEngine upgraded WellCare Health Plans from a “hold” rating to a “buy” rating in a report on Tuesday, June 5th. Bank of America upgraded WellCare Health Plans from a “neutral” rating to a “buy” rating and set a $215.00 price objective on the stock in a research note on Friday, March 16th. Finally, Zacks Investment Research downgraded WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Wednesday, March 14th. Three analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $240.35.
WellCare Health Plans stock opened at $246.24 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47. The company has a market cap of $10.98 billion, a price-to-earnings ratio of 26.13, a PEG ratio of 1.64 and a beta of 0.94. WellCare Health Plans, Inc. has a 52 week low of $162.25 and a 52 week high of $247.94.
WellCare Health Plans (NYSE:WCG) last posted its quarterly earnings results on Tuesday, May 1st. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.52. WellCare Health Plans had a net margin of 2.31% and a return on equity of 17.99%. The company had revenue of $4.65 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the firm posted $1.61 EPS. WellCare Health Plans’s revenue was up 17.5% on a year-over-year basis. sell-side analysts expect that WellCare Health Plans, Inc. will post 10.27 earnings per share for the current fiscal year.
About WellCare Health Plans
WellCare Health Plans, Inc provides managed care services for government-sponsored health care programs. It operates through three segments: Medicaid Health Plans, Medicare Health Plans, and Medicare PDPs. The Medicaid Health Plans segment offers plans for beneficiaries of temporary assistance for needy families, supplemental security income, and aged blind and disabled residents; and other state-based programs, such as children's health insurance programs and long-term services and supports for qualifying families who are not eligible for Medicaid.
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