Meros Investment Management LP Invests $7.11 Billion in Healthcare Services Group, Inc. $HCSG

Meros Investment Management LP bought a new stake in Healthcare Services Group, Inc. (NASDAQ:HCSG) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 289,597 shares of the business services provider’s stock, valued at approximately $7,112,502,000. Healthcare Services Group makes up about 2.3% of Meros Investment Management LP’s portfolio, making the stock its 15th largest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in HCSG. EverSource Wealth Advisors LLC raised its holdings in Healthcare Services Group by 163.4% during the second quarter. EverSource Wealth Advisors LLC now owns 2,186 shares of the business services provider’s stock worth $33,000 after purchasing an additional 1,356 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Healthcare Services Group in the fourth quarter valued at about $33,000. KBC Group NV purchased a new stake in Healthcare Services Group in the 1st quarter valued at approximately $35,000. Allworth Financial LP purchased a new stake in Healthcare Services Group in the 2nd quarter valued at approximately $55,000. Finally, Farther Finance Advisors LLC increased its position in Healthcare Services Group by 32.0% during the 4th quarter. Farther Finance Advisors LLC now owns 3,619 shares of the business services provider’s stock worth $69,000 after purchasing an additional 877 shares during the period. 97.97% of the stock is currently owned by institutional investors and hedge funds.

Healthcare Services Group Trading Up 0.6%

HCSG stock opened at $22.94 on Wednesday. The company’s 50-day moving average price is $23.32 and its 200 day moving average price is $21.49. Healthcare Services Group, Inc. has a 52 week low of $15.13 and a 52 week high of $25.75. The company has a market cap of $1.57 billion, a P/E ratio of 13.34 and a beta of 0.81.

Healthcare Services Group (NASDAQ:HCSG) last issued its earnings results on Wednesday, July 22nd. The business services provider reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. Healthcare Services Group had a net margin of 6.59% and a return on equity of 18.97%. The company had revenue of $470.81 million during the quarter, compared to analysts’ expectations of $471.22 million. During the same period last year, the company posted ($0.44) earnings per share. On average, equities research analysts expect that Healthcare Services Group, Inc. will post 1.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Weiss Ratings raised Healthcare Services Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 28th. Oppenheimer assumed coverage on Healthcare Services Group in a research note on Wednesday, August 19th. They issued an “outperform” rating and a $28.00 price target on the stock. UBS Group upped their price objective on Healthcare Services Group from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. Zacks Research upgraded Healthcare Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 3rd. Finally, Wall Street Zen downgraded Healthcare Services Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $26.50.

Insider Activity at Healthcare Services Group

In related news, COO Andrew Kush sold 15,598 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $23.24, for a total value of $362,497.52. Following the sale, the chief operating officer owned 22,741 shares in the company, valued at $528,500.84. This represents a 40.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.90% of the stock is owned by company insiders.

Healthcare Services Group Company Profile

Healthcare Services Group, Inc (NASDAQ: HCSG) is a leading provider of support services to healthcare facilities across the United States. The company specializes in environmental services, including housekeeping and sanitation, as well as linen and laundry management. In addition, Healthcare Services Group offers dietary and nutrition services, catering to hospitals, skilled nursing facilities, assisted living communities and other long-term care providers.

Founded as a family-owned business in the late 1970s, the company completed its initial public offering in 1997.