BlackRock Inc. raised its position in shares of R1 RCM Inc (NASDAQ:RCM) by 24.2% in the second quarter, according to its most recent filing with the SEC. The firm owned 6,857,083 shares of the financial services provider’s stock after purchasing an additional 1,336,515 shares during the quarter. BlackRock Inc. owned approximately 6.25% of R1 RCM worth $59,520,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC bought a new position in shares of R1 RCM during the 1st quarter worth approximately $100,000. GSA Capital Partners LLP bought a new position in shares of R1 RCM during the 2nd quarter worth approximately $122,000. Teacher Retirement System of Texas bought a new position in shares of R1 RCM during the 2nd quarter worth approximately $147,000. Allianz Asset Management GmbH bought a new position in shares of R1 RCM during the 1st quarter worth approximately $148,000. Finally, Prudential Financial Inc. bought a new position in shares of R1 RCM during the 1st quarter worth approximately $160,000. 49.75% of the stock is owned by institutional investors and hedge funds.
In other news, Director Albert Rene Zimmerli bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The shares were bought at an average cost of $9.73 per share, for a total transaction of $97,300.00. Following the acquisition, the director now directly owns 10,000 shares in the company, valued at $97,300. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 59.40% of the stock is owned by company insiders.
Shares of RCM opened at $8.12 on Friday. R1 RCM Inc has a 12-month low of $3.42 and a 12-month high of $11.00. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 15.78. The firm has a market capitalization of $1.12 billion, a P/E ratio of -18.75 and a beta of -0.76.
R1 RCM (NASDAQ:RCM) last issued its earnings results on Thursday, August 9th. The financial services provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). R1 RCM had a negative return on equity of 52.71% and a negative net margin of 11.31%. The firm had revenue of $207.90 million during the quarter, compared to the consensus estimate of $200.59 million. The company’s quarterly revenue was up 109.2% on a year-over-year basis. As a group, sell-side analysts forecast that R1 RCM Inc will post -0.17 earnings per share for the current fiscal year.
A number of equities analysts have issued reports on RCM shares. Chardan Capital started coverage on R1 RCM in a report on Tuesday, September 4th. They set a “buy” rating and a $17.00 price target on the stock. TheStreet upgraded R1 RCM from a “d+” rating to a “c” rating in a report on Tuesday, September 4th. Zacks Investment Research upgraded R1 RCM from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 18th. Cantor Fitzgerald restated a “buy” rating and set a $10.00 price target on shares of R1 RCM in a report on Friday, July 27th. Finally, BidaskClub cut R1 RCM from a “buy” rating to a “hold” rating in a report on Tuesday, July 3rd. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $11.05.
R1 RCM Profile
R1 RCM Inc provides revenue cycle management (RCM) for healthcare providers in the United States. It offers end-to-end RCM services to manage their revenue cycle operations, which encompass patient registration, insurance and benefit verification, medical treatment documentation and coding, and bill preparation and collection from patients and payers.
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