Change Healthcare Inc. (NASDAQ:CHNG) – Equities researchers at SunTrust Banks cut their FY2021 earnings estimates for Change Healthcare in a report released on Wednesday, June 24th. SunTrust Banks analyst S. Draper now expects that the company will earn $1.13 per share for the year, down from their previous forecast of $1.15. SunTrust Banks has a “Buy” rating and a $17.00 price objective on the stock.
CHNG has been the subject of a number of other research reports. Wells Fargo & Co upgraded Change Healthcare from an “equal weight” rating to an “overweight” rating and set a $19.00 price target for the company in a research report on Tuesday, March 10th. BidaskClub upgraded Change Healthcare from a “sell” rating to a “hold” rating in a research report on Thursday, March 26th. Credit Suisse Group reiterated a “buy” rating and issued a $16.00 price target on shares of Change Healthcare in a research report on Wednesday, May 6th. Goldman Sachs Group reiterated a “buy” rating on shares of Change Healthcare in a research report on Wednesday, March 18th. Finally, ValuEngine lowered Change Healthcare from a “hold” rating to a “sell” rating in a research report on Thursday, April 2nd. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Change Healthcare has a consensus rating of “Buy” and an average target price of $16.97.
NASDAQ:CHNG opened at $11.07 on Monday. The company has a quick ratio of 1.32, a current ratio of 1.32 and a debt-to-equity ratio of 1.43. Change Healthcare has a 1-year low of $6.18 and a 1-year high of $17.57. The firm has a market capitalization of $3.35 billion and a price-to-earnings ratio of 276.82. The stock has a fifty day simple moving average of $11.78 and a 200 day simple moving average of $12.93.
Change Healthcare (NASDAQ:CHNG) last announced its earnings results on Wednesday, June 3rd. The company reported $0.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.37 by $0.05. Change Healthcare had a positive return on equity of 22.03% and a negative net margin of 0.17%. The business had revenue of $843.40 million during the quarter, compared to analysts’ expectations of $834.69 million. The business’s quarterly revenue was up .8% compared to the same quarter last year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Change Healthcare during the 4th quarter worth about $27,173,000. Geode Capital Management LLC raised its stake in shares of Change Healthcare by 25.8% during the 4th quarter. Geode Capital Management LLC now owns 570,985 shares of the company’s stock worth $9,358,000 after purchasing an additional 117,157 shares in the last quarter. Hawk Ridge Capital Management LP bought a new position in shares of Change Healthcare in the 4th quarter valued at approximately $41,224,000. UBS Asset Management Americas Inc. bought a new position in shares of Change Healthcare in the 4th quarter valued at approximately $631,000. Finally, Bank of New York Mellon Corp raised its stake in shares of Change Healthcare by 192.7% in the 4th quarter. Bank of New York Mellon Corp now owns 702,842 shares of the company’s stock valued at $11,520,000 after acquiring an additional 462,725 shares in the last quarter.
In other news, CFO Fredrik J. Eliasson purchased 100,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was bought at an average cost of $12.00 per share, with a total value of $1,200,000.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link.
Change Healthcare Company Profile
Change Healthcare Inc, an independent healthcare technology platform, provides data and analytics-driven solutions to improve clinical, financial, and patient engagement outcomes in the United States healthcare system. It operates in three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.
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