Allscripts Healthcare Solutions, Inc. (MDRX) Lowered to “Sell” at Zacks Investment Research
Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday.
According to Zacks, “Over the last year, Allscripts has traded below the broader industry in terms of price. Allscripts exited the second quarter on a favorable note, wherein adjusted earnings were in line with the Zacks Consensus Estimate, while revenues beat the same. A solid guidance for full-year 2017 and a strong long-term outlook are the key highlights at the moment. Allscripts announced its plans to takeover the hospital and health system business from McKesson Corporation, which is expected to close by the fourth quarter. Allscripts’ continued reliance on mergers and acquisition activities presents a substantial integration risk for the company. Furthermore, intensifying market competition is a major dampener for Allscripts. The company also expects a modest increase in operating expenses during the second half of the year to support business growth.”
MDRX has been the topic of several other research reports. Jefferies Group LLC set a $17.00 target price on Allscripts Healthcare Solutions and gave the stock a “buy” rating in a report on Friday, August 25th. BidaskClub raised Allscripts Healthcare Solutions from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 13th. Maxim Group reissued a “buy” rating and set a $16.00 target price on shares of Allscripts Healthcare Solutions in a report on Friday, August 4th. Cantor Fitzgerald reissued a “buy” rating and set a $17.00 target price on shares of Allscripts Healthcare Solutions in a report on Wednesday, September 27th. Finally, Cowen and Company raised Allscripts Healthcare Solutions from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $13.00 to $16.00 in a report on Monday, September 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eleven have assigned a buy rating to the stock. Allscripts Healthcare Solutions presently has an average rating of “Hold” and an average target price of $15.19.
Allscripts Healthcare Solutions (MDRX) remained flat at $13.98 during midday trading on Tuesday. The company had a trading volume of 1,258,919 shares. The company’s market cap is $2.52 billion. Allscripts Healthcare Solutions has a 52-week low of $9.80 and a 52-week high of $14.45. The stock’s 50-day moving average is $13.59 and its 200 day moving average is $12.62.
Allscripts Healthcare Solutions (NASDAQ:MDRX) last announced its earnings results on Thursday, August 3rd. The software maker reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.04). Allscripts Healthcare Solutions had a positive return on equity of 5.97% and a negative net margin of 11.54%. The firm had revenue of $426.10 million for the quarter, compared to the consensus estimate of $424.94 million. During the same period in the previous year, the firm earned $0.14 EPS. Allscripts Healthcare Solutions’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts expect that Allscripts Healthcare Solutions will post $0.62 EPS for the current fiscal year.
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In other news, President Richard J. Poulton sold 15,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $13.56, for a total transaction of $203,400.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Brian Farley sold 5,000 shares of the business’s stock in a transaction on Thursday, September 14th. The shares were sold at an average price of $13.52, for a total transaction of $67,600.00. Following the transaction, the executive vice president now owns 196,607 shares in the company, valued at $2,658,126.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,000 shares of company stock worth $473,800. Corporate insiders own 0.75% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Wesbanco Bank Inc. grew its holdings in shares of Allscripts Healthcare Solutions by 131.4% during the 2nd quarter. Wesbanco Bank Inc. now owns 147,587 shares of the software maker’s stock valued at $1,883,000 after acquiring an additional 83,807 shares in the last quarter. Thrivent Financial For Lutherans grew its holdings in shares of Allscripts Healthcare Solutions by 255.4% during the 1st quarter. Thrivent Financial For Lutherans now owns 111,780 shares of the software maker’s stock valued at $1,418,000 after acquiring an additional 80,330 shares in the last quarter. Dalton Greiner Hartman Maher & Co. purchased a new position in shares of Allscripts Healthcare Solutions during the 2nd quarter valued at $1,276,000. OppenheimerFunds Inc. grew its holdings in shares of Allscripts Healthcare Solutions by 9.4% during the 1st quarter. OppenheimerFunds Inc. now owns 31,445 shares of the software maker’s stock valued at $399,000 after acquiring an additional 2,701 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Allscripts Healthcare Solutions by 6.8% during the 2nd quarter. Victory Capital Management Inc. now owns 1,627,164 shares of the software maker’s stock valued at $20,763,000 after acquiring an additional 103,395 shares in the last quarter.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions, Inc (Allscripts) delivers information technology (IT) solutions and services to help healthcare organizations. The Company operates through three segments: Clinical and Financial Solutions, Population Health, and Netsmart. The Clinical and Financial Solutions segment includes the sale of integrated clinical software applications and financial and information solutions.
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