Stephens analyst Scott Fidel said WellCare shares have recently been "caught up in the dragnet of anxiety" hitting the MCO group around the potential impact of the HHS rebate proposal on the Medicare and Medicaid markets, along with general uncertainty around "Medicare for All," the 2020 presidential elections and potential future changes to the existing PBM pricing/profit model. Given the shifting market sentiment, WellCare gave "some new disclosures at an investor conference that we have never seen them give us before," noted Fidel, who reports that the company's CFO said that Medicare PDP will only account for about 7.5% of 2019 adjusted EPS. Some recent Street estimates have assumed PDP was driving upwards of 20% or higher of overall EPS, according to Fidel, who said this new disclosure "helps to level-set the actual contribution from this business." Fidel also noted that WellCare's CFO said he is "very pleased" with the performance of its new PDP plans that have generated significant enrollment growth in 2019. Fidel keeps an Overweight rating and $305 price target on WellCare shares.