Healthcare Services Group (NASDAQ:HCSG) Downgraded to Hold Rating by Zacks Research

Healthcare Services Group (NASDAQ:HCSG) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

HCSG has been the subject of a number of other reports. Benchmark raised their price target on shares of Healthcare Services Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Wall Street Zen upgraded shares of Healthcare Services Group from a “hold” rating to a “buy” rating in a report on Sunday, March 29th. UBS Group upped their price objective on shares of Healthcare Services Group from $25.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of Healthcare Services Group in a research note on Tuesday, June 2nd. Finally, BMO Capital Markets boosted their price target on Healthcare Services Group from $22.00 to $24.00 and gave the stock a “market perform” rating in a research note on Thursday, April 23rd. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Healthcare Services Group has an average rating of “Hold” and a consensus price target of $24.00.

Healthcare Services Group Stock Up 2.2%

NASDAQ HCSG opened at $25.11 on Tuesday. The stock has a market cap of $1.72 billion, a PE ratio of 26.16 and a beta of 0.78. Healthcare Services Group has a fifty-two week low of $12.66 and a fifty-two week high of $25.55. The business has a 50 day moving average price of $21.78 and a two-hundred day moving average price of $20.35.

Healthcare Services Group (NASDAQ:HCSG) last issued its quarterly earnings data on Wednesday, April 22nd. The business services provider reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.15. The company had revenue of $462.77 million during the quarter, compared to the consensus estimate of $479.79 million. Healthcare Services Group had a net margin of 3.67% and a return on equity of 17.81%. Healthcare Services Group’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $0.23 earnings per share. Sell-side analysts anticipate that Healthcare Services Group will post 1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in HCSG. Janus Henderson Group PLC increased its holdings in shares of Healthcare Services Group by 5.5% in the 1st quarter. Janus Henderson Group PLC now owns 890,035 shares of the business services provider’s stock valued at $16,510,000 after acquiring an additional 46,427 shares during the last quarter. California State Teachers Retirement System boosted its holdings in Healthcare Services Group by 35.1% in the first quarter. California State Teachers Retirement System now owns 91,270 shares of the business services provider’s stock worth $1,693,000 after purchasing an additional 23,700 shares during the period. Royal Bank of Canada boosted its holdings in Healthcare Services Group by 33.1% in the first quarter. Royal Bank of Canada now owns 393,601 shares of the business services provider’s stock worth $7,301,000 after purchasing an additional 97,833 shares during the period. Empowered Funds LLC increased its stake in Healthcare Services Group by 123.6% during the first quarter. Empowered Funds LLC now owns 215,824 shares of the business services provider’s stock valued at $4,004,000 after purchasing an additional 119,290 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Healthcare Services Group by 40.8% during the first quarter. The Manufacturers Life Insurance Company now owns 29,711 shares of the business services provider’s stock worth $551,000 after purchasing an additional 8,604 shares during the period. Institutional investors and hedge funds own 97.97% of the company’s stock.

About Healthcare Services Group

Healthcare Services Group, Inc (NASDAQ: HCSG) is a leading provider of support services to healthcare facilities across the United States. The company specializes in environmental services, including housekeeping and sanitation, as well as linen and laundry management. In addition, Healthcare Services Group offers dietary and nutrition services, catering to hospitals, skilled nursing facilities, assisted living communities and other long-term care providers.

Founded as a family-owned business in the late 1970s, the company completed its initial public offering in 1997.