Parkwood LLC lowered its position in shares of WellCare Health Plans, Inc. (NYSE:WCG) by 16.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,577 shares of the company’s stock after selling 724 shares during the period. Parkwood LLC’s holdings in WellCare Health Plans were worth $642,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in WellCare Health Plans by 5.5% in the first quarter. Vanguard Group Inc. now owns 4,435,885 shares of the company’s stock worth $621,956,000 after buying an additional 231,890 shares in the last quarter. BlackRock Inc. increased its position in 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 in the last quarter. AQR Capital Management LLC increased its position in 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 in the last quarter. Acadian Asset Management LLC increased its position in WellCare Health Plans by 1.8% in the second quarter. Acadian Asset Management LLC now owns 1,544,686 shares of the company’s stock worth $277,365,000 after buying an additional 27,855 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in 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 in the last quarter. Hedge funds and other institutional investors own 98.74% of the company’s stock.
WellCare Health Plans, Inc. (WCG) traded down 1.16% during mid-day trading on Monday, reaching $177.88. The company’s stock had a trading volume of 87,065 shares. WellCare Health Plans, Inc. has a 12-month low of $105.16 and a 12-month high of $184.88. The stock has a market cap of $7.91 billion, a price-to-earnings ratio of 29.27 and a beta of 0.85. The firm’s 50 day moving average price is $179.88 and its 200 day moving average price is $158.46.
WellCare Health Plans (NYSE:WCG) last released its quarterly earnings data on Wednesday, May 3rd. The company reported $1.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.42. The company had revenue of $3.95 billion for the quarter, compared to analyst estimates of $3.85 billion. WellCare Health Plans had a return on equity of 14.75% and a net margin of 1.85%. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.06 earnings per share. On average, equities analysts predict that WellCare Health Plans, Inc. will post $6.86 earnings per share for the current year.
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WCG has been the subject of a number of research reports. Jefferies Group LLC reiterated a “hold” rating and set a $142.00 target price on shares of WellCare Health Plans in a research report on Wednesday, April 19th. Morgan Stanley initiated coverage on WellCare Health Plans in a research report on Tuesday, June 6th. They set an “equal weight” rating and a $183.00 target price for the company. Deutsche Bank AG increased their target price on WellCare Health Plans from $185.00 to $192.00 and gave the company a “buy” rating in a research report on Thursday, July 13th. Leerink Swann reiterated an “outperform” rating and set a $225.00 target price (up from $185.00) on shares of WellCare Health Plans in a research report on Thursday, June 22nd. Finally, Bank of America Corporation increased their target price on WellCare Health Plans from $185.00 to $189.00 and gave the company a “neutral” rating in a research report on Friday, July 14th. Twelve research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $165.75.
In related news, EVP Michael Robert Polen sold 6,000 shares of the stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $169.67, for a total transaction of $1,018,020.00. Following the transaction, the executive vice president now owns 12,952 shares of the company’s stock, valued at approximately $2,197,565.84. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Yount Michael sold 2,500 shares of the stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $166.57, for a total value of $416,425.00. Following the transaction, the senior vice president now directly owns 4,804 shares in the company, valued at approximately $800,202.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,019 shares of company stock worth $4,133,066. Corporate insiders own 0.50% 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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