Northern Trust Corp Cuts Stock Holdings in AdaptHealth Corp. $AHCO

Key Points

• Northern Trust Corp sold 35,272 shares of AdaptHealth Corp, reducing its ownership by 3.0% to a total of 1,136,993 shares, valued at approximately $12.3 million.
• Institutional investors now own 82.67% of AdaptHealth's stock, with several hedge funds increasing their stakes in the company during the first quarter.
• Despite recent price target cuts by some analysts, the consensus rating for AdaptHealth's stock remains a "Buy", with an average price target of $13.40.

Northern Trust Corp lessened its stake in shares of AdaptHealth Corp. (NASDAQ:AHCO - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,136,993 shares of the company's stock after selling 35,272 shares during the period. Northern Trust Corp owned 0.84% of AdaptHealth worth $12,325,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC boosted its holdings in AdaptHealth by 175.2% in the 1st quarter. GAMMA Investing LLC now owns 7,473 shares of the company's stock valued at $81,000 after purchasing an additional 4,758 shares during the last quarter. Brooklyn Investment Group lifted its stake in shares of AdaptHealth by 531.8% in the 1st quarter. Brooklyn Investment Group now owns 7,563 shares of the company's stock valued at $82,000 after purchasing an additional 6,366 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of AdaptHealth during the 1st quarter worth $114,000. Legato Capital Management LLC acquired a new stake in shares of AdaptHealth during the 1st quarter worth about $167,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in AdaptHealth by 25.3% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 15,871 shares of the company's stock valued at $172,000 after buying an additional 3,208 shares during the last quarter. 82.67% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director David Solomon Williams III sold 8,200 shares of the 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 completion of the sale, the director directly owned 50,045 shares of the company's stock, valued at approximately $486,937.85. This represents a 14.08% 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 this hyperlink. Corporate insiders own 1.55% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised AdaptHealth from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $13.40.

AdaptHealth Stock Down 0.8%

AdaptHealth stock traded down $0.07 during mid-day trading on Wednesday, hitting $9.16. The company had a trading volume of 614,769 shares, compared to its average volume of 894,625. AdaptHealth Corp. has a 1 year low of $7.11 and a 1 year high of $11.70. The stock has a market cap of $1.24 billion, a price-to-earnings ratio of 16.96, a PEG ratio of 1.03 and a beta of 1.59. The company has a quick ratio of 0.82, a current ratio of 1.06 and a debt-to-equity ratio of 1.14. The business has a fifty day moving average of $9.32 and a 200 day moving average of $9.27.

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.