The healthcare industry has experienced a massive shift in recent times, with the increasing demand for supportive care solutions for public and private payors and their patients. One company that has been at the forefront of this shift is ModivCare, Inc (NASDAQ:MODV), which offers technology-enabled services that integrate to provide supportive care solutions.
According to Raymond James & Associates’ most recent 13F filing with the Securities & Exchange Commission, the firm boosted its position in shares of ModivCare by an impressive 68.3% during Q4. The report indicates that the firm purchased an additional 5,905 shares of MODV stock during the quarter, bringing their total holdings to 14,557 shares worth $1,306,000. This increased investment demonstrates Raymond James & Associates’ confidence in ModivCare’s future growth and profitability potential.
ModivCare operates under four primary business segments; non-emergency medical transportation (NEMT), personal care, remote patient monitoring (RPM), and corporate and other. These segments diversify the company’s portfolio while enabling it to create customized innovative healthcare solutions to meet specific customer needs.
In related news about insider trading activities at ModivCare Inc., Director Coliseum Capital Management L acquired 108,145 shares of MODV in a transaction worth $5,726,277.75 on May 8th earlier this year at an average cost of $52.95 per share. Following the acquisition of these shares by Coliseum Capital Management’s director; his total undiluted ownership stands at holding more than one million five hundred thousand shares — worth over $74 million!
This purchase is not an isolated event as insiders have been buying MODV stock en-masse lately. In total over three months period recorded on May 2021 insiders have bought more than two hundred thousand shares valued approximately twelve point five million US dollars ($12,505,178). Given the company’s vast knowledge of its products, services and operations, it’s no surprise that insiders show confidence in the company’s future success.
In conclusion, ModivCare has proven to be an innovative force in the healthcare industry while continually attracting sizable investment. It is primed for continued growth as evidenced by the director’s recent large-scale acquisition and Raymond James & Associates’ notable increase in shares owned. We would recommend that investors keenly track ModivCare to take advantage of possible investing opportunities as they arise in this sector.
12:00 AM (UTC)
Date:02 June, 2023
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ModivCare Attracts Institutional Investors Despite Lowered Price Objectives
ModivCare, a healthcare provider company based in the United States, has recently gained the attention of various institutional investors. The State of Alaska Department of Revenue raised its position in ModivCare by 1.2% for a total worth of $795,000, Federated Hermes increased its stake by 54.7% and owns $36,000 worth of the company’s stock, Arizona State Retirement System upped its stake in ModivCare by 3.8% with shares now valued at $320,000, while Bessemer Group now owns stocks worth $324,000 after buying an additional 133 shares.
These investments have come at a time when equity analysts Barrington Research and Deutsche Bank Aktiengesellschaft have reduced their price objectives on ModivCare from $143.00 to $92.00 and from $120.00 to $75.00 respectively. Stephens also lowered its price objective on the company from $145.00 to $95.00, while TheStreet downgraded ModivCare from “c-” rating to a “d+” rating.
Despite these changes, shares of ModivCare stock opened at $46.89 on Friday which is higher than the previous low it experienced during the last 12 months at $43.32 but nowhere near its highest point recorded at $121.54 within that same time period.
Compared to competitors in the industry, ModivCare currently has a lower PE ratio of -18.32 and higher P/E/G ratio of 0.75; however it maintains a modest beta score of 0.65 which suggests relative stability.
As the healthcare industry navigates through changing regulations and advancements in technology amid a pandemic such as COVID-19 outbreaks persisting worldwide; it is essential that companies like ModivCare continue to attract support from both private investors and equity analysts alike as they strive towards maintaining sustainable growth.