Healthcare Services Group (NASDAQ:HCSG) Rating Increased to Strong-Buy at Zacks Research

Healthcare Services Group (NASDAQ:HCSG) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

HCSG has been the subject of several other reports. Robert W. Baird set a $23.00 price objective on shares of Healthcare Services Group in a research report on Thursday, February 12th. William Blair upgraded shares of Healthcare Services Group from a “market perform” rating to an “outperform” rating in a research note on Friday, February 20th. Royal Bank Of Canada raised their price target on shares of Healthcare Services Group from $22.00 to $24.00 and gave the stock a “sector perform” rating in a report on Thursday, April 23rd. Benchmark lifted their price objective on shares of Healthcare Services Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Finally, BMO Capital Markets boosted their price objective on shares of Healthcare Services Group from $22.00 to $24.00 and gave the company a “market perform” 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 assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

Healthcare Services Group Stock Performance

Healthcare Services Group stock opened at $21.73 on Monday. The stock has a 50-day moving average of $20.07 and a two-hundred day moving average of $19.27. Healthcare Services Group has a one year low of $12.66 and a one year high of $24.39. The stock has a market cap of $1.49 billion, a PE ratio of 22.64 and a beta of 0.85.

Healthcare Services Group (NASDAQ:HCSG) last issued its quarterly earnings results 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 business had revenue of $462.77 million for the quarter, compared to analyst estimates of $479.79 million. During the same quarter in the previous year, the firm earned $0.23 earnings per share. The company’s revenue was up 3.4% on a year-over-year basis. As a group, sell-side analysts predict that Healthcare Services Group will post 1.01 EPS for the current fiscal year.

Insider Activity at Healthcare Services Group

In other Healthcare Services Group news, CAO Andrew M. Brophy sold 2,490 shares of the firm’s stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $21.75, for a total transaction of $54,157.50. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Christopher Shea sold 54,357 shares of Healthcare Services Group stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $20.41, for a total transaction of $1,109,426.37. Following the sale, the executive vice president owned 29,292 shares of the company’s stock, valued at approximately $597,849.72. The trade was a 64.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 146,962 shares of company stock worth $3,014,100 over the last quarter. Insiders own 2.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. 8 Knots Management LLC acquired a new position in Healthcare Services Group during the third quarter valued at $56,527,000. Ameriprise Financial Inc. grew its position in Healthcare Services Group by 80.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,981,840 shares of the business services provider’s stock worth $33,354,000 after purchasing an additional 882,213 shares during the period. American Century Companies Inc. raised its stake in shares of Healthcare Services Group by 38.1% during the 3rd quarter. American Century Companies Inc. now owns 1,766,601 shares of the business services provider’s stock valued at $29,732,000 after buying an additional 487,608 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Healthcare Services Group by 12.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,475,369 shares of the business services provider’s stock valued at $28,209,000 after buying an additional 158,261 shares during the period. Finally, Nuveen LLC lifted its holdings in shares of Healthcare Services Group by 29.2% in the 4th quarter. Nuveen LLC now owns 1,282,492 shares of the business services provider’s stock valued at $24,521,000 after buying an additional 290,019 shares during the period. Hedge funds and other 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.