Concentra Group Holdings Parent (NYSE:CON) Hits New 12-Month High - Here's What Happened

Key Points

• Concentra Group Holdings Parent (NYSE: CON) hit a new 52-week high, trading as high as $28.47 on Tuesday before ending near $28.08.
• Recent analyst action has been broadly positive, with Goldman Sachs initiating coverage at Buy and a $30 target, while the overall consensus remains Moderate Buy with a $30.20 price target.
• The company reported better-than-expected Q1 earnings of $0.40 per share on revenue of $569.56 million, and it also paid a quarterly dividend of $0.0625 per share, implying a 0.9% yield.

Concentra Group Holdings Parent, Inc. (NYSE:CON - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $28.47 and last traded at $28.08, with a volume of 893176 shares trading hands. The stock had previously closed at $28.13.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group assumed coverage on Concentra Group Holdings Parent in a research report on Friday, June 5th. They set a "buy" rating and a $30.00 target price on the stock. Wells Fargo & Company lifted their price objective on Concentra Group Holdings Parent from $25.00 to $28.00 and gave the stock an "overweight" rating in a report on Thursday, March 5th. Truist Financial reiterated a "buy" rating and issued a $31.00 price objective (up from $29.00) on shares of Concentra Group Holdings Parent in a report on Monday, May 11th. Finally, Weiss Ratings upgraded Concentra Group Holdings Parent from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, May 11th. Six investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.20.

Concentra Group Holdings Parent Trading Down 0.2%

The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 20.20, a PEG ratio of 1.28 and a beta of 0.82. The company has a fifty day moving average of $24.19 and a 200-day moving average of $22.47. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 3.62.

Concentra Group Holdings Parent (NYSE:CON - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05. The business had revenue of $569.56 million for the quarter, compared to analysts' expectations of $553.53 million. Concentra Group Holdings Parent had a return on equity of 47.14% and a net margin of 7.97%.The business's revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. As a group, equities research analysts anticipate that Concentra Group Holdings Parent, Inc. will post 1.53 earnings per share for the current fiscal year.

Concentra Group Holdings Parent Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Stockholders of record on Tuesday, May 19th were issued a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Tuesday, May 19th. Concentra Group Holdings Parent's payout ratio is currently 17.99%.

Insider Buying and Selling at Concentra Group Holdings Parent

In other news, Director Robert A. Ortenzio sold 130,000 shares of the business's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $25.00, for a total transaction of $3,250,000.00. Following the transaction, the director directly owned 763,455 shares in the company, valued at $19,086,375. The trade was a 14.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 8.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its holdings in shares of Concentra Group Holdings Parent by 124.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,195 shares of the company's stock worth $25,000 after purchasing an additional 663 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Concentra Group Holdings Parent by 2,784.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 1,442 shares of the company's stock worth $30,000 after purchasing an additional 1,392 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Concentra Group Holdings Parent by 49.1% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 1,604 shares of the company's stock valued at $34,000 after buying an additional 528 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Concentra Group Holdings Parent during the 4th quarter valued at approximately $35,000. Finally, Osaic Holdings Inc. raised its position in shares of Concentra Group Holdings Parent by 59.5% during the 2nd quarter. Osaic Holdings Inc. now owns 2,041 shares of the company's stock valued at $42,000 after buying an additional 761 shares during the period.

Concentra Group Holdings Parent Company Profile

Concentra Group Holdings Parent NYSE: CON is a Canada-based financial services holding company that specializes in serving Canadian credit unions and their members. Through its operating subsidiaries, the group provides wholesale funding, lending solutions and investment management services tailored to the unique needs of cooperative financial institutions. Concentra’s broad suite of offerings includes trust and custody services, mortgage investment products and equipment financing, all designed to support credit-union growth and stability.

In addition to wholesale funding and lending, Concentra Group Holdings Parent distributes life and general insurance products through affiliated insurance brokers and credit-union channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.