WellCare Health Plans, Inc. (NYSE:WCG) Given New $189.00 Price Target at Bank of America Corporation

WellCare Health Plans, Inc. (NYSE:WCG) had its price target lifted by Bank of America Corporation from $185.00 to $189.00 in a report issued on Friday, July 14th. They currently have a neutral rating on the stock.

A number of other research firms have also recently issued reports on WCG. Jefferies Group LLC reissued a hold rating and set a $142.00 price objective on shares of WellCare Health Plans in a research report on Wednesday, April 19th. Morgan Stanley initiated coverage on shares of WellCare Health Plans in a research report on Tuesday, June 6th. They issued an equal weight rating and a $183.00 price target on the stock. Leerink Swann reaffirmed an outperform rating and issued a $225.00 price target (up previously from $185.00) on shares of WellCare Health Plans in a research report on Thursday, June 22nd. Deutsche Bank AG raised their price target on shares of WellCare Health Plans from $185.00 to $192.00 and gave the company a buy rating in a research report on Thursday, July 13th. Finally, Zacks Investment Research cut shares of WellCare Health Plans from a buy rating to a hold rating in a research report on Thursday, May 4th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. WellCare Health Plans currently has an average rating of Hold and an average target price of $172.00.

WellCare Health Plans (WCG) opened at 172.39 on Friday. WellCare Health Plans has a 12 month low of $109.74 and a 12 month high of $184.88. The firm’s 50-day moving average price is $179.68 and its 200-day moving average price is $160.58. The firm has a market cap of $7.67 billion, a price-to-earnings ratio of 30.29 and a beta of 0.84.

WellCare Health Plans (NYSE:WCG) last issued its quarterly earnings results on Friday, August 4th. The company reported $2.52 EPS for the quarter, beating the Zacks’ consensus estimate of $2.23 by $0.29. The business had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.23 billion. WellCare Health Plans had a net margin of 1.66% and a return on equity of 14.91%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.23 earnings per share. Equities research analysts predict that WellCare Health Plans will post $6.99 earnings per share for the current year.

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In other news, EVP Kelly A. Munson sold 3,000 shares of WellCare Health Plans stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $173.71, for a total transaction of $521,130.00. Following the completion of the sale, the executive vice president now directly owns 4,243 shares of the company’s stock, valued at approximately $737,051.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Michael Troy Meyer sold 600 shares of WellCare Health Plans stock in a transaction on 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 directly owns 73 shares of the company’s stock, valued at $12,545.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,914 shares of company stock valued at $2,255,369. Insiders own 0.50% of the company’s stock.

A number of institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its position in shares of WellCare Health Plans by 7,347.7% in the first quarter. BlackRock Inc. now owns 4,195,120 shares of the company’s stock worth $588,199,000 after buying an additional 4,138,792 shares during the last quarter. Norges Bank acquired a new position in shares of WellCare Health Plans during the fourth quarter worth approximately $64,318,000. Renaissance Technologies LLC boosted its position in shares of WellCare Health Plans by 157.2% in the first quarter. Renaissance Technologies LLC now owns 618,300 shares of the company’s stock worth $86,692,000 after buying an additional 377,900 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of WellCare Health Plans by 18.8% in the first quarter. AQR Capital Management LLC now owns 2,114,365 shares of the company’s stock worth $296,455,000 after buying an additional 334,095 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of WellCare Health Plans by 712.9% in the second quarter. American Century Companies Inc. now owns 371,561 shares of the company’s stock worth $66,717,000 after buying an additional 325,853 shares during the last quarter. Institutional investors 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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