Bank of New York Mellon Corp Has $22.44 Million Holdings in Select Medical Holdings Corporation (NYSE:SEM)

Bank of New York Mellon Corp reduced its position in Select Medical Holdings Corporation (NYSE:SEM) by 2.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,343,768 shares of the health services provider’s stock after selling 40,792 shares during the period. Bank of New York Mellon Corp owned about 1.04% of Select Medical worth $22,441,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Raymond James Financial Inc. bought a new position in shares of Select Medical during the 4th quarter worth approximately $5,858,000. Amundi grew its stake in shares of Select Medical by 183.8% during the fourth quarter. Amundi now owns 52,612 shares of the health services provider’s stock worth $985,000 after purchasing an additional 34,071 shares during the period. Swiss National Bank grew its stake in Select Medical by 0.7% in the fourth quarter. Swiss National Bank now owns 217,400 shares of the health services provider’s stock valued at $4,098,000 after acquiring an additional 1,500 shares during the period. Natixis Advisors LLC grew its stake in Select Medical by 11.5% in the fourth quarter. Natixis Advisors LLC now owns 28,203 shares of the health services provider’s stock valued at $532,000 after acquiring an additional 2,904 shares during the period. Finally, Cibc World Markets Corp bought a new stake in shares of Select Medical in the fourth quarter valued at about $191,000. Institutional investors own 89.48% of the company’s stock.

Select Medical Stock Up 1.6%

SEM opened at $14.79 on Friday. The company has a fifty day moving average price of $15.00 and a 200-day moving average price of $16.81. The firm has a market capitalization of $1.90 billion, a P/E ratio of 11.03, a price-to-earnings-growth ratio of 0.77 and a beta of 1.32. The company has a debt-to-equity ratio of 0.87, a current ratio of 1.16 and a quick ratio of 1.16. Select Medical Holdings Corporation has a one year low of $14.03 and a one year high of $40.98.

Select Medical (NYSE:SEM) last issued its quarterly earnings data on Thursday, May 1st. The health services provider reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.40 billion. Select Medical had a net margin of 2.81% and a return on equity of 11.04%. The business’s revenue was down 24.4% on a year-over-year basis. During the same period last year, the company posted $0.75 earnings per share. Equities research analysts expect that Select Medical Holdings Corporation will post 1.17 earnings per share for the current fiscal year.

Select Medical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were given a dividend of $0.0625 per share. The ex-dividend date was Thursday, May 15th. This represents a $0.25 annualized dividend and a dividend yield of 1.69%. Select Medical’s payout ratio is 18.66%.

Select Medical announced that its board has initiated a stock buyback program on Thursday, May 1st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the health services provider to purchase up to 42.6% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SEM shares. Mizuho started coverage on Select Medical in a report on Wednesday, April 16th. They set an “outperform” rating and a $25.00 target price on the stock. Royal Bank Of Canada reduced their price target on Select Medical from $23.00 to $19.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 7th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.00.

Insider Buying and Selling at Select Medical

In other news, Director Parvinderjit S. Khanuja acquired 21,000 shares of Select Medical stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $15.02 per share, for a total transaction of $315,420.00. Following the purchase, the director directly owned 65,089 shares in the company, valued at $977,636.78. The trade was a 47.63% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO David S. Chernow sold 225,000 shares of the company’s stock in a transaction on Monday, April 28th. The shares were sold at an average price of $18.00, for a total transaction of $4,050,000.00. Following the completion of the sale, the chief executive officer directly owned 714,516 shares in the company, valued at $12,861,288. This trade represents a 23.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 11.60% of the company’s stock.

About Select Medical

Select Medical Holdings Corporation, through its subsidiaries, operates critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States. It operates in four segments: Critical Illness Recovery Hospital, Rehabilitation Hospital, Outpatient Rehabilitation, and Concentra.