Zacks Research Downgrades Healthcare Services Group (NASDAQ:HCSG) to Hold

Healthcare Services Group (NASDAQ:HCSG) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Several other research analysts also recently weighed in on HCSG. BMO Capital Markets upped their price target 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. Weiss Ratings reissued a “hold (c+)” rating on shares of Healthcare Services Group in a report on Tuesday, June 2nd. Benchmark upped their target price on shares of Healthcare Services Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. UBS Group raised their target price on shares of Healthcare Services Group from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Finally, Wall Street Zen upgraded shares of Healthcare Services Group from a “hold” rating to a “buy” rating in a report on Sunday, March 29th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Healthcare Services Group presently has a consensus rating of “Hold” and an average target price of $24.00.

Healthcare Services Group Stock Up 2.2%

NASDAQ:HCSG opened at $25.11 on Tuesday. The business’s 50-day simple moving average is $21.78 and its two-hundred day simple moving average is $20.35. Healthcare Services Group has a 52 week low of $12.66 and a 52 week high of $25.55. The stock has a market cap of $1.72 billion, a PE ratio of 26.16 and a beta of 0.78.

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

Institutional Trading of Healthcare Services Group

Several hedge funds have recently modified their holdings of HCSG. Miller Global Investments LLC purchased a new position in shares of Healthcare Services Group in the fourth quarter valued at $26,000. EverSource Wealth Advisors LLC raised its stake in Healthcare Services Group by 163.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 1,356 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Healthcare Services Group during the fourth quarter valued at $33,000. KBC Group NV bought a new position in Healthcare Services Group during the first quarter valued at $35,000. Finally, Farther Finance Advisors LLC grew its stake in shares of Healthcare Services Group by 32.0% in the 4th quarter. Farther Finance Advisors LLC now owns 3,619 shares of the business services provider’s stock worth $69,000 after buying an additional 877 shares in the last quarter. 97.97% of the stock is owned by hedge funds and other institutional investors.

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.