CIBC Asset Management Inc Purchases New Position in AdaptHealth Corp. (NASDAQ:AHCO)

CIBC Asset Management Inc acquired a new position in AdaptHealth Corp. (NASDAQ:AHCO) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 10,846 shares of the company’s stock, valued at approximately $122,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. SG Americas Securities LLC purchased a new position in shares of AdaptHealth in the 1st quarter valued at approximately $129,000. Russell Investments Group Ltd. bought a new position in AdaptHealth in the first quarter worth $2,242,000. ProShare Advisors LLC lifted its position in AdaptHealth by 7.6% during the first quarter. ProShare Advisors LLC now owns 18,994 shares of the company’s stock valued at $219,000 after buying an additional 1,338 shares during the period. Vanguard Group Inc. boosted its holdings in shares of AdaptHealth by 8.9% during the 1st quarter. Vanguard Group Inc. now owns 10,017,722 shares of the company’s stock valued at $115,304,000 after buying an additional 818,241 shares in the last quarter. Finally, Covestor Ltd grew its position in shares of AdaptHealth by 279.6% in the 1st quarter. Covestor Ltd now owns 3,109 shares of the company’s stock worth $36,000 after buying an additional 2,290 shares during the period. 82.67% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on AHCO. Royal Bank of Canada dropped their price objective on shares of AdaptHealth from $13.00 to $11.00 and set an “outperform” rating on the stock in a research note on Tuesday, November 19th. UBS Group dropped their price target on AdaptHealth from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Wednesday, November 6th. Robert W. Baird reduced their price objective on AdaptHealth from $16.00 to $14.00 and set an “outperform” rating for the company in a research report on Wednesday, November 6th. Canaccord Genuity Group lowered their price objective on AdaptHealth from $14.00 to $13.00 and set a “buy” rating for the company in a research note on Wednesday, November 6th. Finally, Truist Financial cut their target price on AdaptHealth from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Friday, November 15th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $11.67.

Insider Activity

In other AdaptHealth news, Director David Solomon Williams III sold 4,000 shares of the stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $11.26, for a total value of $45,040.00. Following the transaction, the director now owns 36,899 shares of the company’s stock, valued at approximately $415,482.74. This represents a 9.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Shaw Rietkerk sold 25,000 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $11.24, for a total transaction of $281,000.00. Following the completion of the transaction, the chief operating officer now owns 212,611 shares in the company, valued at $2,389,747.64. This trade represents a 10.52 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.43% of the company’s stock.

AdaptHealth Stock Performance

AHCO stock opened at $9.86 on Friday. The stock’s 50 day simple moving average is $10.49 and its 200 day simple moving average is $10.45. The company has a current ratio of 1.24, a quick ratio of 1.00 and a debt-to-equity ratio of 1.34. AdaptHealth Corp. has a 12-month low of $6.43 and a 12-month high of $11.90. The stock has a market capitalization of $1.33 billion, a PE ratio of -5.97, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11.

AdaptHealth (NASDAQ:AHCO) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.02). AdaptHealth had a negative net margin of 6.57% and a positive return on equity of 9.62%. The business had revenue of $805.90 million for the quarter, compared to the consensus estimate of $809.32 million. During the same period in the previous year, the company earned $0.19 earnings per share. The company’s revenue for the quarter was up .2% compared to the same quarter last year. As a group, research analysts forecast that AdaptHealth Corp. will post 0.88 earnings per share for the current fiscal year.

About AdaptHealth

AdaptHealth Corp., together with its subsidiaries, sells home medical equipment (HME), medical supplies, and home and related services in the United States. The company provides sleep therapy equipment, supplies, and related services, such as CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps for the treatment of diabetes; HME to patients discharged from acute care and other facilities; oxygen and related chronic therapy services in the home; and other HME devices and supplies on behalf of chronically ill patients with wound care, urological, incontinence, ostomy, and nutritional supply needs.