R1 RCM Inc. (NASDAQ:RCM) Position Reduced by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its position in shares of R1 RCM Inc. (NASDAQ:RCM) by 28.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 144,398 shares of the healthcare provider’s stock after selling 56,330 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in R1 RCM were worth $1,814,000 as of its most recent SEC filing.

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

R1 RCM Stock Down 0.2 %

R1 RCM stock opened at $14.13 on Tuesday. The company has a market capitalization of $5.95 billion, a P/E ratio of -176.63 and a beta of 0.84. R1 RCM Inc. has a 1-year low of $8.87 and a 1-year high of $15.82. The firm’s fifty day simple moving average is $13.82 and its 200-day simple moving average is $13.00. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.77.

R1 RCM (NASDAQ:RCM) last released its quarterly earnings results on Wednesday, August 7th. The healthcare provider reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.03. R1 RCM had a negative return on equity of 1.44% and a negative net margin of 1.68%. The company had revenue of $627.90 million during the quarter, compared to the consensus estimate of $633.10 million. The company’s revenue for the quarter was up 12.0% on a year-over-year basis. Sell-side analysts forecast that R1 RCM Inc. will post -0.24 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on RCM. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price objective on shares of R1 RCM in a report on Friday, June 28th. Stephens downgraded shares of R1 RCM from an “overweight” rating to an “equal weight” rating in a research report on Thursday, August 1st. Leerink Partnrs cut shares of R1 RCM from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley lowered R1 RCM from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 8th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $15.00 price target on shares of R1 RCM in a report on Monday, July 22nd. Thirteen research 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.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.41.

R1 RCM 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.