R1 RCM Inc. (NASDAQ:RCM) Shares Bought by Bank of New York Mellon Corp

Posted by Defense World Staff on Aug 18th, 2023

Bank of New York Mellon Corp raised its holdings in shares of R1 RCM Inc. (NASDAQ:RCM – Free Report) by 12.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,405,258 shares of the healthcare provider’s stock after acquiring an additional 704,365 shares during the period. Bank of New York Mellon Corp owned approximately 1.53% of R1 RCM worth $96,079,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. US Bancorp DE lifted its stake in R1 RCM by 30.9% during the 1st quarter. US Bancorp DE now owns 11,362 shares of the healthcare provider’s stock valued at $170,000 after acquiring an additional 2,679 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in shares of R1 RCM during the 1st quarter valued at approximately $650,000. Palisade Capital Management LP purchased a new position in shares of R1 RCM during the 1st quarter valued at approximately $409,000. Federated Hermes Inc. increased its holdings in shares of R1 RCM by 1,508.9% during the 1st quarter. Federated Hermes Inc. now owns 101,714 shares of the healthcare provider’s stock valued at $1,526,000 after purchasing an additional 95,392 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of R1 RCM by 47.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,859 shares of the healthcare provider’s stock valued at $358,000 after purchasing an additional 7,639 shares in the last quarter. 61.68% of the stock is currently owned by institutional investors and hedge funds.

R1 RCM Price Performance

R1 RCM stock opened at $16.14 on Friday. R1 RCM Inc. has a 52-week low of $6.71 and a 52-week high of $25.31. The firm has a market capitalization of $6.76 billion, a price-to-earnings ratio of -100.88, a PEG ratio of 11.83 and a beta of 0.86. The company has a fifty day simple moving average of $17.37 and a 200-day simple moving average of $15.82. The company has a quick ratio of 1.80, a current ratio of 1.80 and a debt-to-equity ratio of 0.62.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RCM. Royal Bank of Canada lifted their target price on shares of R1 RCM from $18.00 to $22.00 in a report on Thursday, June 15th. TheStreet raised shares of R1 RCM from a “d+” rating to a “c” rating in a report on Friday, May 5th. Morgan Stanley lifted their target price on shares of R1 RCM from $16.00 to $19.00 and gave the company an “equal weight” rating in a report on Thursday, August 3rd. Cantor Fitzgerald started coverage on shares of R1 RCM in a report on Tuesday. They set an “overweight” rating and a $20.00 target price for the company. Finally, Jefferies Financial Group boosted their price target on shares of R1 RCM from $20.00 to $22.00 in a report on Friday, June 16th. Two equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, R1 RCM has a consensus rating of “Moderate Buy” and a consensus target price of $19.06.

View Our Latest Analysis on RCM

Insider Transactions at R1 RCM

In other news, Director John B. Henneman III sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the completion of the sale, the director now owns 72,114 shares of the company’s stock, valued at $1,238,197.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director John B. Henneman III sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $17.17, for a total transaction of $858,500.00. Following the transaction, the director now owns 72,114 shares of the company’s stock, valued at approximately $1,238,197.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Richard B. Jr. Evans sold 17,000 shares of the business’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $16.84, for a total transaction of $286,280.00. Following the transaction, the insider now directly owns 124,007 shares in the company, valued at approximately $2,088,277.88. The disclosure for this sale can be found here. Insiders sold 79,000 shares of company stock valued at $1,345,060 over the last 90 days. 37.00% of the stock is currently owned by corporate insiders.

R1 RCM Company Profile

(Free Report)

R1 RCM Inc provides technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and physician groups. It offers end-to-end revenue cycle management (RCM) services, which address the spectrum of revenue cycle challenges faced by healthcare providers.