Healthcare Services Group (NASDAQ:HCSG) Issues Earnings Results

Healthcare Services Group (NASDAQ:HCSG) issued its quarterly earnings data on Wednesday. The business services provider reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.10, FiscalAI reports. The firm had revenue of $470.81 million for the quarter, compared to analyst estimates of $471.22 million. Healthcare Services Group had a net margin of 3.67% and a return on equity of 17.81%. During the same quarter in the previous year, the business posted ($0.44) EPS.

Healthcare Services Group Stock Performance

HCSG opened at $24.80 on Wednesday. The company has a 50-day moving average of $22.53 and a 200-day moving average of $20.85. The company has a market capitalization of $1.70 billion, a P/E ratio of 25.83 and a beta of 0.78. Healthcare Services Group has a 1-year low of $12.67 and a 1-year high of $25.75.

Analysts Set New Price Targets

HCSG has been the topic of several recent analyst reports. BMO Capital Markets boosted 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. UBS Group raised their price objective on Healthcare Services Group from $27.00 to $30.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. Benchmark lifted their price objective on Healthcare Services Group from $28.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Zacks Research downgraded Healthcare Services Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Finally, Wall Street Zen raised Healthcare Services Group from a “hold” rating to a “buy” rating in a research report on Sunday, March 29th. Five research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.50.

Hedge Funds Weigh In On Healthcare Services Group

Large investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV increased its holdings in Healthcare Services Group by 26.2% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 23,630 shares of the business services provider’s stock valued at $452,000 after buying an additional 4,906 shares during the last quarter. State of Tennessee Department of Treasury grew its position in shares of Healthcare Services Group by 6.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 61,837 shares of the business services provider’s stock worth $1,164,000 after acquiring an additional 3,923 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Healthcare Services Group in the 4th quarter worth approximately $1,846,000. XTX Topco Ltd bought a new stake in shares of Healthcare Services Group in the 4th quarter valued at approximately $609,000. Finally, Zacks Investment Management bought a new stake in shares of Healthcare Services Group in the 4th quarter valued at approximately $517,000. Institutional investors own 97.97% of the company’s stock.

About Healthcare Services Group

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.