Healthcare Services Group, Inc. (NASDAQ:HCSG) Stake Increased by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp has increased its stake in Healthcare Services Group, Inc. by 0.8%, owning approximately 5.66% of the company after acquiring an additional 34,037 shares.
• Analyst ratings for Healthcare Services Group have improved, with multiple firms raising their price targets and recommendations, including Macquarie upgrading it from "neutral" to "outperform."
• The company reported earnings per share of $0.21 for the last quarter, slightly beating analysts' expectations, with revenues rising by 7.6% compared to the same quarter last year.

Mackenzie Financial Corp increased its holdings in Healthcare Services Group, Inc. (NASDAQ:HCSG - Free Report) by 0.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,128,934 shares of the business services provider's stock after purchasing an additional 34,037 shares during the period. Mackenzie Financial Corp owned 5.66% of Healthcare Services Group worth $41,620,000 as of its most recent SEC filing.

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

Insider Transactions at Healthcare Services Group

In related news, EVP John Christopher Shea sold 21,368 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $13.25, for a total value of $283,126.00. Following the completion of the transaction, the executive vice president directly owned 32,976 shares of the company's stock, valued at $436,932. This represents a 39.32% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

Healthcare Services Group Stock Performance

Shares of Healthcare Services Group stock traded up $0.06 on Friday, reaching $13.07. 924,999 shares of the company were exchanged, compared to its average volume of 649,997. The company's 50-day moving average is $14.17 and its two-hundred day moving average is $12.39. The firm 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.

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

Healthcare Services Group Company Profile

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.