M&T Bank Corp boosted its holdings in WellCare (NYSE:WCG) by 60.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,190 shares of the company’s stock after buying an additional 1,197 shares during the period. M&T Bank Corp’s holdings in WellCare were worth $617,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of WCG. Bessemer Group Inc. raised its holdings in shares of WellCare by 593.2% in the 4th quarter. Bessemer Group Inc. now owns 818 shares of the company’s stock worth $165,000 after purchasing an additional 700 shares during the period. Gotham Asset Management LLC purchased a new position in shares of WellCare in the 4th quarter worth about $202,000. Mackenzie Financial Corp purchased a new position in shares of WellCare in the 4th quarter worth about $202,000. Matisse Capital purchased a new position in shares of WellCare in the 4th quarter worth about $205,000. Finally, Ellington Management Group LLC purchased a new position in shares of WellCare in the 4th quarter worth about $302,000. 97.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:WCG opened at $216.96 on Wednesday. The stock has a market cap of $9.75 billion, a P/E ratio of 25.46, a P/E/G ratio of 1.46 and a beta of 0.89. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.47. WellCare has a one year low of $162.25 and a one year high of $221.75.
WellCare (NYSE:WCG) last announced its earnings results on Tuesday, May 1st. The company reported $2.47 EPS for the quarter, beating the consensus estimate of $1.95 by $0.52. The business had revenue of $4.65 billion for the quarter, compared to the consensus estimate of $4.70 billion. WellCare had a return on equity of 17.99% and a net margin of 2.31%. The company’s revenue was up 17.5% on a year-over-year basis. During the same period last year, the business posted $1.61 EPS. equities analysts forecast that WellCare will post 10.26 earnings per share for the current year.
A number of equities analysts have recently commented on the company. ValuEngine downgraded WellCare from a “buy” rating to a “hold” rating in a report on Wednesday, May 9th. Morgan Stanley raised their price objective on WellCare from $220.00 to $228.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 2nd. Wells Fargo & Co raised their price objective on WellCare from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, May 2nd. Zacks Investment Research upgraded WellCare from a “hold” rating to a “buy” rating and set a $216.00 price objective on the stock in a report on Friday, April 13th. Finally, Bank of America upgraded WellCare from a “neutral” rating to a “buy” rating and set a $215.00 target price on the stock in a report on Friday, March 16th. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $222.14.
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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