State Board of Administration of Florida Retirement System boosted its position in shares of WellCare Health Plans, Inc. (NYSE:WCG) by 3.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,351 shares of the company’s stock after purchasing an additional 2,102 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.14% of WellCare Health Plans worth $19,770,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bremer Bank National Association purchased a new position in shares of WellCare Health Plans in the 1st quarter valued at $28,000. Icon Wealth Partners LLC purchased a new position in shares of WellCare Health Plans in the 1st quarter valued at $30,000. Meeder Asset Management Inc. purchased a new position in shares of WellCare Health Plans in the 2nd quarter valued at $33,000. Berman Capital Advisors LLC increased its holdings in shares of WellCare Health Plans by 165.3% in the 2nd quarter. Berman Capital Advisors LLC now owns 130 shares of the company’s stock valued at $37,000 after acquiring an additional 81 shares during the period. Finally, Financial Gravity Wealth Inc. increased its holdings in shares of WellCare Health Plans by 4,633.3% in the 2nd quarter. Financial Gravity Wealth Inc. now owns 142 shares of the company’s stock valued at $40,000 after acquiring an additional 139 shares during the period. Institutional investors own 93.41% of the company’s stock.
WellCare Health Plans stock opened at $264.40 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.23 and a quick ratio of 1.23. The stock has a market capitalization of $13.65 billion, a price-to-earnings ratio of 23.97, a PEG ratio of 1.34 and a beta of 0.93. WellCare Health Plans, Inc. has a 1-year low of $220.63 and a 1-year high of $324.99. The business has a fifty day moving average price of $282.31 and a 200-day moving average price of $272.99.
A number of brokerages have recently issued reports on WCG. Cantor Fitzgerald downgraded WellCare Health Plans from an “overweight” rating to a “neutral” rating in a report on Tuesday, July 30th. Wells Fargo & Co cut their price target on WellCare Health Plans from $330.00 to $320.00 and set an “outperform” rating on the stock in a report on Wednesday, May 8th. Finally, 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. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $320.10.
WellCare Health Plans Profile
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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