JPMorgan Chase & Co. reduced its position in WellCare Health Plans, Inc. (NYSE:WCG) by 24.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 685,136 shares of the company’s stock after selling 217,371 shares during the period. JPMorgan Chase & Co.’s holdings in WellCare Health Plans were worth $184,816,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc boosted its position in shares of WellCare Health Plans by 26.1% in the 3rd quarter. Vanguard Group Inc now owns 5,602,927 shares of the company’s stock worth $1,795,681,000 after purchasing an additional 1,159,497 shares during the last quarter. BlackRock Inc. boosted its position in shares of WellCare Health Plans by 3.8% in the 4th quarter. BlackRock Inc. now owns 4,158,143 shares of the company’s stock worth $981,697,000 after purchasing an additional 151,998 shares during the last quarter. FMR LLC boosted its position in shares of WellCare Health Plans by 118.1% in the 4th quarter. FMR LLC now owns 2,876,051 shares of the company’s stock worth $679,007,000 after purchasing an additional 1,557,652 shares during the last quarter. Carmignac Gestion bought a new position in shares of WellCare Health Plans in the 4th quarter worth $168,192,000. Finally, Norges Bank bought a new position in shares of WellCare Health Plans in the 4th quarter worth $147,415,000. 91.53% of the stock is owned by institutional investors.
Several research analysts have recently issued reports on the company. Wells Fargo & Co reduced their price target on WellCare Health Plans from $330.00 to $320.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 8th. Zacks Investment Research lowered WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Credit Suisse Group assumed coverage on WellCare Health Plans in a research report on Monday, April 15th. They issued a “neutral” rating and a $307.00 price target on the stock. ValuEngine lowered WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Thursday, February 28th. Finally, Cowen initiated coverage on WellCare Health Plans in a report on Thursday, February 28th. They set an “outperform” rating on the stock. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. WellCare Health Plans presently has a consensus rating of “Buy” and an average price target of $311.13.
WellCare Health Plans (NYSE:WCG) last posted its earnings results on Tuesday, April 30th. The company reported $3.69 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $3.10 by $0.59. The firm had revenue of $6.76 billion for the quarter, compared to analyst estimates of $6.56 billion. WellCare Health Plans had a return on equity of 15.47% and a net margin of 2.17%. The company’s revenue for the quarter was up 45.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.47 earnings per share. Analysts predict that WellCare Health Plans, Inc. will post 13.91 earnings per share for the current year.
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About WellCare Health Plans
WellCare Health Plans, Inc provides government-sponsored managed care services. The company operates in three segments: Medicaid Health Plans, Medicare Health Plans, and Medicare Prescription Drug Plans (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 programs for qualifying families who are not eligible for Medicaid.
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