Cantor Fitzgerald restated their buy rating on shares of WellCare Health Plans (NYSE:WCG) in a research report sent to investors on Tuesday. Cantor Fitzgerald currently has a $330.00 target price on the stock.
“. We are reiterating our Overweight rating on WCG shares and our 12-month price parget remains at $330. the company reported 3Q18 results. Adjusted revenue grew 13.3% y/y driven in part by the Meridian acquisition (1 month contribution). Revenue was essentially in- line with our estimate and FactSet consensus. Membership was also inline with consensus, but the majority of the membership growth was attributable to Meridian (1.1 million lives). Importantly, the company provided initial commentary regarding 2019. We have adjusted our estimates accordingly.”,” Cantor Fitzgerald’s analyst wrote.
WCG has been the subject of several other reports. Jefferies Financial Group reiterated a hold rating and set a $268.00 price objective on shares of WellCare Health Plans in a research note on Wednesday, August 1st. Morgan Stanley increased their price objective on WellCare Health Plans from $280.00 to $330.00 and gave the stock an equal weight rating in a research note on Wednesday, September 5th. Zacks Investment Research lowered WellCare Health Plans from a buy rating to a hold rating in a research note on Tuesday, July 24th. Wells Fargo & Co reiterated a buy rating on shares of WellCare Health Plans in a research note on Tuesday, July 31st. Finally, Barclays reiterated a buy rating and set a $325.00 price objective on shares of WellCare Health Plans in a research note on Tuesday, September 18th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average target price of $301.13.
WCG stock traded down $8.77 during midday trading on Tuesday, hitting $259.10. The stock had a trading volume of 1,238,697 shares, compared to its average volume of 629,118. The stock has a market cap of $12.36 billion, a P/E ratio of 28.13, a price-to-earnings-growth ratio of 1.63 and a beta of 1.23. WellCare Health Plans has a 52 week low of $187.06 and a 52 week high of $324.99. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.32 and a quick ratio of 1.27.
WellCare Health Plans (NYSE:WCG) last issued its earnings results on Tuesday, October 30th. The company reported $3.33 EPS for the quarter, topping the consensus estimate of $3.09 by $0.24. The firm had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.06 billion. WellCare Health Plans had a return on equity of 15.45% and a net margin of 2.38%. WellCare Health Plans’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period last year, the business earned $4.08 earnings per share. Equities research analysts anticipate that WellCare Health Plans will post 11.02 EPS for the current year.
Several large investors have recently made changes to their positions in the company. Acadian Asset Management LLC increased its stake in shares of WellCare Health Plans by 3.6% in the second quarter. Acadian Asset Management LLC now owns 1,652,077 shares of the company’s stock valued at $406,808,000 after buying an additional 56,649 shares in the last quarter. American Century Companies Inc. increased its stake in shares of WellCare Health Plans by 28.8% in the second quarter. American Century Companies Inc. now owns 1,337,459 shares of the company’s stock valued at $329,336,000 after buying an additional 299,273 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of WellCare Health Plans by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 1,077,020 shares of the company’s stock valued at $265,204,000 after buying an additional 21,813 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of WellCare Health Plans by 25.8% in the second quarter. OppenheimerFunds Inc. now owns 450,474 shares of the company’s stock valued at $110,923,000 after buying an additional 92,269 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of WellCare Health Plans by 5.3% in the second quarter. Northern Trust Corp now owns 361,397 shares of the company’s stock valued at $88,990,000 after buying an additional 18,161 shares in the last quarter. Institutional investors own 97.22% of the company’s stock.
About WellCare Health Plans
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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