11,375,365 Shares in Healthcare Services Group, Inc. $HCSG Bought by BlackRock Inc.

Key Points

• BlackRock acquired 11.38 million shares of Healthcare Services Group during the second quarter, worth approximately $279.4 million and representing a 16.57% stake. Institutional investors and hedge funds collectively own 97.97% of HCSG.
• Healthcare Services Group reported quarterly EPS of $0.32, exceeding the $0.22 consensus estimate, while revenue of $470.81 million was roughly in line with expectations. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $26.50.
• HCSG shares opened at $22.91, compared with a 52-week range of $15.13 to $25.75. Despite several positive analyst upgrades, COO Andrew Kush sold 15,598 shares for about $362,498, reducing his position by 40.68%.

BlackRock Inc. purchased a new stake in Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 11,375,365 shares of the business services provider's stock, valued at approximately $279,379,000. BlackRock Inc. owned approximately 16.57% of Healthcare Services Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in HCSG. Cetera Investment Advisers lifted its stake in Healthcare Services Group by 4.3% during the fourth quarter. Cetera Investment Advisers now owns 14,052 shares of the business services provider's stock worth $269,000 after purchasing an additional 581 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in shares of Healthcare Services Group by 3.8% in the 4th quarter. Sanctuary Advisors LLC now owns 20,151 shares of the business services provider's stock valued at $385,000 after buying an additional 738 shares in the last quarter. Farther Finance Advisors LLC grew its position 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 valued at $69,000 after buying an additional 877 shares during the last quarter. LPL Financial LLC raised its stake in Healthcare Services Group by 8.2% during the 4th quarter. LPL Financial LLC now owns 11,802 shares of the business services provider's stock worth $226,000 after acquiring an additional 895 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Healthcare Services Group by 0.5% in the third quarter. Legal & General Group Plc now owns 200,393 shares of the business services provider's stock valued at $3,373,000 after acquiring an additional 970 shares during the last quarter. 97.97% of the stock is owned by institutional investors and hedge funds.

Healthcare Services Group Stock Down 0.1%

HCSG opened at $22.91 on Thursday. Healthcare Services Group, Inc. has a 52 week low of $15.13 and a 52 week high of $25.75. The business has a 50 day moving average price of $23.33 and a two-hundred day moving average price of $21.51. The company has a market cap of $1.57 billion, a PE ratio of 13.32 and a beta of 0.81.

Healthcare Services Group (NASDAQ:HCSG - Get Free Report) last announced its earnings results on Wednesday, July 22nd. The business services provider reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. Healthcare Services Group had a return on equity of 18.97% and a net margin of 6.59%.The company had revenue of $470.81 million for the quarter, compared to the consensus estimate of $471.22 million. During the same period last year, the business posted ($0.44) EPS. As a group, sell-side analysts expect that Healthcare Services Group, Inc. will post 1.14 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Weiss Ratings upgraded Healthcare Services Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 28th. Zacks Research upgraded Healthcare Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 3rd. UBS Group lifted their price target on Healthcare Services Group from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Wednesday, July 8th. Wall Street Zen cut Healthcare Services Group from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Oppenheimer initiated coverage on Healthcare Services Group in a report on Wednesday, August 19th. They issued an "outperform" rating and a $28.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $26.50.

Insider Transactions at Healthcare Services Group

In other Healthcare Services Group news, COO Andrew Kush sold 15,598 shares of the company's stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $23.24, for a total transaction of $362,497.52. Following the completion of the transaction, the chief operating officer owned 22,741 shares in the company, valued at approximately $528,500.84. This represents a 40.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company's stock.

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.

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