Cantor Fitzgerald Reaffirms “Hold” Rating for Envision Healthcare (EVHC)
Envision Healthcare (NYSE:EVHC)‘s stock had its “hold” rating reaffirmed by stock analysts at Cantor Fitzgerald in a report released on Friday. They currently have a $37.00 price target on the stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 4.52% from the stock’s current price.
The analysts wrote, “Increasing 2018 estimates and updating PT. We are increasing our 2018 adjusted EPS estimate to $3.95 from $3.40 to reflect a lower corporate tax rate that adds $0.57 to adjusted EPS, offset by changes in the timing and estimated net proceeds from the AMR divestiture, which is now expected to close in 1Q18. Our adjusted 2018 EBITDA estimate remains $982 million, but our new price target reflects higher free cash flow from the lower taxes, and incremental margin improvements from reduced overhead labor costs.””
EVHC has been the subject of several other reports. Citigroup cut shares of Envision Healthcare from a “buy” rating to a “neutral” rating and set a $31.00 price objective for the company. in a research report on Thursday, November 2nd. Bank of America lowered their target price on shares of Envision Healthcare from $72.00 to $60.00 and set a “buy” rating for the company in a research note on Monday, October 9th. Piper Jaffray Companies began coverage on shares of Envision Healthcare in a research note on Wednesday, December 13th. They set a “neutral” rating and a $35.00 target price for the company. KeyCorp lowered their target price on shares of Envision Healthcare from $67.00 to $37.00 and set an “overweight” rating for the company in a research note on Thursday, November 2nd. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $32.00 target price (down previously from $68.00) on shares of Envision Healthcare in a research note on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $40.60.
Envision Healthcare (NYSE:EVHC) last released its quarterly earnings data on Tuesday, October 31st. The company reported $0.73 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by ($0.08). Envision Healthcare had a positive return on equity of 4.88% and a negative net margin of 6.39%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the business posted $1.13 earnings per share. Envision Healthcare’s revenue for the quarter was up 142.0% on a year-over-year basis. equities research analysts expect that Envision Healthcare will post 2.49 earnings per share for the current fiscal year.
Envision Healthcare announced that its Board of Directors has authorized a stock buyback plan on Monday, September 18th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Envision Healthcare by 1.8% during the second quarter. Vanguard Group Inc. now owns 11,471,402 shares of the company’s stock worth $718,912,000 after purchasing an additional 204,584 shares in the last quarter. BlackRock Inc. raised its holdings in Envision Healthcare by 2.1% during the second quarter. BlackRock Inc. now owns 7,345,283 shares of the company’s stock worth $460,330,000 after purchasing an additional 147,652 shares in the last quarter. Maverick Capital Ltd. raised its holdings in Envision Healthcare by 66.2% during the second quarter. Maverick Capital Ltd. now owns 5,093,292 shares of the company’s stock worth $319,197,000 after purchasing an additional 2,028,026 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Envision Healthcare by 0.3% during the third quarter. Janus Henderson Group PLC now owns 3,958,329 shares of the company’s stock worth $177,927,000 after purchasing an additional 13,242 shares in the last quarter. Finally, OZ Management LP acquired a new stake in Envision Healthcare during the third quarter worth approximately $131,987,000.
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Envision Healthcare Company Profile
Envision Healthcare Holdings, Inc, formerly CDRT Holding Corporation, is a holding company. The Company, through its subsidiary, provides physician-led medical services in the United States. It operates in two segments: EmCare Holdings, Inc (EmCare) and American Medical Response, Inc (AMR). Its EmCare segment is a provider of integrated facility-based and post-acute care physician services to healthcare facilities in the United States.
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