Intrinsic value of WellCare Health Plans - WCG

Previous Close

$244.78

  Intrinsic Value

$551.26

stock screener

  Rating & Target

str. buy

+125%

Previous close

$244.78

 
Intrinsic value

$551.26

 
Up/down potential

+125%

 
Rating

str. buy

We calculate the intrinsic value of WCG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 11.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  18,334
  19,712
  21,145
  22,634
  24,182
  25,790
  27,464
  29,205
  31,017
  32,904
  34,871
  36,921
  39,059
  41,290
  43,619
  46,051
  48,592
  51,249
  54,027
  56,932
  59,973
  63,155
  66,487
  69,977
  73,632
  77,461
  81,474
  85,681
  90,090
  94,714
Variable operating expenses, $m
  17,024
  18,297
  19,619
  20,993
  22,421
  23,906
  25,451
  27,057
  28,730
  30,472
  32,184
  34,076
  36,049
  38,108
  40,258
  42,503
  44,848
  47,300
  49,864
  52,546
  55,352
  58,289
  61,364
  64,585
  67,958
  71,493
  75,197
  79,079
  83,149
  87,416
Fixed operating expenses, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Total operating expenses, $m
  17,023
  18,296
  19,618
  20,992
  22,420
  23,905
  25,450
  27,056
  28,729
  30,471
  32,183
  34,075
  36,048
  38,107
  40,257
  42,502
  44,847
  47,299
  49,862
  52,544
  55,350
  58,287
  61,362
  64,583
  67,956
  71,491
  75,195
  79,077
  83,147
  87,414
Operating income, $m
  1,311
  1,417
  1,527
  1,642
  1,761
  1,885
  2,014
  2,148
  2,288
  2,434
  2,688
  2,846
  3,011
  3,183
  3,362
  3,550
  3,745
  3,950
  4,164
  4,388
  4,622
  4,868
  5,124
  5,393
  5,675
  5,970
  6,279
  6,603
  6,943
  7,299
EBITDA, $m
  1,496
  1,608
  1,725
  1,846
  1,973
  2,104
  2,240
  2,382
  2,530
  2,684
  2,844
  3,011
  3,186
  3,368
  3,558
  3,756
  3,963
  4,180
  4,406
  4,643
  4,891
  5,151
  5,422
  5,707
  6,005
  6,317
  6,644
  6,987
  7,347
  7,724
Interest expense (income), $m
  57
  74
  104
  134
  166
  198
  232
  268
  305
  343
  383
  425
  468
  513
  560
  609
  661
  714
  770
  829
  890
  954
  1,021
  1,091
  1,164
  1,241
  1,322
  1,406
  1,494
  1,587
  1,684
Earnings before tax, $m
  1,236
  1,313
  1,393
  1,477
  1,563
  1,653
  1,746
  1,844
  1,945
  2,051
  2,263
  2,378
  2,498
  2,622
  2,753
  2,889
  3,031
  3,180
  3,335
  3,498
  3,668
  3,847
  4,033
  4,229
  4,434
  4,648
  4,873
  5,109
  5,356
  5,615
Tax expense, $m
  334
  355
  376
  399
  422
  446
  472
  498
  525
  554
  611
  642
  674
  708
  743
  780
  818
  859
  901
  945
  990
  1,039
  1,089
  1,142
  1,197
  1,255
  1,316
  1,379
  1,446
  1,516
Net income, $m
  902
  959
  1,017
  1,078
  1,141
  1,207
  1,275
  1,346
  1,420
  1,497
  1,652
  1,736
  1,823
  1,914
  2,010
  2,109
  2,213
  2,321
  2,435
  2,554
  2,678
  2,808
  2,944
  3,087
  3,237
  3,393
  3,557
  3,729
  3,910
  4,099

