Summit Street Capital Management buys $2.9 Million stake in WellCare Health Plans (WCG)

WellCare Health Plans (WCG) : Summit Street Capital Management scooped up 3,166 additional shares in WellCare Health Plans during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 31,288 shares of WellCare Health Plans which is valued at $2.9 Million.WellCare Health Plans makes up approximately 3.27% of Summit Street Capital Management’s portfolio.

Other Hedge Funds, Including , Nuveen Asset Management reduced its stake in WCG by selling 148 shares or 0.71% in the most recent quarter. The Hedge Fund company now holds 20,705 shares of WCG which is valued at $1.9 Million. WellCare Health Plans makes up approx 0.01% of Nuveen Asset Management’s portfolio. Howard Hughes Medical Institute added WCG to its portfolio by purchasing 343 company shares during the most recent quarter which is valued at $31,947. WellCare Health Plans makes up approx 0.01% of Howard Hughes Medical Institute’s portfolio.Matarin Capital Management boosted its stake in WCG in the latest quarter, The investment management firm added 3,561 additional shares and now holds a total of 68,854 shares of WellCare Health Plans which is valued at $6.4 Million. WellCare Health Plans makes up approx 0.91% of Matarin Capital Management’s portfolio.Advantus Capital Management Inc boosted its stake in WCG in the latest quarter, The investment management firm added 167 additional shares and now holds a total of 5,948 shares of WellCare Health Plans which is valued at $553,997. WellCare Health Plans makes up approx 0.02% of Advantus Capital Management Inc’s portfolio.Bks Advisors reduced its stake in WCG by selling 1,000 shares or 28.57% in the most recent quarter. The Hedge Fund company now holds 2,500 shares of WCG which is valued at $232,850. WellCare Health Plans makes up approx 0.12% of Bks Advisors’s portfolio.

WellCare Health Plans opened for trading at $98.92 and hit $100.57 on the upside on Wednesday, eventually ending the session at $100.34, with a gain of 1.90% or 1.87 points. The heightened volatility saw the trading volume jump to 4,22,387 shares. Company has a market cap of $4,440 M.

On the company’s financial health, WellCare Health Plans reported $1.06 EPS for the quarter, beating the analyst consensus estimate by $ 0.36 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.70. The company had revenue of $3540.50 million for the quarter, compared to analysts expectations of $3484.72 million. The company’s revenue was up 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS.

Many Wall Street Analysts have commented on WellCare Health Plans. Company shares were Upgraded by JP Morgan on Feb 22, 2016 to ” Overweight”, Firm has raised the Price Target to $ 114 from a previous price target of $80 .WellCare Health Plans was Upgraded by BofA/Merrill to ” Neutral” on Feb 22, 2016.

WellCare Health Plans Inc. (WellCare) is a managed care company for government-sponsored health care coverage with a focus on Medicaid and Medicare programs. The Company offers a range of managed care health plans for families children and the aged blind and disabled as well as prescription drug plans. The Company operates in three segments: Medicaid Health Plans Medicare Health Plans and Medicare Prescription Drug Plans (PDPs). It operates Medicaid health plans in Florida Georgia Hawaii Illinois Kentucky Missouri New Jersey New York and South Carolina. In addition it offers Medicare Advantage (MA) coordinated care plans (CCPs) in certain counties in Arizona Arkansas California Connecticut Florida Georgia Hawaii Illinois Kentucky Louisiana Mississippi Missouri New Jersey New York Ohio South Carolina Tennessee and Texas. It also offers stand-alone Medicare PDPs in 49 states and the District of Columbia.

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