Change Healthcare (NASDAQ:CHNG) Cut to Neutral at Citigroup


Change Healthcare (NASDAQ:CHNG – Get Rating) was downgraded to a “neutral” rating from a “buy” rating by equity researchers at Citigroup in a research report issued to clients and investors on Tuesday, reports The Fly.

CHNG has been the subject of several other reports. Cowen posted a price target of $27.75 on Change Healthcare in a research note on Monday, June 20th. Truist Financial began reporting on Change Healthcare in a research report on Wednesday, September 7th. They placed a “hold” rating and a price target of $27.75 on the stock. William Blair issued a new “Market Perform” rating for Change Healthcare stocks in a research report on Friday, June 3rd. Piper Sandler cut Change Healthcare from an “overweight” rating to a “neutral” rating and set a price target of $27.75 on the stock. in a research report on Tuesday. Finally, Credit Suisse Group raised its target price on Change Healthcare to $27.75 from $25.75, and gave the company a neutral rating in a research report on Tuesday, May 31. Five analysts have rated the stock with a hold rating and one with a buy rating. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $27.75.

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Change Healthcare Trading down 0.1%

NASDAQ:CHNG opened at $25.47 on Tuesday. The company has a market cap of $8.36 billion, a PE ratio of -106.13, a price-to-earnings-to-growth ratio of 3.10 and a beta of 1.02. The stock has a 50-day simple moving average of $24.49 and a 200-day simple moving average of $23.52. Change Healthcare has a 52-week low of $18.97 and a 52-week high of $25.71. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt to equity ratio of 1.36.

Change Healthcare (NASDAQ:CHNG – Get Rating) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.25 per share for the quarter, missing analyst consensus estimates of $0.33 to ($0.08). The company posted revenue of $884.47 million for the quarter, compared to analysts’ expectations of $890.39 million. Change Healthcare had a positive return on equity of 12.02% and a negative net margin of 2.20%. On average, equity analysts expect Change Healthcare to report earnings per share of 1.03 for the current fiscal year.

Institutional inflows and outflows

A number of institutional investors recently added to or reduced their holdings in the stock. Verition Fund Management LLC increased its stake in Change Healthcare by 102.0% during the second quarter. Verition Fund Management LLC now owns 235,627 shares of the company’s stock valued at $5,434,000 after purchasing an additional 118,958 shares last quarter. Captrust Financial Advisors increased its stake in Change Healthcare by 65.5% during the second quarter. Captrust Financial Advisors now owns 3,053 shares of the company’s stock, valued at $70,000, after purchasing an additional 1,208 shares last quarter. Legal & General Group Plc increased its stake in Change Healthcare by 2.6% in the second quarter. Legal & General Group Plc now owns 222,074 shares of the company, valued at $5,121,000, after purchasing an additional 5,540 shares last quarter. ExodusPoint Capital Management LP increased its stake in Change Healthcare by 88.0% during the second quarter. ExodusPoint Capital Management LP now owns 79,969 shares of the company’s stock valued at $1,844,000 after purchasing an additional 37,425 shares last quarter. Finally, Walleye Capital LLC bought a new position in Change Healthcare stock worth $511,000 during the second quarter. 91.47% of the shares are currently owned by institutional investors.

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About Change Healthcare

(received rating)

Change Healthcare Inc, an independent healthcare technology company, provides data and analytics-driven solutions to improve clinical, financial, administrative and patient engagement outcomes in the United States healthcare system. It operates through three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.

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Analyst Recommendations for Change Healthcare (NASDAQ:CHNG)

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