Glazer Capital LLC Acquires New Position in R1 RCM Inc. (NASDAQ:RCM)

Glazer Capital LLC acquired a new stake in shares of R1 RCM Inc. (NASDAQ:RCM) during the 3rd quarter, Holdings Channel reports. The fund acquired 9,575,000 shares of the healthcare provider’s stock, valued at approximately $135,678,000. R1 RCM accounts for about 7.9% of Glazer Capital LLC’s investment portfolio, making the stock its 3rd largest holding.

Several other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. bought a new position in R1 RCM during the 1st quarter valued at about $27,000. GAMMA Investing LLC lifted its stake in R1 RCM by 41.3% during the 3rd quarter. GAMMA Investing LLC now owns 2,597 shares of the healthcare provider’s stock valued at $37,000 after acquiring an additional 759 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in R1 RCM by 589.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 3,122 shares of the healthcare provider’s stock valued at $44,000 after acquiring an additional 2,669 shares during the period. ANTIPODES PARTNERS Ltd bought a new position in R1 RCM during the 2nd quarter valued at about $86,000. Finally, Values First Advisors Inc. bought a new position in R1 RCM during the 3rd quarter valued at about $88,000. 61.10% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RCM has been the topic of several research analyst reports. Cantor Fitzgerald restated a “neutral” rating and set a $14.30 target price on shares of R1 RCM in a research note on Friday, October 4th. Morgan Stanley downgraded shares of R1 RCM from an “overweight” rating to an “equal weight” rating in a report on Thursday, August 8th. Truist Financial dropped their price objective on shares of R1 RCM from $16.00 to $14.30 and set a “hold” rating on the stock in a report on Thursday, August 8th. Finally, TD Cowen reissued a “hold” rating and issued a $14.30 price objective (down previously from $20.00) on shares of R1 RCM in a report on Monday, August 5th. Thirteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, R1 RCM has an average rating of “Hold” and a consensus target price of $15.41.

R1 RCM Stock Performance

R1 RCM stock opened at $14.31 on Friday. The stock has a market cap of $6.04 billion, a P/E ratio of -95.39 and a beta of 0.84. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.79 and a quick ratio of 1.79. R1 RCM Inc. has a 1 year low of $8.87 and a 1 year high of $15.12. The firm’s 50 day moving average price is $14.24 and its 200-day moving average price is $13.51.

R1 RCM (NASDAQ:RCM) last released its quarterly earnings data on Tuesday, November 5th. The healthcare provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.04). The company had revenue of $656.80 million for the quarter, compared to the consensus estimate of $640.93 million. R1 RCM had a negative net margin of 2.48% and a negative return on equity of 2.18%. The company’s quarterly revenue was up 14.7% compared to the same quarter last year. On average, equities analysts predict that R1 RCM Inc. will post -0.18 earnings per share for the current fiscal year.

About R1 RCM

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.