Connor Clark & Lunn Investment Management Ltd. Takes Position in Healthcare Services Group, Inc. $HCSG

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Healthcare Services Group, Inc. (NASDAQ:HCSG) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 234,352 shares of the business services provider’s stock, valued at approximately $5,756,000.

Several other hedge funds have also modified their holdings of HCSG. Ieq Capital LLC purchased a new stake in Healthcare Services Group in the second quarter valued at approximately $2,931,000. Allworth Financial LP purchased a new position in Healthcare Services Group during the second quarter worth approximately $55,000. Lisanti Capital Growth LLC purchased a new position in Healthcare Services Group during the second quarter worth approximately $3,237,000. Great Lakes Advisors LLC acquired a new position in shares of Healthcare Services Group in the 2nd quarter valued at $2,248,000. Finally, BlackRock Inc. acquired a new position in shares of Healthcare Services Group in the 2nd quarter valued at $279,379,000. 97.97% of the stock is owned by institutional investors and hedge funds.

Healthcare Services Group Stock Up 0.1%

Shares of HCSG stock opened at $22.94 on Friday. Healthcare Services Group, Inc. has a fifty-two week low of $15.13 and a fifty-two week high of $25.75. The firm’s 50 day moving average price is $23.33 and its two-hundred day moving average price is $21.54. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 13.34 and a beta of 0.81.

Healthcare Services Group (NASDAQ:HCSG) last released its quarterly earnings data on Wednesday, July 22nd. The business services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.10. Healthcare Services Group had a net margin of 6.59% and a return on equity of 18.97%. The company had revenue of $470.81 million during the quarter, compared to analyst estimates of $471.22 million. During the same quarter in the prior year, the business earned ($0.44) earnings per share. On average, equities analysts forecast that Healthcare Services Group, Inc. will post 1.14 EPS for the current fiscal year.

Insider Buying and Selling at Healthcare Services Group

In related news, COO Andrew Kush sold 15,598 shares of the company’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $23.24, for a total transaction of $362,497.52. Following the completion of the sale, the chief operating officer directly owned 22,741 shares of the company’s stock, valued at approximately $528,500.84. This represents a 40.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.90% of the company’s stock.

Analysts Set New Price Targets

HCSG has been the subject of several research reports. Zacks Research raised shares of Healthcare Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 3rd. Weiss Ratings raised Healthcare Services Group from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 28th. Oppenheimer began coverage on Healthcare Services Group in a report on Wednesday, August 19th. They issued an “outperform” rating and a $28.00 target price on the stock. UBS Group boosted their price target on Healthcare Services Group from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Finally, Wall Street Zen lowered Healthcare Services Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Healthcare Services Group currently has an average rating of “Moderate Buy” and an average target price of $26.50.

Healthcare Services Group 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.