Invesco Ltd. Lowers Position in AdaptHealth Corp. $AHCO

Key Points

• Invesco Ltd. has reduced its stake in AdaptHealth Corp. by 11.3%, now holding 1,271,101 shares worth approximately $13.78 million after selling 162,071 shares in the first quarter.
• Reinhart Partners LLC. significantly increased its position in AdaptHealth by 15.5% during the first quarter, now owning 7,236,262 shares valued at about $78.44 million.
• Brokerages have generally rated AdaptHealth as a "Buy," with a consensus price target of $13.40, despite some reductions from previous targets by analysts.

Invesco Ltd. lowered its stake in shares of AdaptHealth Corp. (NASDAQ:AHCO - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,271,101 shares of the company's stock after selling 162,071 shares during the quarter. Invesco Ltd. owned about 0.94% of AdaptHealth worth $13,779,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of AHCO. Reinhart Partners LLC. increased its holdings in shares of AdaptHealth by 15.5% during the first quarter. Reinhart Partners LLC. now owns 7,236,262 shares of the company's stock valued at $78,441,000 after acquiring an additional 969,408 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of AdaptHealth by 17.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,379,715 shares of the company's stock valued at $32,174,000 after acquiring an additional 505,180 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of AdaptHealth during the first quarter valued at about $4,358,000. Palisade Capital Management LP increased its holdings in shares of AdaptHealth by 12.3% during the first quarter. Palisade Capital Management LP now owns 2,711,142 shares of the company's stock valued at $29,389,000 after acquiring an additional 297,268 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its holdings in shares of AdaptHealth by 27.2% during the fourth quarter. Bridgeway Capital Management LLC now owns 1,324,043 shares of the company's stock valued at $12,605,000 after acquiring an additional 283,143 shares in the last quarter. Institutional investors and hedge funds own 82.67% of the company's stock.

AdaptHealth Stock Performance

AdaptHealth stock traded up $0.03 during mid-day trading on Thursday, hitting $9.24. The company had a trading volume of 790,469 shares, compared to its average volume of 1,169,081. The company has a current ratio of 1.06, a quick ratio of 0.82 and a debt-to-equity ratio of 1.14. AdaptHealth Corp. has a 12-month low of $7.11 and a 12-month high of $11.70. The company's fifty day moving average is $9.27 and its 200-day moving average is $9.24. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 17.11, a P/E/G ratio of 1.03 and a beta of 1.58.

Insider Buying and Selling

In other AdaptHealth news, Director David Solomon Williams III sold 8,200 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $9.73, for a total value of $79,786.00. Following the sale, the director owned 50,045 shares in the company, valued at approximately $486,937.85. This represents a 14.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.55% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Wall Street Zen upgraded AdaptHealth from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Truist Financial dropped their target price on AdaptHealth from $14.00 to $13.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Royal Bank Of Canada dropped their target price on AdaptHealth from $14.00 to $13.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $13.40.

AdaptHealth Profile

AdaptHealth Corp., together with its subsidiaries, sells home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps for the treatment of diabetes; HME to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy, and nutritional supply needs.