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,547
  9,190
  9,858
  10,552
  11,273
  12,024
  12,804
  13,615
  14,460
  15,340
  16,257
  17,212
  18,209
  19,249
  20,335
  21,469
  22,654
  23,892
  25,187
  26,542
  27,959
  29,443
  30,996
  32,623
  34,327
  36,112
  37,983
  39,944
  42,000
  44,156
Adjusted assets (=assets-cash), $m
  8,547
  9,190
  9,858
  10,552
  11,273
  12,024
  12,804
  13,615
  14,460
  15,340
  16,257
  17,212
  18,209
  19,249
  20,335
  21,469
  22,654
  23,892
  25,187
  26,542
  27,959
  29,443
  30,996
  32,623
  34,327
  36,112
  37,983
  39,944
  42,000
  44,156
Revenue / Adjusted assets
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
  2.145
Average production assets, $m
  715
  769
  825
  883
  943
  1,006
  1,071
  1,139
  1,210
  1,283
  1,360
  1,440
  1,523
  1,610
  1,701
  1,796
  1,895
  1,999
  2,107
  2,220
  2,339
  2,463
  2,593
  2,729
  2,872
  3,021
  3,178
  3,342
  3,514
  3,694
Working capital, $m
  -3,777
  -4,061
  -4,356
  -4,663
  -4,981
  -5,313
  -5,658
  -6,016
  -6,389
  -6,778
  -7,183
  -7,606
  -8,046
  -8,506
  -8,985
  -9,486
  -10,010
  -10,557
  -11,130
  -11,728
  -12,354
  -13,010
  -13,696
  -14,415
  -15,168
  -15,957
  -16,784
  -17,650
  -18,559
  -19,511
Total debt, $m
  1,645
  2,127
  2,628
  3,148
  3,690
  4,252
  4,837
  5,446
  6,080
  6,739
  7,427
  8,144
  8,891
  9,671
  10,486
  11,336
  12,225
  13,154
  14,125
  15,141
  16,204
  17,317
  18,482
  19,702
  20,980
  22,319
  23,722
  25,193
  26,735
  28,351
Total liabilities, $m
  6,410
  6,892
  7,393
  7,914
  8,455
  9,018
  9,603
  10,211
  10,845
  11,505
  12,193
  12,909
  13,657
  14,437
  15,251
  16,102
  16,990
  17,919
  18,890
  19,906
  20,970
  22,082
  23,247
  24,467
  25,745
  27,084
  28,488
  29,958
  31,500
  33,117
Total equity, $m
  2,137
  2,297
  2,464
  2,638
  2,818
  3,006
  3,201
  3,404
  3,615
  3,835
  4,064
  4,303
  4,552
  4,812
  5,084
  5,367
  5,663
  5,973
  6,297
  6,635
  6,990
  7,361
  7,749
  8,156
  8,582
  9,028
  9,496
  9,986
  10,500
  11,039
Total liabilities and equity, $m
  8,547
  9,189
  9,857
  10,552
  11,273
  12,024
  12,804
  13,615
  14,460
  15,340
  16,257
  17,212
  18,209
  19,249
  20,335
  21,469
  22,653
  23,892
  25,187
  26,541
  27,960
  29,443
  30,996
  32,623
  34,327
  36,112
  37,984
  39,944
  42,000
  44,156
Debt-to-equity ratio
  0.770
  0.930
  1.070
  1.190
  1.310
  1.410
  1.510
  1.600
  1.680
  1.760
  1.830
  1.890
  1.950
  2.010
  2.060
  2.110
  2.160
  2.200
  2.240
  2.280
  2.320
  2.350
  2.390
  2.420
  2.440
  2.470
  2.500
  2.520
  2.550
  2.570
Adjusted equity ratio
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250
  0.250

