Royal Bank of Canada Has $19.86 Million Stock Holdings in Veradigm Inc. (NASDAQ:MDRX)

Posted by Defense World Staff on Mar 6th, 2023

Royal Bank of Canada decreased its holdings in Veradigm Inc. (NASDAQ:MDRX – Get Rating) by 1.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,304,161 shares of the software maker’s stock after selling 18,331 shares during the quarter. Royal Bank of Canada owned 1.19% of Veradigm worth $19,861,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Veradigm by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 13,852,474 shares of the software maker’s stock worth $311,957,000 after purchasing an additional 584,339 shares in the last quarter. State Street Corp increased its position in shares of Veradigm by 3.2% during the 1st quarter. State Street Corp now owns 4,448,241 shares of the software maker’s stock worth $100,174,000 after purchasing an additional 136,905 shares in the last quarter. Millennium Management LLC increased its position in shares of Veradigm by 72.7% during the 2nd quarter. Millennium Management LLC now owns 2,480,364 shares of the software maker’s stock worth $36,784,000 after purchasing an additional 1,044,236 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Veradigm by 10.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,422,121 shares of the software maker’s stock worth $32,027,000 after purchasing an additional 139,142 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Veradigm by 3.1% during the 1st quarter. Bank of New York Mellon Corp now owns 1,323,414 shares of the software maker’s stock worth $29,803,000 after purchasing an additional 39,210 shares in the last quarter. Institutional investors and hedge funds own 99.76% of the company’s stock.

Veradigm Stock Up 5.2 %

Shares of NASDAQ MDRX opened at $15.10 on Monday. The firm has a market capitalization of $1.65 billion, a PE ratio of 35.12, a price-to-earnings-growth ratio of 1.35 and a beta of 1.01. The company has a current ratio of 3.20, a quick ratio of 3.20 and a debt-to-equity ratio of 0.17. Veradigm Inc. has a 1 year low of $13.59 and a 1 year high of $23.25. The firm’s 50-day moving average is $17.57 and its 200-day moving average is $17.01.

Wall Street Analysts Forecast Growth

MDRX has been the subject of several research reports. Argus upgraded shares of Veradigm from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research report on Wednesday, December 7th. They noted that the move was a valuation call. Piper Sandler cut shares of Veradigm from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $17.00 to $18.50 in a research report on Wednesday, February 1st. SVB Securities lowered their price objective on shares of Veradigm from $24.00 to $17.00 in a research report on Wednesday, March 1st. The Goldman Sachs Group upgraded shares of Veradigm from a “neutral” rating to a “buy” rating and raised their price objective for the company from $22.00 to $23.00 in a research report on Tuesday, November 8th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Veradigm from $19.00 to $20.00 and gave the company an “underweight” rating in a research report on Friday, November 18th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.90.

Insider Activity

In related news, SVP Tejal Vakharia sold 8,642 shares of Veradigm stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $18.42, for a total transaction of $159,185.64. Following the transaction, the senior vice president now owns 222,604 shares of the company’s stock, valued at approximately $4,100,365.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Tejal Vakharia sold 8,642 shares of Veradigm stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $18.42, for a total transaction of $159,185.64. Following the transaction, the senior vice president now owns 222,604 shares of the company’s stock, valued at approximately $4,100,365.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David B. Stevens sold 43,134 shares of Veradigm stock in a transaction that occurred on Tuesday, December 6th. The stock was sold at an average price of $18.47, for a total transaction of $796,684.98. Following the transaction, the director now directly owns 32,384 shares in the company, valued at approximately $598,132.48. The disclosure for this sale can be found here. Insiders own 2.29% of the company’s stock.

About Veradigm

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Veradigm, Inc engages in the provision of clinical, financial, and operational results services. It operates through the Provider and Veradigm segments. The Provider segment includes the hospitals and health systems, ambulatory, CarePort, FollowMyHealth, EPSiTM, EISClassics, and 2bPrecise strategic business units.