According to a recent filing with the Securities and Exchange Commission, Brown Brothers Harriman & Co. has significantly increased its holdings in AMN Healthcare Services, Inc. (NYSE:AMN) during the first quarter of the year. The institutional investor now owns 46,506 shares of the company’s stock, a substantial increase from an additional 39,670 shares acquired during this period. As per the filing, Brown Brothers Harriman & Co.’s ownership represents 0.11% of AMN Healthcare Services and is valued at $3,858,000.
AMN Healthcare Services recently reported its quarterly earnings results on August 3rd. The company’s earnings per share for the quarter were $2.38, surpassing the consensus estimate by $0.24 as well as demonstrating a return on equity of 42.90% and a net margin of 7.29%. Despite posting revenue of $991.30 million for the quarter, slightly higher than the consensus estimate of $988.32 million, there was a decline of 30.5% compared to the same period last year when EPS stood at $3.31.
Various equities analysts have also provided their insights on AMN Healthcare Services’ performance in recent reports. StockNews.com initiated coverage on AMN Healthcare Services and recommended that investors adopt a “hold” position on the stock in their research note dated August 17th. Moreover, Robert W. Baird reduced their target price from $111 to $100 in a research report issued on May 5th.
Similarly, BMO Capital Markets lowered their target price from $114 to $106 and labelled AMN Healthcare Services as an “outperform” stock in their report published on August 7th while Truist Financial raised their target price from $105 to $110 and rated it as a “buy.” A further report by Credit Suisse Group put forth an “outperform” rating for the company and reduced their price target from $115 to $105 on August 4th. Several analysts have given the stock mixed ratings, with three advising a hold position and four recommending a buy.
According to Bloomberg.com, AMN Healthcare Services currently has an average rating of “Moderate Buy” and an average price target of $112.17.
In summary, Brown Brothers Harriman & Co.’s recent increase in holdings of AMN Healthcare Services signifies their confidence in the company’s potential. Despite a decline in revenue compared to last year, the company managed to exceed earnings expectations for the recent quarter. Analyst reports offer mixed opinions on AMN Healthcare Services’ future performance but maintain an overall positive outlook for the stock.
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Hedge Funds Make Significant Adjustments to Holdings in AMN Healthcare Services, Insider Transactions Revealed
On August 26, 2023, several hedge funds made significant modifications to their holdings of AMN Healthcare Services. Spire Wealth Management, for instance, saw a staggering increase of 1,615.0% in its stake in the company during the first quarter. With this boost, Spire Wealth Management now owns 343 shares of AMN Healthcare Services’ stock, which are valued at $28,000 after the purchase of an additional 323 shares in the last quarter.
In a similar vein, Money Concepts Capital Corp also entered the scene by acquiring a new position in AMN Healthcare Services during the fourth quarter of last year. This position amounted to approximately $33,000. Ameritas Advisory Services LLC followed suit in the first quarter of this year by purchasing a new position worth around $34,000. HM Payson & Co., another institutional investor, increased its stake in AMN Healthcare Services by 87.0% during the fourth quarter and currently owns 430 shares with a value of $44,000 after an additional purchase of 200 shares.
Lastly, Exchange Traded Concepts LLC ventured into AMN Healthcare Services as well during the first quarter with a total investment worth roughly $47,000. As it stands now, institutional investors collectively own an overwhelming majority amounting to 96.35% of AMN Healthcare Services’ stock.
Meanwhile, Director Daphne E. Jones carried out a transaction on June 14th that involved selling 1,000 shares of AMN Healthcare Services’ stock at an average price of $109.57 per share. Consequently, the total transaction amounted to $109,570.00. With this sale completed and disclosed through a filing with the Securities & Exchange Commission (SEC), Director Jones now possesses direct ownership of 7,799 shares in the company valued at approximately $854,536.43.
As for the market performance and trading of AMN Healthcare Services, its shares on the New York Stock Exchange (NYSE: AMN) experienced a decline of $1.22 during mid-day trading on Friday, reaching a price of $87.16. About 125,129 shares of the company were traded, deviating from its average volume of 752,678 shares. Looking at its moving averages, the stock had a 50-day moving average price of $102.11 and a 200-day moving average price of $95.00.
In terms of market capitalization, AMN Healthcare Services currently stands at approximately $3.31 billion. Its PE ratio is reported as 11.71 while the PEG ratio stands at 3.29 – both indicators commonly used to evaluate stocks in relation to their earnings and growth potential. The stock also has a beta value of 0.37, indicating lower volatility compared to the overall market.
Analyzing its financial position, AMN Healthcare Services has a reasonable debt-to-equity ratio of 1.35 and possesses satisfactory liquidity ratios with both current and quick ratios standing at 1.20 each.
Over the past year, shares in AMN Healthcare Services have fluctuated between a low point of $81.15 and a high point of $129.04.
In conclusion, recent developments within AMN Healthcare Services indicate significant activity among institutional investors modifying their holdings in the company’s stock as well as insider transactions involving one of its directors. The company’s stock performance reveals fluctuations within the market environment over recent months as it strives to maintain equilibrium amidst changing conditions and emerging opportunities in the healthcare sector.
Note: The information provided in this article is accurate as of August 26, 2023, and is subject to change based on future events or disclosures made by AMN Healthcare Services or relevant authorities such as the SEC.
