In a report released today, Steven Halper from Cantor Fitzgerald reiterated a Buy rating on WellCare Health Plans (WCG), with a price target of $330. The company’s shares opened today at $227.87.
Halper commented:
“. We reiterate our Overweight rating on WCG shares and our 12-month price target of $330. Before the open, on Monday, WCG issued 2019 guidance that was above our estimates. The company also reaffirmed its 2018 outlook. At the midpoint of its stated range, 2019 adjusted revenue is expected to increase about 30%. Medicaid and Medicare premium guidance were slightly ahead of our estimates, while Medicare PDP premium revenue was well ahead. The revenue upside was primarily driven by the full year contribution of Meridian (which closed in September 2018). While adjusted EPS guidance was in-line with our estimate, FactSet consensus was above the high end of the range by $0.07. We note that there were some outlier sell-side estimates well above $13.40, which skewed consensus.”
According to TipRanks.com, Halper is a top 100 analyst with an average return of 17.7% and a 64.6% success rate. Halper covers the Services sector, focusing on stocks such as Tivity Health Inc, Hms Holdings Corp, and Evolent Health.
WellCare Health Plans has an analyst consensus of Moderate Buy, with a price target consensus of $324.75, implying a 42.5% upside from current levels. In a report issued on December 13, Goldman Sachs also upgraded the stock to Buy.
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Based on WellCare Health Plans’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $131 million. In comparison, last year the company had a net profit of $172 million.
Based on the recent corporate insider activity of 38 insiders, corporate insider sentiment is negative on the stock.
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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.
