Wall Street Zen Downgrades Healthcare Services Group (NASDAQ:HCSG) to Buy

Healthcare Services Group (NASDAQ:HCSG) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Friday.

Other equities research analysts also recently issued research reports about the company. UBS Group reiterated a “buy” rating on shares of Healthcare Services Group in a research report on Monday, November 24th. Macquarie reaffirmed a “buy” rating on shares of Healthcare Services Group in a research report on Wednesday, November 26th. BMO Capital Markets initiated coverage on Healthcare Services Group in a research report on Thursday, November 13th. They issued a “market perform” rating and a $20.00 price target for the company. Weiss Ratings reissued a “hold (c+)” rating on shares of Healthcare Services Group in a research note on Monday, December 29th. Finally, Zacks Research lowered shares of Healthcare Services Group from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Three equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Healthcare Services Group has an average rating of “Hold” and an average price target of $19.40.

Healthcare Services Group Stock Down 0.5%

Shares of Healthcare Services Group stock opened at $18.91 on Friday. The business has a fifty day simple moving average of $18.88 and a 200-day simple moving average of $16.82. Healthcare Services Group has a fifty-two week low of $9.13 and a fifty-two week high of $20.26. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 35.02 and a beta of 0.71.

Healthcare Services Group (NASDAQ:HCSG) last issued its quarterly earnings results on Wednesday, October 22nd. The business services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.21 by $0.02. Healthcare Services Group had a net margin of 2.20% and a return on equity of 12.23%. The firm had revenue of $464.34 million for the quarter, compared to analysts’ expectations of $460.36 million. During the same period in the previous year, the business earned $0.19 earnings per share. Healthcare Services Group’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts anticipate that Healthcare Services Group will post 0.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Healthcare Services Group

Institutional investors and hedge funds have recently bought and sold shares of the business. 8 Knots Management LLC acquired a new stake in Healthcare Services Group in the third quarter valued at approximately $56,527,000. Ameriprise Financial Inc. raised its holdings in shares of Healthcare Services Group by 80.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,981,840 shares of the business services provider’s stock valued at $33,354,000 after purchasing an additional 882,213 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Healthcare Services Group by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 1,883,225 shares of the business services provider’s stock valued at $28,309,000 after purchasing an additional 29,551 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Healthcare Services Group by 38.1% in the 3rd quarter. American Century Companies Inc. now owns 1,766,601 shares of the business services provider’s stock valued at $29,732,000 after purchasing an additional 487,608 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Healthcare Services Group by 240.1% in the second quarter. Arrowstreet Capital Limited Partnership now owns 1,496,835 shares of the business services provider’s stock worth $22,497,000 after purchasing an additional 1,056,705 shares in the last quarter. Hedge funds and other institutional investors own 97.97% of the company’s stock.

Healthcare Services Group Company Profile

Healthcare Services Group, Inc (NASDAQ: HCSG) is a leading provider of support services to healthcare facilities across the United States. The company specializes in environmental services, including housekeeping and sanitation, as well as linen and laundry management. In addition, Healthcare Services Group offers dietary and nutrition services, catering to hospitals, skilled nursing facilities, assisted living communities and other long-term care providers.

Founded as a family-owned business in the late 1970s, the company completed its initial public offering in 1997.