Mednax Inc. (MD) Downgraded by Zacks Investment Research
Mednax Inc. (NYSE:MD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “Mednax, Inc., formerly Pediatrix Medical Group, Inc. is a healthcare services company that focuses on physician services for newborn, maternal-fetal, pediatric subspecialty and anesthesia care. The company ,through its subsidiaries, provides these services in the United States and Puerto Rico. In addition, MEDNAX engages in clinical research, monitoring clinical outcomes, and implementing clinical initiatives. “
MD has been the subject of a number of other reports. Jefferies Group cut their price target on shares of Mednax from $80.00 to $75.00 and set a “buy” rating for the company in a report on Friday, August 26th. Mizuho reissued a “buy” rating and issued a $79.00 price target on shares of Mednax in a report on Tuesday, September 20th. JPMorgan Chase & Co. cut their price target on shares of Mednax from $85.00 to $80.00 and set an “overweight” rating for the company in a report on Friday, July 29th. Finally, Citigroup Inc. cut their price target on shares of Mednax from $76.00 to $72.00 and set a “neutral” rating for the company in a report on Wednesday, August 17th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $76.11.
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Shares of Mednax (NYSE:MD) opened at 66.98 on Wednesday. The company has a 50-day moving average of $65.92 and a 200-day moving average of $68.40. Mednax has a 12-month low of $61.40 and a 12-month high of $83.20. The stock has a market capitalization of $6.17 billion, a P/E ratio of 18.69 and a beta of 0.54.
Mednax (NYSE:MD) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.07 by $0.04. Mednax had a net margin of 11.17% and a return on equity of 14.88%. The business earned $772 million during the quarter, compared to analyst estimates of $775.68 million. During the same period in the previous year, the company posted $0.90 earnings per share. Mednax’s revenue was up 14.1% compared to the same quarter last year. Equities analysts expect that Mednax will post $4.14 earnings per share for the current fiscal year.
In other news, Director Md Pascal J. Goldschmidt sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $65.01, for a total value of $97,515.00. Following the transaction, the director now owns 12,755 shares in the company, valued at approximately $829,202.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.40% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the company. Nordea Investment Management AB increased its position in Mednax by 317.0% in the second quarter. Nordea Investment Management AB now owns 2,817,940 shares of the company’s stock worth $204,103,000 after buying an additional 2,142,237 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Mednax during the second quarter worth approximately $109,915,000. Vaughan Nelson Investment Management L.P. purchased a new position in Mednax during the second quarter worth approximately $80,335,000. Bank of Montreal Can purchased a new position in Mednax during the second quarter worth approximately $34,026,000. Finally, Renaissance Technologies LLC purchased a new position in Mednax during the first quarter worth approximately $28,536,000. Hedge funds and other institutional investors own 97.79% of the company’s stock.
MEDNAX, Inc is a provider of physician services, including newborn, anesthesia, maternal-fetal, teleradiology, pediatric cardiology and other pediatric subspecialty care. The Company’s national network consists of approximately 3,240 affiliated physicians, including approximately 1,100 physicians who provide neonatal clinical care, in over 30 states and Puerto Rico, within hospital-based neonatal intensive care units (NICUs), to babies born prematurely or with medical complications.
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