NEW YORK (AP) — Shares of WellCare Health Plans Inc. rose Monday after a Wedbush analyst said she expects the health insurer to gain more members, and raised her profit estimates for the company.
THE SPARK: Based on recent Medicare data, analyst Sarah James said she is raising her estimates for WellCare's insurance enrollments in the third quarter. Because of that, she raised her profit estimate for next year to above the average analyst estimate for the company, as measured by a FactSet poll.
THE BIG PICTURE: The Tampa, Fla., company manages Medicaid coverage in Florida, Georgia, and several other states, and sells Medicare Advantage plans, which are privately run versions of the Medicare health program for disabled people and senior citizens. WellCare is one of the largest Medicaid providers in Florida. It is scheduled to report its third-quarter results Nov. 2.
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