Based on the aggregated intelligence of 165,000-plus investors participating in Motley Fool CAPS, the Fool's free investing community, health insurer WellPoint (NYSE: WLP) has earned a respected four-star ranking.

With that in mind, let's take a closer look at WellPoint's business, and see what CAPS investors are saying about the stock right now.

WellPoint facts

Headquarters (Founded)

Indianapolis (1944)

Market Cap

$21.9 billion

Industry

Managed health-care

Trailing-12-Month Revenue

$61.2 billion

Management

CEO Angela Braly (since 2007)
CFO Wayne Deveydt (since 2007)

Return on Equity (Average, Past 3 Years)

15.6%

Cash/Debt

$20.2 billion / $8.4 billion

Competitors

UnitedHealth (NYSE: UNH)
Aetna (NYSE: AET)

Sources: Capital IQ (a division of Standard & Poor's) and Motley Fool CAPS.

On CAPS, 97.5% of the 283 All-Star members who have rated WellPoint believe the stock will outperform the S&P 500 going forward. These bulls include TMFHelical and mrindependent, both of whom are ranked in the top 2% of our community.

Just last week, TMFHelical tapped WellPoint's valuation as too cheap to ignore:

Healthcare providers are cheap by most metrics, but I still can't help but feel they will stay that way, at least into 2013 or so. Margins are going to be stressed in the next few years, as the burdens of healthcare reform hit these companies now. .. Still, too tempting here not to try to grab some CAPS points.

Like TMFHelical, Fools generally feel that Mr. Market has completely overreacted to the possible consequences of health-care reform -- especially with regard to WellPoint. The company's stock has lagged its closest rivals, UnitedHealth and Aetna, over the last six-month and one-year time periods. But as the nation's largest health insurer (by medical enrollment), WellPoint is in prime position to actually benefit from several aspects of reform legislation, according to many in our community. 

With a P/E about half that of the previously mentioned competitors, CAPS All-Stars like mrindependent find WellPoint just too cheap to ignore:

I think the discounted price is unwarranted because health care reform is likely to help this company more than it hurts it. What other US based company enjoys the near term prospect of 30 million new customers who will be freely spending US government money to obtain services? Last but not least, I want to point out that big, ponderous entities such as the US government tend to prefer to do business with other big, ponderous entities -- such as Wellpoint. A good friend of mine is an extremely successful health insurance broker. He says that all of the health insurers are jockeying for market share because the industry assumption is that the US government is likely to grant quasi-monopoly status to the biggest health insurers in each region. Wellpoint seems well positioned for this type of contest.

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