WellCare Health Plans (NYSE:WCG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $216.00 price target on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.00% from the company’s previous close.
According to Zacks, “WellCare Health’s healthy balance sheet continues to support its operational excellence. The company has also been witnessing revenue growth over the last six years. The company's fourth-quarter 2017 earnings outpaced the Zacks Consensus Estimate but declined from the previous-year quarter due to higher expenses. Following the strong 2017 results, the company raised its guidance for 2018. Although its shares have slightly underperformed the industry in a year's time, the company’s solid fundamentals are likely to favor the stock going forward. However, its rising level of debt hurts the bottom line. Continuous increase in the total expenses also weighs on the margins.”
WCG has been the topic of several other research reports. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $235.00 price target on shares of WellCare Health Plans in a research note on Tuesday, February 6th. Deutsche Bank boosted their price target on WellCare Health Plans to $240.00 and gave the company a “buy” rating in a research note on Monday, November 20th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $214.00 price target on shares of WellCare Health Plans in a research note on Wednesday, November 1st. Jefferies Group boosted their price target on WellCare Health Plans from $190.00 to $210.00 and gave the company a “hold” rating in a research note on Wednesday, November 1st. Finally, Morgan Stanley boosted their price target on WellCare Health Plans from $214.00 to $220.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 7th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $217.86.
WellCare Health Plans (NYSE:WCG) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $0.32 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.21 by $0.11. The business had revenue of $4.35 billion for the quarter, compared to analyst estimates of $4.32 billion. WellCare Health Plans had a return on equity of 17.10% and a net margin of 2.20%. WellCare Health Plans’s quarterly revenue was up 23.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.03 EPS. research analysts anticipate that WellCare Health Plans will post 9.79 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of WCG. Dynamic Technology Lab Private Ltd bought a new position in WellCare Health Plans in the 2nd quarter valued at $480,000. Advisory Services Network LLC raised its position in WellCare Health Plans by 8.4% in the 2nd quarter. Advisory Services Network LLC now owns 866 shares of the company’s stock valued at $155,000 after purchasing an additional 67 shares during the last quarter. Lord Abbett & CO. LLC raised its position in WellCare Health Plans by 30.3% in the 2nd quarter. Lord Abbett & CO. LLC now owns 105,299 shares of the company’s stock valued at $18,907,000 after purchasing an additional 24,457 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in WellCare Health Plans by 27.7% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 146,325 shares of the company’s stock valued at $25,128,000 after purchasing an additional 31,724 shares during the last quarter. Finally, APG Asset Management N.V. bought a new position in WellCare Health Plans in the 3rd quarter valued at $10,012,000. Hedge funds and other institutional investors own 98.73% 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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