State Treasurer State of Michigan Sells 1,600 Shares of WellCare Health Plans, Inc. (WCG)

State Treasurer State of Michigan trimmed its holdings in WellCare Health Plans, Inc. (NYSE:WCG) by 8.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,700 shares of the company’s stock after selling 1,600 shares during the period. State Treasurer State of Michigan’s holdings in WellCare Health Plans were worth $2,868,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of WCG. Neuberger Berman Group LLC grew its position in WellCare Health Plans by 1.1% in the first quarter. Neuberger Berman Group LLC now owns 1,539 shares of the company’s stock worth $216,000 after acquiring an additional 16 shares in the last quarter. FMR LLC raised its stake in WellCare Health Plans by 442.3% during the 1st quarter. FMR LLC now owns 54,878 shares of the company’s stock valued at $7,694,000 after purchasing an additional 44,759 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in WellCare Health Plans by 17.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,197 shares of the company’s stock valued at $448,000 after purchasing an additional 472 shares during the last quarter. Thrivent Financial For Lutherans raised its stake in WellCare Health Plans by 9.8% during the 1st quarter. Thrivent Financial For Lutherans now owns 8,410 shares of the company’s stock valued at $1,179,000 after purchasing an additional 750 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in WellCare Health Plans during the 1st quarter valued at $302,000. 98.40% of the stock is owned by institutional investors.

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Several equities analysts recently commented on WCG shares. Deutsche Bank AG upped their target price on shares of WellCare Health Plans from $185.00 to $192.00 and gave the company a “buy” rating in a research note on Thursday, July 13th. BidaskClub cut shares of WellCare Health Plans from a “strong-buy” rating to a “buy” rating in a research report on Friday, July 28th. ValuEngine upgraded shares of WellCare Health Plans from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Cantor Fitzgerald reiterated a “buy” rating and set a $195.00 target price on shares of WellCare Health Plans in a research report on Saturday, August 26th. Finally, Zacks Investment Research upgraded shares of WellCare Health Plans from a “hold” rating to a “buy” rating and set a $193.00 target price for the company in a research report on Friday, August 11th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $185.33.

Shares of WellCare Health Plans, Inc. (NYSE:WCG) opened at 197.74 on Wednesday. The firm has a market capitalization of $8.80 billion, a P/E ratio of 34.74 and a beta of 0.88. The firm’s 50-day moving average is $173.96 and its 200 day moving average is $173.14. WellCare Health Plans, Inc. has a one year low of $114.41 and a one year high of $201.37.

WellCare Health Plans (NYSE:WCG) last announced its earnings results on Monday, October 30th. The company reported $4.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.90 by $2.18. WellCare Health Plans had a return on equity of 14.91% and a net margin of 1.66%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same period in the prior year, the business posted $1.63 earnings per share. The firm’s revenue was up 22.8% on a year-over-year basis. Equities research analysts predict that WellCare Health Plans, Inc. will post $7.01 earnings per share for the current year.

In other WellCare Health Plans news, CEO Kenneth A. Burdick sold 8,500 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $174.24, for a total transaction of $1,481,040.00. Following the transaction, the chief executive officer now directly owns 23,627 shares in the company, valued at approximately $4,116,768.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Glenn Md Phd Steele, Jr. sold 8,374 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $171.97, for a total value of $1,440,076.78. Following the transaction, the director now owns 5,722 shares in the company, valued at $984,012.34. The disclosure for this sale can be found here. 0.47% of the stock is currently owned by corporate insiders.

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.

Institutional Ownership by Quarter for WellCare Health Plans (NYSE:WCG)

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