Morgan Stanley Reaffirms Overweight Rating for R1 RCM (NASDAQ:RCM)

R1 RCM (NASDAQ:RCM)‘s stock had its “overweight” rating reissued by stock analysts at Morgan Stanley in a report released on Monday, Benzinga reports. They currently have a $17.00 target price on the healthcare provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 31.38% from the company’s current price.

A number of other research firms have also commented on RCM. Cantor Fitzgerald restated an “overweight” rating and set a $20.00 price target on shares of R1 RCM in a research report on Tuesday, July 2nd. Robert W. Baird reiterated an “outperform” rating and issued a $18.00 price objective on shares of R1 RCM in a report on Tuesday, July 2nd. Truist Financial reaffirmed a “hold” rating and issued a $16.00 price objective on shares of R1 RCM in a research note on Monday, April 1st. Royal Bank of Canada restated an “outperform” rating and set a $19.00 target price on shares of R1 RCM in a report on Friday, June 28th. Finally, Canaccord Genuity Group cut their price target on shares of R1 RCM from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.00.

R1 RCM Stock Performance

NASDAQ RCM opened at $12.94 on Monday. The firm has a market cap of $5.45 billion, a P/E ratio of -161.75 and a beta of 0.85. The company has a quick ratio of 1.79, a current ratio of 1.79 and a debt-to-equity ratio of 0.78. The company’s 50 day moving average is $12.39 and its 200-day moving average is $11.95. R1 RCM has a 12-month low of $8.87 and a 12-month high of $18.70.

R1 RCM (NASDAQ:RCM) last posted its earnings results on Wednesday, May 8th. The healthcare provider reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.03). The company had revenue of $603.90 million for the quarter, compared to analysts’ expectations of $612.88 million. R1 RCM had a negative return on equity of 1.16% and a negative net margin of 1.39%. The business’s quarterly revenue was up 10.7% compared to the same quarter last year. Sell-side analysts predict that R1 RCM will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On R1 RCM

A number of institutional investors and hedge funds have recently made changes to their positions in RCM. Advisors Asset Management Inc. bought a new position in R1 RCM in the 1st quarter worth about $27,000. ANTIPODES PARTNERS Ltd increased its holdings in shares of R1 RCM by 429.5% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 5,623 shares of the healthcare provider’s stock worth $59,000 after purchasing an additional 4,561 shares in the last quarter. Salem Investment Counselors Inc. purchased a new position in shares of R1 RCM in the fourth quarter worth $61,000. Van ECK Associates Corp raised its stake in shares of R1 RCM by 20.5% in the fourth quarter. Van ECK Associates Corp now owns 6,141 shares of the healthcare provider’s stock worth $65,000 after purchasing an additional 1,044 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new position in shares of R1 RCM during the first quarter valued at $132,000. Institutional investors own 61.10% of the company’s stock.

About R1 RCM

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.