Healthcare Services Group (NASDAQ:HCSG) Hits New 1-Year High – What’s Next?

Healthcare Services Group, Inc. (NASDAQ:HCSG)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $24.52 and last traded at $24.3030, with a volume of 2309200 shares traded. The stock had previously closed at $23.63.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Benchmark raised their price objective on Healthcare Services Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. UBS Group upped their target price on shares of Healthcare Services Group from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Royal Bank Of Canada upped their price objective on shares of Healthcare Services Group from $22.00 to $24.00 and gave the stock a “sector perform” rating in a report on Thursday, April 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of Healthcare Services Group in a report on Tuesday, June 2nd. Finally, Zacks Research raised shares of Healthcare Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Healthcare Services Group has an average rating of “Moderate Buy” and an average price target of $24.00.

Healthcare Services Group Trading Up 2.8%

The stock has a market capitalization of $1.67 billion, a PE ratio of 25.32 and a beta of 0.82. The stock has a 50 day moving average price of $21.44 and a 200-day moving average price of $20.21.

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

Hedge Funds Weigh In On Healthcare Services Group

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