Change Healthcare Inc. (NASDAQ:CHNG) – Research analysts at SunTrust Banks reduced their FY2021 earnings per share estimates for shares of Change Healthcare in a report released on Wednesday, June 24th. SunTrust Banks analyst S. Draper now anticipates that the company will post earnings per share of $1.13 for the year, down from their prior forecast of $1.15. SunTrust Banks currently has a “Buy” rating and a $17.00 target price on the stock.
Change Healthcare (NASDAQ:CHNG) last released its quarterly earnings data on Wednesday, June 3rd. The company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.05. The company had revenue of $843.40 million during the quarter, compared to the consensus estimate of $834.69 million. Change Healthcare had a negative net margin of 0.17% and a positive return on equity of 22.03%. The company’s revenue was up .8% on a year-over-year basis.
CHNG has been the subject of a number of other research reports. Wells Fargo & Co upgraded shares of Change Healthcare from an “equal weight” rating to an “overweight” rating and set a $19.00 price objective for the company in a report on Tuesday, March 10th. Zacks Investment Research downgraded shares of Change Healthcare from a “hold” rating to a “sell” rating and set a $9.00 price objective for the company. in a report on Monday. BidaskClub upgraded shares of Change Healthcare from a “sell” rating to a “hold” rating in a report on Thursday, March 26th. Barclays cut their price objective on shares of Change Healthcare from $18.00 to $14.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, ValuEngine downgraded shares of Change Healthcare from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Change Healthcare currently has a consensus rating of “Buy” and an average target price of $16.97.
CHNG stock opened at $11.07 on Monday. The company has a market cap of $3.35 billion and a price-to-earnings ratio of 276.82. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.43. Change Healthcare has a 12 month low of $6.18 and a 12 month high of $17.57. The firm has a 50-day moving average of $11.78 and a two-hundred day moving average of $12.92.
A number of hedge funds have recently modified their holdings of CHNG. Hawk Ridge Capital Management LP purchased a new position in Change Healthcare in the 4th quarter valued at approximately $41,224,000. Norges Bank purchased a new position in Change Healthcare in the 4th quarter valued at approximately $27,173,000. FMR LLC boosted its position in Change Healthcare by 15.0% in the 4th quarter. FMR LLC now owns 3,831,224 shares of the company’s stock valued at $62,794,000 after buying an additional 500,470 shares during the period. Bank of New York Mellon Corp boosted its position in Change Healthcare by 192.7% in the 4th quarter. Bank of New York Mellon Corp now owns 702,842 shares of the company’s stock valued at $11,520,000 after buying an additional 462,725 shares during the period. Finally, NWQ Investment Management Company LLC purchased a new position in Change Healthcare in the 4th quarter valued at approximately $4,961,000.
In related news, CFO Fredrik J. Eliasson bought 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was purchased at an average price of $12.00 per share, for a total transaction of $1,200,000.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
About Change Healthcare
Change Healthcare Inc, an independent healthcare technology platform, provides data and analytics-driven solutions to improve clinical, financial, and patient engagement outcomes in the United States healthcare system. It operates in three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.
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