WellCare Health Plans, Inc. (WCG) Position Lowered by Pennant Capital Management LLC

Pennant Capital Management LLC reduced its position in shares of WellCare Health Plans, Inc. (NYSE:WCG) by 59.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 237,495 shares of the company’s stock after selling 346,400 shares during the period. WellCare Health Plans comprises approximately 1.6% of Pennant Capital Management LLC’s investment portfolio, making the stock its 24th largest position. Pennant Capital Management LLC’s holdings in WellCare Health Plans were worth $33,299,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of WellCare Health Plans by 5.5% in the first quarter. Vanguard Group Inc. now owns 4,435,885 shares of the company’s stock worth $621,956,000 after buying an additional 231,890 shares in the last quarter. BlackRock Inc. increased its stake in shares of WellCare Health Plans by 7,347.7% in the first quarter. BlackRock Inc. now owns 4,195,120 shares of the company’s stock worth $588,199,000 after buying an additional 4,138,792 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of WellCare Health Plans by 29.2% in the fourth quarter. AQR Capital Management LLC now owns 1,780,270 shares of the company’s stock worth $244,040,000 after buying an additional 402,249 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of WellCare Health Plans by 2.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 833,483 shares of the company’s stock worth $114,255,000 after buying an additional 16,912 shares in the last quarter. Finally, Teachers Advisors LLC increased its stake in shares of WellCare Health Plans by 3.8% in the fourth quarter. Teachers Advisors LLC now owns 668,352 shares of the company’s stock worth $91,618,000 after buying an additional 24,540 shares in the last quarter. 99.36% of the stock is owned by institutional investors and hedge funds.

Institutional Ownership by Quarter for WellCare Health Plans (NYSE:WCG)

Shares of WellCare Health Plans, Inc. (NYSE:WCG) traded up 0.73% on Friday, hitting $174.66. The company’s stock had a trading volume of 410,276 shares. WellCare Health Plans, Inc. has a 52 week low of $101.98 and a 52 week high of $181.04. The stock has a market capitalization of $7.77 billion, a P/E ratio of 28.74 and a beta of 0.79. The stock’s 50 day moving average price is $170.71 and its 200 day moving average price is $149.31.

WellCare Health Plans (NYSE:WCG) last posted its earnings results on Wednesday, May 3rd. The company reported $1.61 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.19 by $0.42. The firm had revenue of $3.95 billion for the quarter, compared to the consensus estimate of $3.85 billion. WellCare Health Plans had a net margin of 1.85% and a return on equity of 14.75%. The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.06 earnings per share. On average, analysts forecast that WellCare Health Plans, Inc. will post $6.86 earnings per share for the current fiscal year.

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WCG has been the subject of a number of recent analyst reports. Jefferies Group LLC reaffirmed a “hold” rating and issued a $142.00 price objective on shares of WellCare Health Plans in a research report on Wednesday, April 19th. Morgan Stanley started coverage on WellCare Health Plans in a research report on Tuesday, June 6th. They issued an “equal weight” rating and a $183.00 price objective for the company. Zacks Investment Research downgraded WellCare Health Plans from a “buy” rating to a “hold” rating in a research report on Monday, March 6th. Deutsche Bank AG started coverage on WellCare Health Plans in a research report on Wednesday, April 5th. They set a “buy” rating and a $168.00 price target for the company. Finally, Wolfe Research reissued a “market perform” rating on shares of WellCare Health Plans in a research report on Friday, May 5th. Eleven equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. WellCare Health Plans presently has an average rating of “Hold” and an average price target of $146.92.

In other WellCare Health Plans news, Director Paul E. Weaver sold 2,000 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $175.44, for a total transaction of $350,880.00. Following the completion of the sale, the director now directly owns 15,262 shares in the company, valued at $2,677,565.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Yount Michael sold 2,500 shares of the company’s stock in a transaction dated Thursday, May 4th. The shares were sold at an average price of $166.57, for a total transaction of $416,425.00. Following the sale, the senior vice president now owns 4,804 shares of the company’s stock, valued at $800,202.28. The disclosure for this sale can be found here. Insiders have sold 24,019 shares of company stock worth $4,133,066 over the last three months. Company insiders own 0.50% of the company’s stock.

About WellCare Health Plans

WellCare Health Plans, Inc is a managed care company. The Company focuses on government-sponsored managed care services, primarily through Medicaid, Medicare Advantage (MA) and Medicare Prescription Drug Plans (PDPs), to families, children, seniors and individuals with medical needs. The Company operates through three segments: Medicaid Health Plans, Medicare Health Plans and Medicare PDPs.

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