Change Healthcare (NASDAQ:CHNG) Downgraded by Citigroup to “Neutral”

Citigroup lowered shares of Change Healthcare (NASDAQ:CHNGGet Rating) from a buy rating to a neutral rating in a research report report published on Tuesday morning, MarketBeat reports. They currently have $27.75 price objective on the stock.

CHNG has been the topic of several other reports. Credit Suisse Group raised their price objective on Change Healthcare from $25.75 to $27.75 and gave the stock a neutral rating in a report on Tuesday, May 31st. Piper Sandler downgraded Change Healthcare from an overweight rating to a neutral rating and boosted their target price for the stock from $26.00 to $27.75 in a research note on Tuesday. Cowen set a $27.75 target price on Change Healthcare in a research note on Monday, June 20th. William Blair restated a market perform rating on shares of Change Healthcare in a research note on Friday, June 3rd. Finally, SVB Leerink restated an outperform rating on shares of Change Healthcare in a research note on Thursday, May 26th. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $27.75.

Change Healthcare Stock Up 0.2 %

CHNG stock opened at $27.26 on Tuesday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.23 and a current ratio of 1.23. The business’s 50-day moving average is $24.75 and its two-hundred day moving average is $23.61. The company has a market cap of $8.95 billion, a price-to-earnings ratio of -113.58, a P/E/G ratio of 3.30 and a beta of 1.02. Change Healthcare has a fifty-two week low of $18.97 and a fifty-two week high of $27.34.

Change Healthcare (NASDAQ:CHNGGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.08). Change Healthcare had a negative net margin of 2.20% and a positive return on equity of 12.02%. The firm had revenue of $884.47 million for the quarter, compared to the consensus estimate of $890.39 million. As a group, analysts forecast that Change Healthcare will post 1.03 earnings per share for the current year.

Hedge Funds Weigh In On Change Healthcare

Several institutional investors and hedge funds have recently modified their holdings of CHNG. First Horizon Advisors Inc. purchased a new position in shares of Change Healthcare in the 2nd quarter valued at about $33,000. Meeder Asset Management Inc. purchased a new position in shares of Change Healthcare in the 1st quarter valued at about $36,000. Captrust Financial Advisors increased its stake in shares of Change Healthcare by 65.5% in the 2nd quarter. Captrust Financial Advisors now owns 3,053 shares of the company’s stock valued at $70,000 after purchasing an additional 1,208 shares in the last quarter. State of Alaska Department of Revenue purchased a new position in shares of Change Healthcare in the 2nd quarter valued at about $82,000. Finally, C M Bidwell & Associates Ltd. purchased a new position in shares of Change Healthcare in the 1st quarter valued at about $90,000. Hedge funds and other institutional investors own 91.47% of the company’s stock.

About Change Healthcare

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Change Healthcare Inc, an independent healthcare technology company, provides data and analytics-driven solutions to enhance clinical, financial, administrative, and patient engagement outcomes in the United States healthcare system. It operates through three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.

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