NEW YORK (TheStreet) -- Shares of WellCare Health Plans (WCG) were soaring 6.67% to $121.08 on heavy trading volume late Tuesday afternoon after the company reported better-than-expected results for the 2016 third quarter and boosted its full-year profit outlook.
Before the opening bell, the Tampa, FL-based Medicare and Medicaid coverage provider posted adjusted earnings of $1.63 per diluted share, surpassing analysts' estimates of $1.11 per share.
Revenue for the period was $3.58 billion, while analysts had forecast $3.52 billion.
For 2016, WellCare now sees adjusted earnings per diluted share between $5.35 and $5.45, up from its prior view of $4.95 to $5.05 per share. Analysts surveyed by FactSet are looking for adjusted earnings of $5.06 per share for the full year.
More than 1.37 million of the company's shares changed hands so far today vs. its average 30-day volume of 336,156 shares.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WCG