AT Bancorp bought a new stake in WellCare (NYSE:WCG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,753 shares of the company’s stock, valued at approximately $534,000.
Several other hedge funds have also modified their holdings of the company. ClariVest Asset Management LLC raised its stake in shares of WellCare by 180,000.0% in the 1st quarter. ClariVest Asset Management LLC now owns 19,811 shares of the company’s stock valued at $3,837,000 after acquiring an additional 19,800 shares during the period. Riverhead Capital Management LLC increased its stake in WellCare by 32.4% during the 1st quarter. Riverhead Capital Management LLC now owns 49,115 shares of the company’s stock worth $9,510,000 after buying an additional 12,030 shares during the period. Thrivent Financial for Lutherans increased its stake in WellCare by 3.9% during the 1st quarter. Thrivent Financial for Lutherans now owns 10,102 shares of the company’s stock worth $1,956,000 after buying an additional 377 shares during the period. ING Groep NV purchased a new stake in WellCare during the 1st quarter worth $1,311,000. Finally, Engineers Gate Manager LP purchased a new stake in WellCare during the 1st quarter worth $6,370,000. 99.33% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of WellCare from $214.00 to $220.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 7th. Cantor Fitzgerald reaffirmed a “buy” rating and set a $235.00 price target on shares of WellCare in a research note on Tuesday, February 6th. Cowen reaffirmed an “outperform” rating and set a $250.00 price target on shares of WellCare in a research note on Tuesday, January 23rd. Bank of America raised shares of WellCare from a “neutral” rating to a “buy” rating and set a $215.00 price target on the stock in a research note on Friday, March 16th. Finally, Zacks Investment Research downgraded shares of WellCare from a “buy” rating to a “hold” rating in a research note on Wednesday, March 14th. Four analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $222.14.
WellCare (NYSE:WCG) last released its earnings results on Tuesday, May 1st. The company reported $2.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.95 by $0.52. The company had revenue of $4.65 billion during the quarter, compared to the consensus estimate of $4.70 billion. WellCare had a net margin of 2.31% and a return on equity of 17.99%. The company’s revenue was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.61 EPS. equities analysts expect that WellCare will post 10.26 EPS for the current year.
WellCare Company 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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