Boston Partners has reduced its holdings in Pediatrix Medical Group, Inc. (NYSE: MD) by 28.4% during the second quarter of 2023. According to its most recent Form 13F filing with the Securities and Exchange Commission (SEC), the investment firm sold 562,271 shares, leaving it with a total of 1,419,618 shares. This stake represents approximately 1.63% of Pediatrix Medical Group, valued at $19,936,000 by the end of the reporting period.
Several other hedge funds have also adjusted their positions in Pediatrix Medical Group. LPL Financial LLC increased its holdings by 55.5% in the first quarter, now owning 144,318 shares valued at $2,091,000 after acquiring an additional 51,490 shares. Mackenzie Financial Corp raised its investment by 82.7%, owning 38,399 shares valued at $556,000 following a purchase of 17,376 shares.
XTX Topco Ltd significantly boosted its holdings by 246.5% in the same quarter, now controlling 44,752 shares worth $648,000. Natixis Advisors LLC also increased its position by 8.1%, now owning 19,156 shares valued at $278,000. Additionally, Empirical Financial Services LLC made a new investment in Pediatrix Medical Group valued at $159,000. Collectively, hedge funds and institutional investors own 97.71% of the company’s stock.
Insider Transactions and Stock Performance
In recent insider trading activity, Director Michael A. Rucker sold 10,478 shares on November 17, 2023, at an average price of $23.00, totaling $240,994. Following this transaction, Rucker owns 59,101 shares, valued at $1,359,323, reflecting a 15.06% decrease in his ownership. Another director, Laura A. Linynsky, sold 10,000 shares on November 6, 2023, at an average price of $21.65, amounting to $216,500. This sale reduced her shareholding by 23.68%, leaving her with 32,232 shares valued at approximately $697,823.
As of the close of trading on November 17, 2023, Pediatrix Medical Group shares opened at $23.97. The company has a current ratio of 1.80, a quick ratio of 1.80, and a debt-to-equity ratio of 0.70. Over the past year, the stock has fluctuated between a low of $11.84 and a high of $24.99. With a market capitalization of $2.06 billion, the stock has a price-to-earnings ratio of 18.58 and a beta of 1.20.
Recent Earnings and Analyst Ratings
Pediatrix Medical Group recently announced its quarterly earnings on November 3, 2023. The company reported earnings per share (EPS) of $0.67, exceeding analysts’ consensus estimate of $0.46 by $0.21. The firm reported revenue of $492.88 million, surpassing expectations of $476.45 million. Despite these positive results, the company experienced a 3.6% decline in revenue compared to the same quarter the previous year, when it reported an EPS of $0.44. Analysts anticipate that Pediatrix Medical Group will post an EPS of $1.38 for the current year.
Several equities analysts have recently revised their ratings for Pediatrix Medical Group. Wall Street Zen upgraded the stock from a “buy” to a “strong-buy” rating on October 4, 2023. Truist Financial raised their target price from $17.00 to $24.00 and maintained a “hold” rating on November 10, 2023. Zacks Research also upgraded the stock, moving from a “hold” to a “strong-buy” rating on November 21, 2023. Weiss Ratings reiterated a “hold (C+)” rating, while UBS Group adjusted their price target from $16.50 to $23.00, giving it a “neutral” rating. Currently, one analyst rates the stock as a “strong buy,” one as a “buy,” and four as “hold,” resulting in an average rating of “moderate buy” and a consensus target price of $21.00 according to MarketBeat.
Pediatrix Medical Group, Inc. provides specialized pediatric services, including neonatal and maternal-fetal care, across the United States. The company operates through a network of healthcare professionals dedicated to addressing the needs of newborns and children facing various medical challenges.
