Franklin Resources Inc. Cuts Position in ModivCare Inc. (NASDAQ:MODV)

Franklin Resources Inc. reduced its position in shares of ModivCare Inc. (NASDAQ:MODV) by 5.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 77,907 shares of the company’s stock after selling 4,239 shares during the period. Franklin Resources Inc.’s holdings in ModivCare were worth $1,113,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. AYAL Capital Advisors Ltd lifted its stake in ModivCare by 42.1% during the 2nd quarter. AYAL Capital Advisors Ltd now owns 262,904 shares of the company’s stock worth $6,899,000 after acquiring an additional 77,930 shares in the last quarter. K2 Principal Fund L.P. acquired a new stake in shares of ModivCare during the second quarter worth about $3,345,000. FMR LLC boosted its stake in shares of ModivCare by 227.5% in the third quarter. FMR LLC now owns 3,825 shares of the company’s stock valued at $55,000 after purchasing an additional 2,657 shares during the period. Quest Partners LLC grew its holdings in shares of ModivCare by 49.9% in the second quarter. Quest Partners LLC now owns 4,003 shares of the company’s stock valued at $105,000 after purchasing an additional 1,332 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in ModivCare by 9.5% during the 2nd quarter. American Century Companies Inc. now owns 19,916 shares of the company’s stock worth $523,000 after buying an additional 1,726 shares during the period.

ModivCare Trading Up 3.2 %

NASDAQ MODV opened at $11.35 on Friday. ModivCare Inc. has a 52 week low of $10.25 and a 52 week high of $52.33. The firm has a 50 day moving average of $15.81 and a two-hundred day moving average of $20.18. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 103.63. The stock has a market capitalization of $162.12 million, a PE ratio of -0.88, a price-to-earnings-growth ratio of 2.77 and a beta of 0.52.

ModivCare (NASDAQ:MODV) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.04). The business had revenue of $702.04 million during the quarter, compared to analyst estimates of $711.28 million. ModivCare had a negative net margin of 6.57% and a positive return on equity of 26.14%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.35 earnings per share. As a group, research analysts expect that ModivCare Inc. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Q Global Capital Management, L bought 9,210 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average cost of $17.73 per share, with a total value of $163,293.30. Following the transaction, the insider now directly owns 1,967,098 shares of the company’s stock, valued at approximately $34,876,647.54. This represents a 0.47 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 307,242 shares of company stock worth $4,894,217 over the last 90 days. 22.10% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MODV has been the subject of several recent research reports. Lake Street Capital decreased their price target on shares of ModivCare from $50.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, September 17th. Barrington Research reiterated an “outperform” rating and issued a $25.00 price objective on shares of ModivCare in a research note on Monday, November 18th. Finally, Jefferies Financial Group lowered their target price on ModivCare from $25.00 to $14.00 and set a “hold” rating for the company in a research note on Friday, September 13th.

ModivCare Company Profile

ModivCare Inc, a technology-enabled healthcare services company, provides a suite of integrated supportive care solutions for public and private payors and their members. The company operates through four segments: Non-Emergency Medical Transportation (NEMT), Personal Care, Remote Patient Monitoring (RPM), and Corporate and Other.