Millennium Management LLC Has $5.75 Million Stock Holdings in R1 RCM Inc. (NASDAQ:RCM)

Millennium Management LLC grew its position in R1 RCM Inc. (NASDAQ:RCM) by 8.1% during the 2nd quarter, Holdings Channel reports. The firm owned 457,907 shares of the healthcare provider’s stock after purchasing an additional 34,475 shares during the quarter. Millennium Management LLC’s holdings in R1 RCM were worth $5,751,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dark Forest Capital Management LP boosted its stake in shares of R1 RCM by 67.5% in the 2nd quarter. Dark Forest Capital Management LP now owns 57,749 shares of the healthcare provider’s stock valued at $725,000 after purchasing an additional 23,270 shares in the last quarter. Empyrean Capital Partners LP acquired a new stake in shares of R1 RCM in the 2nd quarter valued at $26,376,000. Troluce Capital Advisors LLC boosted its stake in shares of R1 RCM by 373.7% in the 2nd quarter. Troluce Capital Advisors LLC now owns 790,555 shares of the healthcare provider’s stock valued at $9,929,000 after purchasing an additional 623,655 shares in the last quarter. Engine Capital Management LP boosted its stake in shares of R1 RCM by 96.0% in the 2nd quarter. Engine Capital Management LP now owns 1,348,664 shares of the healthcare provider’s stock valued at $16,939,000 after purchasing an additional 660,428 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of R1 RCM by 762.8% in the 2nd quarter. Marshall Wace LLP now owns 627,387 shares of the healthcare provider’s stock valued at $7,880,000 after purchasing an additional 554,671 shares in the last quarter. Institutional investors and hedge funds own 61.10% of the company’s stock.

R1 RCM Price Performance

NASDAQ RCM opened at $14.21 on Friday. The business has a 50 day simple moving average of $14.10 and a 200 day simple moving average of $13.08. R1 RCM Inc. has a 52-week low of $8.87 and a 52-week high of $15.12. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a market cap of $6.00 billion, a price-to-earnings ratio of -142.10 and a beta of 0.85.

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

Analyst Ratings Changes

A number of research firms recently issued reports on RCM. Stephens cut R1 RCM from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $14.30 price target on shares of R1 RCM in a report on Friday, October 4th. Leerink Partnrs cut R1 RCM from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft lifted their price target on R1 RCM from $14.00 to $16.00 and gave the company a “hold” rating in a report on Tuesday, July 9th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of R1 RCM in a report on Friday, June 28th. Thirteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $15.41.

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.