Principal Financial Group Inc. Cuts Stock Position in AdaptHealth Corp. (NASDAQ:AHCO)

Principal Financial Group Inc. trimmed its holdings in shares of AdaptHealth Corp. (NASDAQ:AHCO) by 30.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 463,369 shares of the company’s stock after selling 202,539 shares during the period. Principal Financial Group Inc. owned about 0.34% of AdaptHealth worth $5,760,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in AHCO. Mesirow Institutional Investment Management Inc. bought a new stake in AdaptHealth in the first quarter worth about $25,000. Tower Research Capital LLC TRC raised its holdings in shares of AdaptHealth by 610.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 3,394 shares of the company’s stock worth $42,000 after purchasing an additional 2,916 shares during the period. PNC Financial Services Group Inc. lifted its stake in AdaptHealth by 49.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,675 shares of the company’s stock valued at $71,000 after purchasing an additional 1,209 shares during the last quarter. Group One Trading L.P. increased its position in AdaptHealth by 134.3% in the first quarter. Group One Trading L.P. now owns 3,720 shares of the company’s stock worth $60,000 after buying an additional 2,132 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in shares of AdaptHealth during the 1st quarter worth $82,000. 82.67% of the stock is owned by hedge funds and other institutional investors.

AdaptHealth Price Performance

AHCO stock opened at $11.79 on Friday. The firm has a 50 day simple moving average of $12.79 and a two-hundred day simple moving average of $12.96. The stock has a market cap of $1.60 billion, a PE ratio of 98.25, a P/E/G ratio of 0.85 and a beta of 0.69. AdaptHealth Corp. has a one year low of $9.32 and a one year high of $23.30. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.24 and a quick ratio of 0.99.

AdaptHealth (NASDAQ:AHCO) last released its earnings results on Tuesday, August 8th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.05. AdaptHealth had a return on equity of 3.03% and a net margin of 1.41%. The business had revenue of $793.29 million for the quarter, compared to analysts’ expectations of $765.69 million. On average, analysts predict that AdaptHealth Corp. will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling

In other AdaptHealth news, Director Skyknight Aero Holdings, Llc sold 90,152 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $14.05, for a total transaction of $1,266,635.60. Following the transaction, the director now directly owns 2,952,904 shares in the company, valued at $41,488,301.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other AdaptHealth news, Director Skyknight Aero Holdings, Llc sold 90,152 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $14.05, for a total transaction of $1,266,635.60. Following the completion of the sale, the director now directly owns 2,952,904 shares in the company, valued at $41,488,301.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Albert A. Prast sold 200,000 shares of AdaptHealth stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $14.18, for a total value of $2,836,000.00. Following the completion of the transaction, the chief technology officer now owns 110,578 shares in the company, valued at approximately $1,567,996.04. The disclosure for this sale can be found here. 13.60% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AHCO shares. Deutsche Bank Aktiengesellschaft downgraded shares of AdaptHealth from a “buy” rating to a “hold” rating and dropped their price objective for the company from $28.00 to $11.30 in a report on Wednesday, May 10th. Stifel Nicolaus lowered shares of AdaptHealth from a “buy” rating to a “hold” rating and reduced their price objective for the company from $18.00 to $11.00 in a research note on Tuesday, May 9th. Bank of America lowered AdaptHealth from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $21.00 to $12.00 in a research note on Tuesday, May 9th. Royal Bank of Canada cut their target price on AdaptHealth from $24.00 to $18.00 in a research note on Thursday, May 11th. Finally, Robert W. Baird upped their price target on AdaptHealth from $20.00 to $21.00 in a research report on Thursday, July 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.03.

About AdaptHealth

AdaptHealth Corp., together with its subsidiaries, provides 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, including CPAP and bi-PAP services to individuals suffering from obstructive sleep apnea; medical devices and supplies, including continuous glucose monitors and insulin pumps to patients 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.