Cerity Partners LLC Cuts Holdings in Healthcare Services Group, Inc. (NASDAQ:HCSG)

Key Points

• Cerity Partners LLC significantly reduced its stake in Healthcare Services Group, cutting it by 64.6%, leaving them with 13,131 shares valued at $132,000.
• Multiple institutional investors have recently increased their positions in Healthcare Services Group, with Sterling Capital Management leading with an 803.4% increase in stake during the fourth quarter.
• Analysts have a consensus rating of "Moderate Buy" for Healthcare Services Group, with price targets ranging from $15.00 to $19.00 following various upgrades from major firms.

Cerity Partners LLC decreased its position in shares of Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) by 64.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,131 shares of the business services provider's stock after selling 23,955 shares during the quarter. Cerity Partners LLC's holdings in Healthcare Services Group were worth $132,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. American Century Companies Inc. increased its position in Healthcare Services Group by 10.6% during the 4th quarter. American Century Companies Inc. now owns 155,777 shares of the business services provider's stock valued at $1,809,000 after purchasing an additional 14,948 shares during the period. Sei Investments Co. grew its position in shares of Healthcare Services Group by 29.5% during the 4th quarter. Sei Investments Co. now owns 78,754 shares of the business services provider's stock worth $915,000 after buying an additional 17,924 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Healthcare Services Group during the 4th quarter worth approximately $167,000. LPL Financial LLC grew its position in Healthcare Services Group by 45.6% in the 4th quarter. LPL Financial LLC now owns 21,048 shares of the business services provider's stock valued at $244,000 after purchasing an additional 6,591 shares during the period. Finally, Vanguard Group Inc. grew its position in Healthcare Services Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 8,276,610 shares of the business services provider's stock valued at $96,133,000 after purchasing an additional 23,373 shares during the period. Institutional investors own 97.97% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group upgraded Healthcare Services Group from a "neutral" rating to a "buy" rating and raised their price objective for the company from $12.00 to $15.00 in a research note on Thursday, April 24th. Benchmark increased their price objective on Healthcare Services Group from $17.00 to $19.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Macquarie raised Healthcare Services Group from a "neutral" rating to an "outperform" rating and raised their price objective for the company from $15.00 to $16.00 in a research report on Tuesday. Wall Street Zen downgraded Healthcare Services Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Robert W. Baird boosted their price target on Healthcare Services Group from $13.00 to $15.00 and gave the stock a "neutral" rating in a report on Thursday, July 24th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $16.25.

Insider Activity

In related news, EVP John Christopher Shea sold 21,368 shares of Healthcare Services Group stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $13.25, for a total transaction of $283,126.00. Following the transaction, the executive vice president owned 32,976 shares in the company, valued at approximately $436,932. This trade represents a 39.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

Healthcare Services Group Stock Up 0.5%

Shares of NASDAQ HCSG traded up $0.06 during mid-day trading on Friday, reaching $13.07. 924,999 shares of the company were exchanged, compared to its average volume of 649,997. The stock has a market cap of $946.44 million, a price-to-earnings ratio of 93.36 and a beta of 0.57. Healthcare Services Group, Inc. has a 1 year low of $9.13 and a 1 year high of $15.73. The firm has a 50-day moving average of $14.17 and a 200 day moving average of $12.39.

Healthcare Services Group (NASDAQ:HCSG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The business services provider reported $0.21 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.01. Healthcare Services Group had a return on equity of 11.74% and a net margin of 0.61%. The company had revenue of $458.50 million during the quarter, compared to analysts' expectations of $450.78 million. During the same period last year, the business posted $0.20 earnings per share. The firm's revenue was up 7.6% compared to the same quarter last year. On average, equities analysts forecast that Healthcare Services Group, Inc. will post 0.74 earnings per share for the current year.

About Healthcare Services Group

Healthcare Services Group, Inc provides management, administrative, and operating services to the housekeeping, laundry, linen, facility maintenance, and dietary service departments of nursing homes, retirement complexes, rehabilitation centers, and hospitals in the United States. It operates through two segments, Housekeeping and Dietary.