TIG Advisors LLC increased its stake in WellCare Health Plans, Inc. (NYSE:WCG) by 485.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 224,625 shares of the company’s stock after acquiring an additional 186,250 shares during the period. WellCare Health Plans comprises about 2.8% of TIG Advisors LLC’s holdings, making the stock its 9th largest holding. TIG Advisors LLC owned approximately 0.45% of WellCare Health Plans worth $64,034,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of WellCare Health Plans by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 5,381,421 shares of the company’s stock valued at $1,534,082,000 after acquiring an additional 94,109 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in WellCare Health Plans by 8.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 743,510 shares of the company’s stock valued at $212,696,000 after purchasing an additional 58,374 shares during the period. Northern Trust Corp increased its holdings in WellCare Health Plans by 3.6% during the 2nd quarter. Northern Trust Corp now owns 553,527 shares of the company’s stock valued at $157,794,000 after purchasing an additional 19,411 shares during the period. TimesSquare Capital Management LLC increased its holdings in WellCare Health Plans by 32.1% during the 1st quarter. TimesSquare Capital Management LLC now owns 528,900 shares of the company’s stock valued at $142,671,000 after purchasing an additional 128,370 shares during the period. Finally, Artisan Partners Limited Partnership increased its holdings in WellCare Health Plans by 7.1% during the 1st quarter. Artisan Partners Limited Partnership now owns 431,116 shares of the company’s stock valued at $116,294,000 after purchasing an additional 28,438 shares during the period. 92.70% of the stock is owned by institutional investors.
Shares of WCG stock traded down $0.61 during midday trading on Friday, reaching $269.43. 350,039 shares of the stock were exchanged, compared to its average volume of 400,659. WellCare Health Plans, Inc. has a 1 year low of $220.63 and a 1 year high of $324.99. The company’s 50 day moving average is $272.55 and its two-hundred day moving average is $272.26. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.45. The firm has a market cap of $13.45 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 1.31 and a beta of 0.95.
WellCare Health Plans (NYSE:WCG) last posted its earnings results on Tuesday, July 30th. The company reported $4.31 earnings per share for the quarter, topping analysts’ consensus estimates of $4.16 by $0.15. WellCare Health Plans had a return on equity of 14.95% and a net margin of 2.09%. The firm had revenue of $7.01 billion for the quarter, compared to the consensus estimate of $6.63 billion. During the same quarter in the prior year, the business earned $3.69 EPS. The business’s revenue for the quarter was up 51.1% on a year-over-year basis. As a group, equities analysts expect that WellCare Health Plans, Inc. will post 14.01 EPS for the current fiscal year.
A number of brokerages recently issued reports on WCG. BMO Capital Markets downgraded WellCare Health Plans from an “outperform” rating to a “market perform” rating and set a $304.00 price target on the stock. in a report on Monday, June 3rd. Cantor Fitzgerald downgraded WellCare Health Plans from an “overweight” rating to a “neutral” rating in a report on Tuesday, July 30th. Finally, Stephens downgraded WellCare Health Plans from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $330.00 to $317.00 in a report on Monday, September 9th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $316.50.
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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