Westchester Capital Management LLC Invests $2.71 Million in R1 RCM Inc. (NASDAQ:RCM)

Westchester Capital Management LLC acquired a new stake in R1 RCM Inc. (NASDAQ:RCM) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 191,500 shares of the healthcare provider’s stock, valued at approximately $2,714,000.

Several other hedge funds also recently bought and sold shares of RCM. Boston Partners increased its stake in R1 RCM by 4,976.6% in the 1st quarter. Boston Partners now owns 2,570,371 shares of the healthcare provider’s stock worth $32,784,000 after acquiring an additional 2,519,739 shares during the last quarter. Empyrean Capital Partners LP bought a new position in shares of R1 RCM in the second quarter worth approximately $26,376,000. Alpine Associates Management Inc. purchased a new stake in R1 RCM in the third quarter valued at approximately $25,680,000. Tokio Marine Asset Management Co. Ltd. bought a new stake in R1 RCM during the third quarter valued at approximately $11,986,000. Finally, Engine Capital Management LP grew its stake in 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 worth $16,939,000 after buying an additional 660,428 shares in the last quarter. Hedge funds and other institutional investors own 61.10% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on RCM. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $14.30 price objective on shares of R1 RCM in a report on Friday, October 4th. Truist Financial cut their price objective on R1 RCM from $16.00 to $14.30 and set a “hold” rating for the company in a report on Thursday, August 8th. Morgan Stanley cut R1 RCM from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 8th. Finally, TD Cowen reiterated a “hold” rating and set a $14.30 price target (down from $20.00) on shares of R1 RCM in a research report on Monday, August 5th. Thirteen investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.41.

R1 RCM Stock Performance

Shares of NASDAQ:RCM opened at $14.31 on Friday. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average price of $14.24 and a 200-day moving average price of $13.51. The company has a market cap of $6.04 billion, a price-to-earnings ratio of -95.39 and a beta of 0.84. R1 RCM Inc. has a 12 month low of $8.87 and a 12 month high of $15.12.

R1 RCM (NASDAQ:RCM) last released its quarterly earnings results on Tuesday, November 5th. The healthcare provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.04). R1 RCM had a negative net margin of 2.48% and a negative return on equity of 2.18%. The business had revenue of $656.80 million for the quarter, compared to the consensus estimate of $640.93 million. The firm’s revenue for the quarter was up 14.7% on a year-over-year basis. As a group, equities analysts anticipate that R1 RCM Inc. will post -0.18 EPS for the current year.

R1 RCM Company Profile

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.