Martingale Asset Management L P Reduces Stock Position in Addus HomeCare Corporation $ADUS

Key Points

• Martingale Asset Management L P reduced its stake in Addus HomeCare Corporation by 23.5%, owning 14,628 shares valued at approximately $1.45 million after selling 4,484 shares.
• Other institutional investors have also adjusted their holdings, with Bank of America increasing its position by 273.6% in the last quarter, indicating heightened interest in the company.
• Addus HomeCare reported $1.49 earnings per share for its most recent quarter, surpassing estimates and reflecting a 21.8% increase in revenue compared to the same period last year.

Martingale Asset Management L P reduced its position in Addus HomeCare Corporation (NASDAQ:ADUS - Free Report) by 23.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,628 shares of the company's stock after selling 4,484 shares during the quarter. Martingale Asset Management L P owned about 0.08% of Addus HomeCare worth $1,447,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Nuveen LLC purchased a new position in Addus HomeCare during the 1st quarter worth $16,155,000. GAMMA Investing LLC raised its position in Addus HomeCare by 10,307.8% during the 1st quarter. GAMMA Investing LLC now owns 130,930 shares of the company's stock worth $12,948,000 after buying an additional 129,672 shares during the last quarter. Bank of America Corp DE raised its position in Addus HomeCare by 273.6% during the 4th quarter. Bank of America Corp DE now owns 175,070 shares of the company's stock worth $21,945,000 after buying an additional 128,211 shares during the last quarter. Wellington Management Group LLP raised its position in Addus HomeCare by 25.8% during the 1st quarter. Wellington Management Group LLP now owns 471,935 shares of the company's stock worth $46,670,000 after buying an additional 96,823 shares during the last quarter. Finally, Allianz Asset Management GmbH raised its position in Addus HomeCare by 1,229.4% during the 1st quarter. Allianz Asset Management GmbH now owns 100,898 shares of the company's stock worth $9,978,000 after buying an additional 93,308 shares during the last quarter. 95.35% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on ADUS. JMP Securities restated a "market outperform" rating and set a $150.00 price objective on shares of Addus HomeCare in a research report on Wednesday, July 16th. Barclays increased their price objective on Addus HomeCare from $83.00 to $109.00 and gave the stock an "underweight" rating in a research report on Tuesday, August 19th. TD Cowen increased their price objective on Addus HomeCare from $135.00 to $139.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Macquarie reiterated an "outperform" rating and issued a $133.00 price objective on shares of Addus HomeCare in a research report on Tuesday, June 10th. Finally, Royal Bank Of Canada increased their price objective on Addus HomeCare from $133.00 to $134.00 and gave the stock an "outperform" rating in a research report on Friday, August 22nd. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Addus HomeCare presently has an average rating of "Buy" and an average target price of $138.38.

Insider Activity

In related news, Director Veronica Hill-Milbourne sold 1,571 shares of Addus HomeCare stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $114.93, for a total transaction of $180,555.03. Following the completion of the sale, the director owned 5,067 shares in the company, valued at approximately $582,350.31. This trade represents a 23.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO R Dirk Allison sold 25,000 shares of Addus HomeCare stock in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $114.95, for a total value of $2,873,750.00. Following the sale, the chief executive officer owned 166,461 shares of the company's stock, valued at approximately $19,134,691.95. This represents a 13.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,310 shares of company stock worth $3,958,375 over the last 90 days. 4.50% of the stock is currently owned by corporate insiders.

Addus HomeCare Price Performance

Shares of ADUS stock traded down $0.32 during mid-day trading on Friday, reaching $115.01. The stock had a trading volume of 10,545 shares, compared to its average volume of 189,017. Addus HomeCare Corporation has a 12-month low of $88.96 and a 12-month high of $136.72. The company has a market cap of $2.12 billion, a P/E ratio of 25.39, a price-to-earnings-growth ratio of 1.76 and a beta of 0.80. The business has a 50-day simple moving average of $112.03 and a 200 day simple moving average of $107.00. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Addus HomeCare (NASDAQ:ADUS - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $1.49 earnings per share for the quarter, beating analysts' consensus estimates of $1.45 by $0.04. Addus HomeCare had a return on equity of 9.39% and a net margin of 6.51%.The business had revenue of $349.44 million during the quarter, compared to analysts' expectations of $345.71 million. During the same quarter last year, the business posted $1.35 earnings per share. The business's revenue for the quarter was up 21.8% on a year-over-year basis. On average, sell-side analysts anticipate that Addus HomeCare Corporation will post 4.59 earnings per share for the current year.

About Addus HomeCare

Addus HomeCare Corporation, together with its subsidiaries, provides personal care services to elderly, chronically ill, disabled persons, and individuals who are at risk of hospitalization or institutionalization in the United States. The company operates through three segments: Personal Care, Hospice, and Home Health.