Nordea Investment Management AB purchased a new position in shares of WellCare Health Plans, Inc. (NYSE:WCG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 539 shares of the company’s stock, valued at approximately $173,000.
A number of other institutional investors have also modified their holdings of WCG. Neuberger Berman Group LLC increased its position in WellCare Health Plans by 585.1% in the third quarter. Neuberger Berman Group LLC now owns 63,736 shares of the company’s stock worth $20,427,000 after buying an additional 54,433 shares during the last quarter. Alpine Global Management LLC purchased a new stake in WellCare Health Plans in the third quarter worth $2,142,000. Macquarie Group Ltd. grew its position in shares of WellCare Health Plans by 8.7% in the third quarter. Macquarie Group Ltd. now owns 70,746 shares of the company’s stock valued at $22,673,000 after purchasing an additional 5,655 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of WellCare Health Plans by 1.8% in the third quarter. Mackenzie Financial Corp now owns 17,870 shares of the company’s stock valued at $5,727,000 after purchasing an additional 316 shares in the last quarter. Finally, Cypress Capital Group purchased a new position in shares of WellCare Health Plans in the third quarter valued at $404,000. Institutional investors and hedge funds own 98.30% of the company’s stock.
In related news, Director H James Dallas bought 1,171 shares of the stock in a transaction dated Tuesday, December 4th. The stock was bought at an average price of $256.35 per share, with a total value of $300,185.85. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Michael Robert Polen sold 3,000 shares of the business’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $256.85, for a total value of $770,550.00. The disclosure for this sale can be found here. In the last three months, insiders sold 7,647 shares of company stock valued at $1,924,167. 0.59% of the stock is currently owned by corporate insiders.
Shares of WCG stock opened at $247.42 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.32 and a quick ratio of 1.32. WellCare Health Plans, Inc. has a 12-month low of $187.06 and a 12-month high of $324.99. The stock has a market cap of $12.21 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 1.07 and a beta of 1.18.
WellCare Health Plans (NYSE:WCG) last released its earnings results on Tuesday, October 30th. The company reported $3.33 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.24. WellCare Health Plans had a return on equity of 15.45% and a net margin of 2.38%. The company had revenue of $5.06 billion during the quarter, compared to analyst estimates of $5.06 billion. During the same quarter in the previous year, the company posted $4.08 EPS. WellCare Health Plans’s revenue for the quarter was up 14.9% on a year-over-year basis. Equities research analysts anticipate that WellCare Health Plans, Inc. will post 10.98 earnings per share for the current fiscal year.
Several brokerages have recently weighed in on WCG. Barclays reiterated a “buy” rating and issued a $338.00 price target on shares of WellCare Health Plans in a research report on Friday, September 28th. Evercore ISI began coverage on WellCare Health Plans in a research report on Tuesday, October 9th. They issued an “outperform” rating and a $365.00 price target for the company. Wells Fargo & Co reiterated a “buy” rating on shares of WellCare Health Plans in a research report on Wednesday, September 26th. Cantor Fitzgerald lifted their price target on WellCare Health Plans from $292.00 to $330.00 and gave the company an “overweight” rating in a research report on Monday, September 17th. Finally, BMO Capital Markets set a $345.00 price target on WellCare Health Plans and gave the company a “buy” rating in a research report on Friday, September 14th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. WellCare Health Plans has an average rating of “Buy” and a consensus price target of $305.64.
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WellCare Health Plans Profile
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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