Pentwater Capital Management LP Invests $2.19 Million in Change Healthcare Inc. (NASDAQ:CHNG)

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Pentwater Capital Management LP purchased a new position in Change Healthcare Inc. (NASDAQ:CHNG) during the 2nd quarter, HoldingsChannel reports. The fund purchased 150,000 shares of the company’s stock, valued at approximately $2,190,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Daiwa Securities Group Inc. bought a new position in shares of Change Healthcare in the second quarter worth $146,000. GSA Capital Partners LLP bought a new position in shares of Change Healthcare in the second quarter worth $248,000. SG Americas Securities LLC bought a new position in shares of Change Healthcare in the second quarter worth $337,000. AMP Capital Investors Ltd bought a new position in shares of Change Healthcare in the second quarter worth $529,000. Finally, Suvretta Capital Management LLC bought a new position in shares of Change Healthcare in the second quarter worth $657,000. 88.66% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO Crescenzo Neil E. De bought 75,000 shares of Change Healthcare stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $14.17 per share, with a total value of $1,062,750.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Fredrik J. Eliasson bought 40,000 shares of Change Healthcare stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $13.73 per share, for a total transaction of $549,200.00. The disclosure for this purchase can be found here. In the last three months, insiders purchased 578,209 shares of company stock worth $7,783,190. 20.77% of the stock is owned by insiders.

Several research analysts have recently weighed in on the stock. Leerink Swann assumed coverage on shares of Change Healthcare in a report on Monday, July 22nd. They issued an “outperform” rating and a $20.00 price target on the stock. Credit Suisse Group assumed coverage on shares of Change Healthcare in a report on Monday, July 22nd. They issued an “outperform” rating and a $18.00 price target on the stock. SunTrust Banks assumed coverage on shares of Change Healthcare in a report on Monday, July 22nd. They issued a “buy” rating and a $21.00 price target on the stock. Cantor Fitzgerald assumed coverage on shares of Change Healthcare in a report on Monday, July 22nd. They issued an “overweight” rating and a $20.00 price target on the stock. Finally, Goldman Sachs Group assumed coverage on shares of Change Healthcare in a report on Monday, July 22nd. They issued a “buy” rating and a $20.00 price target on the stock. One analyst has rated the stock with a hold rating and fifteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $19.04.

CHNG traded up $0.58 during trading on Friday, reaching $13.43. The stock had a trading volume of 512,545 shares, compared to its average volume of 1,109,297. Change Healthcare Inc. has a one year low of $11.24 and a one year high of $15.50. The firm’s 50-day moving average is $13.63.

Change Healthcare (NASDAQ:CHNG) last released its earnings results on Tuesday, August 13th. The company reported $0.56 EPS for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.18. The firm had revenue of $814.00 million during the quarter, compared to the consensus estimate of $795.66 million. Change Healthcare’s revenue was down 1.1% compared to the same quarter last year. As a group, equities research analysts predict that Change Healthcare Inc. will post 1.48 EPS for the current year.

Change Healthcare Company Profile

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

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Institutional Ownership by Quarter for Change Healthcare (NASDAQ:CHNG)

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