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  902
  959
  1,017
  1,078
  1,141
  1,207
  1,275
  1,346
  1,420
  1,497
  1,652
  1,736
  1,823
  1,914
  2,010
  2,109
  2,213
  2,321
  2,435
  2,554
  2,678
  2,808
  2,944
  3,087
  3,237
  3,393
  3,557
  3,729
  3,910
  4,099
Depreciation, amort., depletion, $m
  185
  191
  198
  204
  211
  218
  226
  234
  242
  250
  156
  166
  175
  185
  196
  206
  218
  230
  242
  255
  269
  283
  298
  314
  330
  347
  365
  384
  404
  425
Funds from operations, $m
  1,088
  1,150
  1,215
  1,282
  1,352
  1,425
  1,501
  1,580
  1,662
  1,747
  1,809
  1,901
  1,998
  2,100
  2,205
  2,315
  2,431
  2,551
  2,677
  2,809
  2,947
  3,091
  3,242
  3,401
  3,567
  3,740
  3,923
  4,114
  4,314
  4,524
Change in working capital, $m
  -273
  -284
  -295
  -307
  -319
  -331
  -345
  -359
  -373
  -389
  -405
  -422
  -440
  -460
  -480
  -501
  -524
  -547
  -572
  -599
  -626
  -656
  -686
  -719
  -753
  -789
  -827
  -867
  -908
  -952
Cash from operations, $m
  1,361
  1,434
  1,510
  1,589
  1,671
  1,757
  1,846
  1,938
  2,035
  2,136
  2,214
  2,324
  2,439
  2,559
  2,685
  2,816
  2,954
  3,098
  3,249
  3,407
  3,573
  3,747
  3,929
  4,120
  4,320
  4,529
  4,749
  4,980
  5,222
  5,476
Maintenance CAPEX, $m
  -77
  -82
  -88
  -95
  -101
  -108
  -116
  -123
  -131
  -139
  -148
  -156
  -166
  -175
  -185
  -196
  -206
  -218
  -230
  -242
  -255
  -269
  -283
  -298
  -314
  -330
  -347
  -365
  -384
  -404
New CAPEX, $m
  -44
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -83
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -143
  -149
  -157
  -164
  -172
  -180
Cash from investing activities, $m
  -121
  -136
  -144
  -153
  -161
  -171
  -181
  -191
  -202
  -213
  -225
  -236
  -249
  -262
  -276
  -291
  -305
  -322
  -338
  -355
  -374
  -393
  -413
  -434
  -457
  -479
  -504
  -529
  -556
  -584
Free cash flow, $m
  1,239
  1,298
  1,366
  1,436
  1,509
  1,585
  1,665
  1,747
  1,834
  1,923
  1,989
  2,088
  2,190
  2,297
  2,409
  2,526
  2,649
  2,777
  2,911
  3,052
  3,199
  3,354
  3,516
  3,685
  3,863
  4,050
  4,246
  4,451
  4,666
  4,892
Issuance/(repayment) of debt, $m
  463
  482
  501
  521
  541
  563
  585
  609
  634
  660
  688
  717
  748
  780
  814
  850
  889
  929
  971
  1,016
  1,063
  1,113
  1,165
  1,220
  1,278
  1,339
  1,403
  1,471
  1,542
  1,617
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  463
  482
  501
  521
  541
  563
  585
  609
  634
  660
  688
  717
  748
  780
  814
  850
  889
  929
  971
  1,016
  1,063
  1,113
  1,165
  1,220
  1,278
  1,339
  1,403
  1,471
  1,542
  1,617
Total cash flow (excl. dividends), $m
  1,702
  1,780
  1,867
  1,957
  2,050
  2,148
  2,250
  2,356
  2,467
  2,583
  2,677
  2,804
  2,937
  3,077
  3,223
  3,377
  3,537
  3,706
  3,883
  4,068
  4,262
  4,467
  4,681
  4,906
  5,141
  5,389
  5,649
  5,922
  6,208
  6,508
Retained Cash Flow (-), $m
  -156
  -161
  -167
  -174
  -180
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -260
  -271
  -283
  -296
  -310
  -324
  -339
  -354
  -371
  -388
  -407
  -426
  -446
  -468
  -490
  -514
  -539
Prev. year cash balance distribution, $m
  436
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,982
  1,619
  1,700
  1,783
  1,870
  1,960
  2,055
  2,153
  2,256
  2,363
  2,448
  2,565
  2,688
  2,817
  2,952
  3,093
  3,241
  3,396
  3,559
  3,729
  3,908
  4,096
  4,292
  4,499
  4,715
  4,943
  5,181
  5,431
  5,694
  5,970
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,900
  1,483
  1,479
  1,468
  1,449
  1,423
  1,388
  1,346
  1,296
  1,239
  1,162
  1,095
  1,022
  946
  867
  786
  705
  625
  548
  474
  404
  340
  281
  229
  183
  144
  111
  84
  62
  45
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

WellCare Health Plans, Inc. is a managed care company. The Company focuses on government-sponsored managed care services, primarily through Medicaid, Medicare Advantage (MA) and Medicare Prescription Drug Plans (PDPs), to families, children, seniors and individuals with medical needs. The Company operates through three segments: Medicaid Health Plans, Medicare Health Plans and Medicare PDPs. As of December 31, 2016, it served approximately 3.9 million members in 50 states and the District of Columbia. As of December 31, 2016, it operated Medicaid health plans in Arizona, Florida, Georgia, Hawaii, Illinois, Kentucky, Missouri, New Jersey, New York and South Carolina. As of December 31, 2016, it offered MA coordinated care plans (CCPs) in certain counties in Arizona, Arkansas, California, Connecticut, Florida, Georgia, Hawaii, Illinois, Kentucky, Louisiana, Mississippi, New Jersey, New York, South Carolina, Tennessee and Texas.

