Pier 88 Investment Partners LLC Trims Holdings in R1 RCM Inc. (NASDAQ:RCM)

Pier 88 Investment Partners LLC lessened its position in shares of R1 RCM Inc. (NASDAQ:RCM) by 15.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 39,360 shares of the healthcare provider’s stock after selling 7,120 shares during the period. Pier 88 Investment Partners LLC’s holdings in R1 RCM were worth $494,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in RCM. Norges Bank bought a new stake in R1 RCM in the fourth quarter valued at approximately $42,539,000. P2 Capital Partners LLC grew its position in shares of R1 RCM by 70,366.3% in the 4th quarter. P2 Capital Partners LLC now owns 3,535,294 shares of the healthcare provider’s stock worth $37,368,000 after buying an additional 3,530,277 shares during the last quarter. Boston Partners raised its holdings in R1 RCM by 4,976.6% in the 1st quarter. Boston Partners now owns 2,570,371 shares of the healthcare provider’s stock worth $32,784,000 after purchasing an additional 2,519,739 shares in the last quarter. Sea Cliff Partners Management LP purchased a new stake in shares of R1 RCM in the 4th quarter worth about $18,459,000. Finally, First Light Asset Management LLC boosted its stake in shares of R1 RCM by 212.8% during the 1st quarter. First Light Asset Management LLC now owns 2,552,325 shares of the healthcare provider’s stock valued at $32,874,000 after purchasing an additional 1,736,346 shares in the last quarter. 61.10% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RCM shares. Leerink Partnrs cut R1 RCM from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 1st. Canaccord Genuity Group reissued a “buy” rating and set a $15.00 price objective on shares of R1 RCM in a report on Monday, July 22nd. TD Cowen reissued a “hold” rating and issued a $14.30 target price (down from $20.00) on shares of R1 RCM in a research report on Monday, August 5th. Morgan Stanley cut shares of R1 RCM from an “overweight” rating to an “equal weight” rating in a research note on Thursday, August 8th. Finally, Jefferies Financial Group cut R1 RCM from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Thirteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $15.41.

R1 RCM Trading Down 0.1 %

Shares of RCM stock opened at $14.07 on Friday. R1 RCM Inc. has a 1-year low of $8.87 and a 1-year high of $17.17. The company has a market cap of $5.93 billion, a price-to-earnings ratio of -175.88 and a beta of 0.84. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.84 and a quick ratio of 1.84. The stock has a 50 day simple moving average of $13.37 and a 200-day simple moving average of $12.94.

R1 RCM (NASDAQ:RCM) last issued its earnings results on Wednesday, August 7th. The healthcare provider reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $627.90 million for the quarter, compared to analysts’ expectations of $633.10 million. R1 RCM had a negative return on equity of 1.44% and a negative net margin of 1.68%. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. On average, equities research analysts expect that R1 RCM Inc. will post -0.22 EPS for the current fiscal year.

R1 RCM Company Profile

R1 RCM Inc provides technology-driven solutions for the financial performance and patient experience of health systems, hospitals, and physician groups. It provides operating partnership/end-to-end solutions, which manages multiple aspects of the revenue cycle to realize financial leverage and revenue improvement for hospital and physician customers.