Connor Clark & Lunn Investment Management Ltd. Invests $5.76 Million in Healthcare Services Group, Inc. $HCSG

Key Points

• Connor Clark & Lunn Investment Management acquired 234,352 Healthcare Services Group shares worth approximately $5.76 million, giving it a 0.34% stake. Institutional investors collectively own 97.97% of the company.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $26.50; UBS recently raised its target to $30.
• Healthcare Services Group reported quarterly EPS of $0.32, beating estimates of $0.22, while revenue reached $470.81 million. Shares opened at $22.94, compared with a 52-week range of $15.13 to $25.75.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 234,352 shares of the business services provider's stock, valued at approximately $5,756,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.34% of Healthcare Services Group as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. EverSource Wealth Advisors LLC lifted its holdings in shares of Healthcare Services Group by 163.4% in the second quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider's stock valued at $33,000 after purchasing an additional 1,356 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Healthcare Services Group during the 4th quarter worth approximately $33,000. KBC Group NV purchased a new position in shares of Healthcare Services Group during the 1st quarter worth approximately $35,000. Allworth Financial LP acquired a new position in shares of Healthcare Services Group during the 2nd quarter worth approximately $55,000. Finally, Farther Finance Advisors LLC raised its position in shares of Healthcare Services Group by 32.0% during the 4th quarter. Farther Finance Advisors LLC now owns 3,619 shares of the business services provider's stock worth $69,000 after purchasing an additional 877 shares during the last quarter. 97.97% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, COO Andrew Kush sold 15,598 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $23.24, for a total transaction of $362,497.52. Following the sale, the chief operating officer owned 22,741 shares in the company, valued at $528,500.84. This trade represents a 40.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.90% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Healthcare Services Group Stock Performance

Shares of HCSG opened at $22.94 on Friday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 13.34 and a beta of 0.81. The company's 50 day simple moving average is $23.33 and its 200 day simple moving average is $21.54. Healthcare Services Group, Inc. has a 1 year low of $15.13 and a 1 year high of $25.75.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.10. The firm had revenue of $470.81 million for the quarter, compared to analyst estimates of $471.22 million. Healthcare Services Group had a net margin of 6.59% and a return on equity of 18.97%. During the same quarter last year, the business earned ($0.44) earnings per share. Equities analysts expect that Healthcare Services Group, Inc. will post 1.14 EPS for the current fiscal year.

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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