FINANCIAL RATIOS  of  WellCare Health Plans (WCG)

Valuation Ratios
P/E Ratio 44.8
Price to Sales 0.8
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 16.9
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -23.4%
Cap. Spend. - 3 Yr. Gr. Rate 11.1%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 49.9%
Total Debt to Equity 49.9%
Interest Coverage 10
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 8.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 13%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 4.7%
EBITDA Margin - 3 Yr. Avg. 3.4%
Operating Margin 3.7%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 3.7%
Pre-Tax Margin - 3 Yr. Avg. 2.5%
Net Profit Margin 1.7%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate 54.3%
Eff/ Tax Rate - 3 Yr. Avg. 61%
Payout Ratio 0%

WCG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WCG stock intrinsic value calculation we used $17007.2 million for the last fiscal year's total revenue generated by WellCare Health Plans. The default revenue input number comes from 0001 income statement of WellCare Health Plans. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our WCG stock valuation model: a) initial revenue growth rate of 7.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for WCG is calculated based on our internal credit rating of WellCare Health Plans, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of WellCare Health Plans.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of WCG stock the variable cost ratio is equal to 92.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $-1 million in the base year in the intrinsic value calculation for WCG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.3% for WellCare Health Plans.

Corporate tax rate of 27% is the nominal tax rate for WellCare Health Plans. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the WCG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for WCG are equal to 3.9%.

Life of production assets of 8.7 years is the average useful life of capital assets used in WellCare Health Plans operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for WCG is equal to -20.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2416.7 million for WellCare Health Plans - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 44.767 million for WellCare Health Plans is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of WellCare Health Plans at the current share price and the inputted number of shares is $11.0 billion.

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COMPANY NEWS

▶ Goldman Sachs Takes Action on Pharma Stocks   [Dec-14-18 02:28PM  GuruFocus.com]
▶ Is This Health Insurer a Smart Stock to Buy?   [Nov-29-18 03:06PM  Motley Fool]
▶ New Strong Buy Stocks for November 2nd   [Nov-02-18 11:11AM  Zacks]
▶ WellCare: 3Q Earnings Snapshot   [06:11AM  Associated Press]
▶ Florida health care firm to open regional hub in Phoenix, plans hiring push   [Oct-23-18 02:26PM  American City Business Journals]
▶ Justice Department Approves CVS-Aetna Deal   [Oct-10-18 10:40PM  The Wall Street Journal]
▶ Justice Department Approves CVS-Aetna Deal   [06:32PM  The Wall Street Journal]
▶ 6 Health Care Stocks Poised For Healthy Gains   [Oct-02-18 01:00PM  Investopedia]
▶ [$$] Aetna to Sell Medicare Part D Drug Business to WellCare Health   [Sep-27-18 07:43PM  The Wall Street Journal]
▶ WellCare agrees to buy Aetna assets   [09:23AM  American City Business Journals]
▶ Former Louisiana governor joins WellCare's board   [Sep-24-18 10:41AM  American City Business Journals]
▶ 5 things to know about WellCare as it prepares to join the S&P 500   [Sep-13-18 02:41PM  American City Business Journals]
▶ Deal propels WellCare into a benchmark stock index   [06:51AM  American City Business Journals]
▶ Anatomy of Success: WellCare Health Plans (WCG)   [Sep-10-18 04:54PM  Zacks]
▶ Meet Darren Ghanayem, a 2018 CIO of the Year honoree   [08:52AM  American City Business Journals]
▶ WellCare in talks to buy some CVS-Aetna assets, Wall Street Journal reports   [Sep-06-18 01:47PM  American City Business Journals]
▶ WellCare, CenterState wrap up a combined $2.9 billion in deals   [Sep-04-18 12:15PM  American City Business Journals]

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