Healthcare Services Group (NASDAQ:HCSG) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Healthcare Services Group (NASDAQ:HCSG) from a hold rating to a strong-buy rating in a research note issued to investors on Monday,Zacks.com reports.

HCSG has been the topic of several other reports. William Blair raised Healthcare Services Group from a “market perform” rating to an “outperform” rating in a report on Friday, February 20th. Robert W. Baird set a $23.00 price target on Healthcare Services Group in a report on Thursday, February 12th. Wall Street Zen upgraded Healthcare Services Group from a “hold” rating to a “buy” rating in a research report on Sunday, March 29th. BMO Capital Markets boosted their price objective on Healthcare Services Group from $22.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Finally, UBS Group increased their target price on Healthcare Services Group from $25.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Healthcare Services Group Stock Up 2.9%

Shares of Healthcare Services Group stock opened at $21.73 on Monday. Healthcare Services Group has a 12-month low of $12.66 and a 12-month high of $24.39. The stock has a market capitalization of $1.49 billion, a P/E ratio of 22.64 and a beta of 0.85. The company has a 50-day simple moving average of $20.07 and a 200 day simple moving average of $19.27.

Healthcare Services Group (NASDAQ:HCSG) last released its quarterly earnings results on Wednesday, April 22nd. The business services provider reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.15. The firm had revenue of $462.77 million for the quarter, compared to analyst estimates of $479.79 million. Healthcare Services Group had a net margin of 3.67% and a return on equity of 17.81%. The company’s revenue for the quarter was up 3.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share. On average, equities analysts anticipate that Healthcare Services Group will post 1.01 earnings per share for the current year.

Insider Transactions at Healthcare Services Group

In other news, EVP John Christopher Shea sold 54,357 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $20.41, for a total value of $1,109,426.37. Following the transaction, the executive vice president owned 29,292 shares of the company’s stock, valued at $597,849.72. This represents a 64.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Andrew M. Brophy sold 2,490 shares of Healthcare Services Group stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $21.75, for a total value of $54,157.50. Following the sale, the chief accounting officer directly owned 15,735 shares of the company’s stock, valued at approximately $342,236.25. This trade represents a 13.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 146,962 shares of company stock worth $3,014,100 in the last quarter. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Healthcare Services Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allianz Asset Management GmbH raised its position in shares of Healthcare Services Group by 229.4% in the 3rd quarter. Allianz Asset Management GmbH now owns 164,380 shares of the business services provider’s stock valued at $2,767,000 after acquiring an additional 114,482 shares during the period. JPMorgan Chase & Co. grew its holdings in Healthcare Services Group by 46.6% during the third quarter. JPMorgan Chase & Co. now owns 553,663 shares of the business services provider’s stock valued at $9,318,000 after purchasing an additional 175,880 shares during the period. Allspring Global Investments Holdings LLC increased its stake in Healthcare Services Group by 38.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 345,332 shares of the business services provider’s stock valued at $5,812,000 after purchasing an additional 96,472 shares in the last quarter. Bailard Inc. bought a new stake in Healthcare Services Group in the third quarter valued at approximately $655,000. Finally, American Century Companies Inc. raised its holdings in Healthcare Services Group by 38.1% in the third quarter. American Century Companies Inc. now owns 1,766,601 shares of the business services provider’s stock worth $29,732,000 after purchasing an additional 487,608 shares during the period. 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.