Cantor Fitzgerald Reaffirms Their Buy Rating on WellCare Health Plans (WCG)


In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on WellCare Health Plans (NYSE: WCG), with a price target of $330. The company’s shares closed yesterday at $307.36, close to its 52-week high of $315.65.

Halper said:

“The company is nicely positioned in higher growth managed care markets (Medicare and Medicaid). Potential changes in the ACA (Medicaid funding and Medicaid expansion) could impact future performance, but for the time being, healthcare is no longer on the front burner in Washington. While WCG is more leveraged toward Medicaid, it has a healthy position in Medicare, which should continue to benefit from strong demographics. We expect the company to pursue additional acquisitions to further increase its footprint in Medicare and Medicaid.”

According to TipRanks.com, Halper is a top 25 analyst with an average return of 25.4% and a 75.9% success rate. Halper covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.

Currently, the analyst consensus on WellCare Health Plans is a Strong Buy with an average price target of $318.88, which is a 3.7% upside from current levels. In a report issued on September 14, BMO Capital also maintained a Buy rating on the stock with a $345 price target.

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Based on WellCare Health Plans’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $4.64 billion and net profit of $152 million. In comparison, last year the company earned revenue of $4.31 billion and had a net profit of $74.1 million.

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WellCare Health Plans, Inc. engages in the provision of government-sponsored managed care services through Medicaid, Medicare Advantage, and Medicare Prescription Drug Plans to families, children, seniors, and individuals with complex medical needs. It operates through the following segments: Medicaid Health Plans, Medicare Health Plans, and Medicare PDPs.

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