AdaptHealth Corp. $AHCO Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its AdaptHealth stake by 14.6% in the first quarter, selling 251,360 shares and retaining 1.47 million shares worth approximately $17.5 million. Institutional investors and hedge funds collectively own 82.67% of the company.
• AdaptHealth shares opened at $6.05, near their 12-month low of $5.89 and well below the 12-month high of $13.43. The stock’s market capitalization was about $822 million.
• Analysts remain moderately bullish, with seven Buy ratings, one Hold and one Sell, but several firms lowered their price targets. The consensus target is $10.29, while insider Russell E. Schuster III recently sold 11,275 shares under a pre-arranged trading plan.

Royal Bank of Canada cut its holdings in AdaptHealth Corp. (NASDAQ:AHCO - Free Report) by 14.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,467,992 shares of the company's stock after selling 251,360 shares during the quarter. Royal Bank of Canada owned 1.08% of AdaptHealth worth $17,469,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in AHCO. PNC Financial Services Group Inc. grew its stake in AdaptHealth by 22.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,003 shares of the company's stock valued at $70,000 after acquiring an additional 1,279 shares during the period. MetLife Investment Management LLC raised its position in AdaptHealth by 3.1% during the fourth quarter. MetLife Investment Management LLC now owns 57,364 shares of the company's stock worth $571,000 after acquiring an additional 1,749 shares during the period. Corient Private Wealth LLC raised its position in AdaptHealth by 8.6% during the fourth quarter. Corient Private Wealth LLC now owns 22,562 shares of the company's stock worth $227,000 after acquiring an additional 1,794 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in AdaptHealth by 433.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,585 shares of the company's stock valued at $26,000 after purchasing an additional 2,100 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in AdaptHealth by 54.8% during the first quarter. Assetmark Inc. now owns 6,952 shares of the company's stock valued at $83,000 after purchasing an additional 2,460 shares in the last quarter. 82.67% of the stock is owned by institutional investors and hedge funds.

AdaptHealth Stock Performance

AHCO opened at $6.05 on Friday. The firm has a market capitalization of $822.26 million, a PE ratio of -3.54, a PEG ratio of 0.33 and a beta of 1.47. AdaptHealth Corp. has a twelve month low of $5.89 and a twelve month high of $13.43. The firm's 50-day moving average price is $10.05 and its 200 day moving average price is $10.59. The company has a current ratio of 1.12, a quick ratio of 0.71 and a debt-to-equity ratio of 1.37.

Analyst Ratings Changes

A number of analysts have recently commented on AHCO shares. Truist Financial cut their target price on shares of AdaptHealth from $14.00 to $9.00 and set a "buy" rating for the company in a research note on Wednesday. Robert W. Baird set a $10.00 price objective on AdaptHealth in a report on Wednesday. Weiss Ratings reissued a "sell (d)" rating on shares of AdaptHealth in a report on Friday, May 22nd. UBS Group decreased their target price on AdaptHealth from $14.00 to $10.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Royal Bank Of Canada lowered their price target on AdaptHealth from $15.00 to $8.00 and set an "outperform" rating on the stock in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $10.29.

Insiders Place Their Bets

In other AdaptHealth news, insider Russell E. Schuster III sold 11,275 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $10.06, for a total value of $113,426.50. Following the transaction, the insider directly owned 136,538 shares of the company's stock, valued at $1,373,572.28. This trade represents a 7.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.95% of the stock is owned by company insiders.

About AdaptHealth

AdaptHealth, Inc operates as a leading provider of home medical equipment (HME) and related services in the United States. The company focuses on delivering respiratory care, mobility solutions and bathroom safety products to patients with chronic and acute medical needs. Through its comprehensive service offerings, AdaptHealth aims to enhance quality of life and clinical outcomes for patients who require long-term support outside of a hospital setting.

The company's respiratory portfolio includes products such as continuous positive airway pressure (CPAP) devices, oxygen concentrators, ventilators, and associated supplies for patients with sleep apnea, COPD and other pulmonary conditions.

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