Fifth Third Bancorp Boosts Position in AdaptHealth Corp. $AHCO

Key Points

• Fifth Third Bancorp dramatically increased its stake in AdaptHealth, reporting ownership of 98,318 shares after a huge first-quarter purchase. The position was valued at about $1.17 million, equal to 0.07% of the company.
• Several other institutional investors also added to or adjusted their AdaptHealth holdings, and institutions now own 82.67% of the stock. Notably, insider Russell E. Schuster III sold 11,275 shares in early June under a pre-arranged trading plan.
• Analyst sentiment remains mixed but leans positive: AdaptHealth has a Moderate Buy consensus with an average price target of $14.14. The stock recently traded at $10.76, below the consensus target and within its 52-week range of $8.51 to $13.43.

Fifth Third Bancorp grew its holdings in shares of AdaptHealth Corp. (NASDAQ:AHCO - Free Report) by 70,127.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 98,318 shares of the company's stock after buying an additional 98,178 shares during the period. Fifth Third Bancorp owned 0.07% of AdaptHealth worth $1,170,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. lifted its position 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 in the last quarter. MetLife Investment Management LLC boosted its stake in AdaptHealth by 3.1% during the 4th quarter. MetLife Investment Management LLC now owns 57,364 shares of the company's stock valued at $571,000 after purchasing an additional 1,749 shares during the last quarter. Corient Private Wealth LLC increased its holdings in shares of AdaptHealth by 8.6% in the 4th quarter. Corient Private Wealth LLC now owns 22,562 shares of the company's stock worth $227,000 after purchasing an additional 1,794 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of AdaptHealth by 433.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,585 shares of the company's stock worth $26,000 after purchasing an additional 2,100 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of AdaptHealth by 4.4% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,495 shares of the company's stock worth $656,000 after purchasing an additional 2,564 shares during the last quarter. Institutional investors own 82.67% of the company's stock.

Insider Buying and Selling

In other AdaptHealth news, insider Russell E. Schuster III sold 11,275 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $10.06, for a total value of $113,426.50. Following the transaction, the insider owned 136,538 shares of the company's stock, valued at approximately $1,373,572.28. This represents a 7.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.95% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on AHCO. Robert W. Baird dropped their price objective on AdaptHealth from $18.00 to $15.00 and set an "outperform" rating on the stock in a research report on Monday, July 6th. Weiss Ratings reissued a "sell (d)" rating on shares of AdaptHealth in a research report on Friday, May 22nd. Canaccord Genuity Group upped their target price on shares of AdaptHealth from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Truist Financial raised their price target on shares of AdaptHealth from $13.00 to $14.00 and gave the company a "buy" rating in a report on Monday, April 13th. Finally, Jefferies Financial Group upgraded shares of AdaptHealth from a "hold" rating to a "buy" rating and lifted their price target for the stock from $11.00 to $13.00 in a research note on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $14.14.

AdaptHealth Stock Performance

AHCO stock opened at $10.76 on Friday. The company has a market cap of $1.46 billion, a P/E ratio of -17.35, a price-to-earnings-growth ratio of 0.55 and a beta of 1.45. AdaptHealth Corp. has a 1 year low of $8.51 and a 1 year high of $13.43. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.92 and a quick ratio of 0.71. The stock's fifty day moving average price is $10.24 and its 200-day moving average price is $10.65.

AdaptHealth Company Profile

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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