PNC Financial Services Group Inc. trimmed its holdings in shares of R1 RCM Inc. (NASDAQ:RCM) by 83.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,614 shares of the healthcare provider’s stock after selling 13,398 shares during the quarter. PNC Financial Services Group Inc.’s holdings in R1 RCM were worth $58,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of the stock. Dimensional Fund Advisors LP lifted its stake in R1 RCM by 9.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 937,666 shares of the healthcare provider’s stock worth $22,523,000 after purchasing an additional 81,725 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in R1 RCM by 6.5% during the first quarter. Envestnet Asset Management Inc. now owns 29,179 shares of the healthcare provider’s stock worth $720,000 after purchasing an additional 1,793 shares during the last quarter. Rhumbline Advisers lifted its stake in R1 RCM by 3.7% during the first quarter. Rhumbline Advisers now owns 333,176 shares of the healthcare provider’s stock worth $8,223,000 after purchasing an additional 11,905 shares during the last quarter. Swiss National Bank lifted its stake in R1 RCM by 2.0% during the first quarter. Swiss National Bank now owns 226,600 shares of the healthcare provider’s stock worth $5,592,000 after purchasing an additional 4,500 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in R1 RCM by 2.3% during the first quarter. BNP Paribas Arbitrage SA now owns 23,505 shares of the healthcare provider’s stock worth $580,000 after purchasing an additional 536 shares during the last quarter. Institutional investors and hedge funds own 41.53% of the company’s stock.
In related news, insider Richard B. Jr. Evans sold 7,000 shares of the business’s stock in a transaction dated Thursday, August 12th. The stock was sold at an average price of $20.08, for a total transaction of $140,560.00. Following the transaction, the insider now owns 164,543 shares in the company, valued at approximately $3,304,023.44. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 59.40% of the stock is owned by insiders.
R1 RCM (NASDAQ:RCM) last announced its quarterly earnings results on Tuesday, August 3rd. The healthcare provider reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). R1 RCM had a net margin of 9.61% and a return on equity of 49.25%. The business had revenue of $353.40 million for the quarter, compared to analysts’ expectations of $343.94 million. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. Analysts expect that R1 RCM Inc. will post -2.01 EPS for the current fiscal year.
RCM has been the subject of several research analyst reports. Zacks Investment Research lowered R1 RCM from a “hold” rating to a “sell” rating in a research note on Friday, August 6th. Bank of America began coverage on R1 RCM in a research note on Thursday, July 22nd. They issued a “buy” rating and a $27.00 target price for the company. SVB Leerink reissued a “buy” rating on shares of R1 RCM in a research note on Thursday, May 27th. Finally, Robert W. Baird reissued a “buy” rating on shares of R1 RCM in a research note on Thursday, August 19th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $28.57.
R1 RCM Profile
R1 RCM, Inc engages in the provision of revenue cycle management to healthcare providers. It offers end-to-end, modular revenue cycle, and physician advisory services. The company was founded by Mary Ann Tolan and J. Michael Cline in July 2003 and is headquartered in Chicago, IL.
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