Bank of Nova Scotia Purchases New Stake in Acadia Healthcare Company, Inc. (NASDAQ:ACHC)

Key Points

• Bank of Nova Scotia has acquired a new position in Acadia Healthcare by purchasing 369,000 shares, valued at approximately $11.2 million, representing about 0.40% of the company's shares.
• Acadia Healthcare's stock has increased by 1.8% recently, trading at $21.76, with a market cap of $2 billion and a twelve-month price range from $20.35 to $82.40.
• Analysts have downgraded price targets for Acadia Healthcare, with a consensus rating of "Moderate Buy" and a new average price target of $47.94, reflecting changing market sentiments.

Bank of Nova Scotia acquired a new position in Acadia Healthcare Company, Inc. (NASDAQ:ACHC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 369,000 shares of the company's stock, valued at approximately $11,188,000. Bank of Nova Scotia owned 0.40% of Acadia Healthcare at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. LPL Financial LLC boosted its stake in Acadia Healthcare by 5.4% during the 4th quarter. LPL Financial LLC now owns 55,830 shares of the company's stock valued at $2,275,000 after purchasing an additional 2,869 shares during the period. Russell Investments Group Ltd. boosted its stake in Acadia Healthcare by 21.4% during the 4th quarter. Russell Investments Group Ltd. now owns 18,421 shares of the company's stock valued at $730,000 after purchasing an additional 3,248 shares during the period. Quadrant Capital Group LLC boosted its stake in Acadia Healthcare by 287.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,258 shares of the company's stock valued at $50,000 after purchasing an additional 933 shares during the period. FMR LLC boosted its stake in Acadia Healthcare by 257.9% during the 4th quarter. FMR LLC now owns 6,230,631 shares of the company's stock valued at $247,045,000 after purchasing an additional 4,489,681 shares during the period. Finally, Cerity Partners LLC grew its position in Acadia Healthcare by 52.1% in the 4th quarter. Cerity Partners LLC now owns 50,060 shares of the company's stock valued at $1,985,000 after buying an additional 17,138 shares in the last quarter.

Acadia Healthcare Stock Performance

Shares of Acadia Healthcare stock traded down $3.76 during midday trading on Wednesday, hitting $18.00. The company had a trading volume of 6,388,750 shares, compared to its average volume of 1,653,366. The business's 50 day simple moving average is $22.44 and its two-hundred day simple moving average is $28.30. The stock has a market cap of $1.66 billion, a PE ratio of 11.92, a P/E/G ratio of 4.15 and a beta of 0.88. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.35 and a quick ratio of 1.35. Acadia Healthcare Company, Inc. has a 1-year low of $17.13 and a 1-year high of $82.40.

Acadia Healthcare (NASDAQ:ACHC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.71 by $0.12. Acadia Healthcare had a net margin of 4.31% and a return on equity of 8.36%. The firm had revenue of $869.23 million for the quarter, compared to the consensus estimate of $839.59 million. During the same quarter in the previous year, the company earned $0.91 earnings per share. The business's revenue was up 9.2% compared to the same quarter last year. As a group, equities analysts predict that Acadia Healthcare Company, Inc. will post 3.38 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ACHC. Stephens upgraded shares of Acadia Healthcare to a "hold" rating in a research report on Monday, June 2nd. Wall Street Zen raised shares of Acadia Healthcare from a "sell" rating to a "hold" rating in a research note on Sunday. Barclays reduced their price target on shares of Acadia Healthcare from $35.00 to $28.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 14th. Guggenheim initiated coverage on shares of Acadia Healthcare in a research report on Wednesday, April 9th. They issued a "buy" rating and a $36.00 price target for the company. Finally, KeyCorp reduced their price target on shares of Acadia Healthcare from $65.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, May 14th. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $47.94.

About Acadia Healthcare

Acadia Healthcare Company, Inc provides behavioral healthcare services in the United States and Puerto Rico. The company develops and operates acute inpatient psychiatric facilities, specialty treatment facilities comprising residential recovery facilities and eating disorder facilities, comprehensive treatment centers, and residential treatment centers, as well as facilities offering outpatient behavioral healthcare services for the behavioral healthcare and recovery needs of communities.