BlackRock Inc. Lowers Stake in Veradigm Inc. (NASDAQ:MDRX)

Posted by Defense World Staff on Mar 11th, 2023

BlackRock Inc. reduced its holdings in shares of Veradigm Inc. (NASDAQ:MDRX – Get Rating) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,824,290 shares of the software maker’s stock after selling 268,801 shares during the period. BlackRock Inc. owned 19.06% of Veradigm worth $317,155,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Nordea Investment Management AB lifted its position in Veradigm by 0.6% during the 3rd quarter. Nordea Investment Management AB now owns 181,307 shares of the software maker’s stock valued at $2,809,000 after acquiring an additional 1,162 shares during the period. Bank of Montreal Can lifted its position in Veradigm by 3.6% during the 1st quarter. Bank of Montreal Can now owns 34,210 shares of the software maker’s stock valued at $768,000 after acquiring an additional 1,198 shares during the period. Macquarie Group Ltd. lifted its position in Veradigm by 1.0% during the 2nd quarter. Macquarie Group Ltd. now owns 155,176 shares of the software maker’s stock valued at $2,301,000 after acquiring an additional 1,589 shares during the period. Credit Suisse AG lifted its position in Veradigm by 1.1% during the 3rd quarter. Credit Suisse AG now owns 165,449 shares of the software maker’s stock valued at $2,519,000 after acquiring an additional 1,724 shares during the period. Finally, CWM LLC lifted its position in Veradigm by 578.4% during the 3rd quarter. CWM LLC now owns 2,103 shares of the software maker’s stock valued at $32,000 after acquiring an additional 1,793 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.

Veradigm Stock Performance

Shares of MDRX stock opened at $13.88 on Friday. The company has a 50 day moving average price of $17.22 and a 200-day moving average price of $16.91. Veradigm Inc. has a 52 week low of $13.59 and a 52 week high of $23.25. The firm has a market capitalization of $1.52 billion, a PE ratio of 32.28, a P/E/G ratio of 1.31 and a beta of 1.01. The company has a quick ratio of 3.20, a current ratio of 3.20 and a debt-to-equity ratio of 0.17.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. SVB Securities decreased their target price on shares of Veradigm from $24.00 to $17.00 in a report on Wednesday, March 1st. JPMorgan Chase & Co. lifted their target price on shares of Veradigm from $19.00 to $20.00 and gave the stock an “underweight” rating in a report on Friday, November 18th. TheStreet raised shares of Veradigm from a “c+” rating to a “b-” rating in a report on Wednesday, November 30th. Piper Sandler cut shares of Veradigm from an “overweight” rating to a “neutral” rating and lifted their target price for the stock from $17.00 to $18.50 in a report on Wednesday, February 1st. Finally, Argus raised shares of Veradigm from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Wednesday, December 7th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.90.

Insider Transactions at Veradigm

In other 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 value of $159,185.64. Following the completion of the sale, the senior vice president now directly owns 222,604 shares in the company, valued at $4,100,365.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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.