Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “Over the last year, Allscripts has traded below the broader industry in terms of price. Allscripts exited the second quarter on a favorable note, wherein adjusted earnings were in line with the Zacks Consensus Estimate, while revenues beat the same. A solid guidance for full-year 2017 and a strong long-term outlook are the key highlights at the moment. Allscripts announced its plans to takeover the hospital and health system business from McKesson Corporation, which is expected to close by the fourth quarter. Allscripts’ continued reliance on mergers and acquisition activities presents a substantial integration risk for the company. Furthermore, intensifying market competition is a major dampener for Allscripts. The company also expects a modest increase in operating expenses during the second half of the year to support business growth.”
A number of other brokerages have also recently weighed in on MDRX. Morgan Stanley upped their price objective on Allscripts Healthcare Solutions from $11.00 to $12.00 and gave the stock an “underweight” rating in a research note on Monday, August 7th. Cowen and Company upgraded Allscripts Healthcare Solutions from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $13.00 to $16.00 in a research note on Monday, September 11th. Royal Bank Of Canada started coverage on Allscripts Healthcare Solutions in a research note on Tuesday, September 19th. They set an “outperform” rating and a $17.00 price objective for the company. Maxim Group restated a “buy” rating and set a $16.00 price objective on shares of Allscripts Healthcare Solutions in a research note on Friday, August 4th. Finally, Piper Jaffray Companies restated a “hold” rating and set a $14.00 price objective on shares of Allscripts Healthcare Solutions in a research note on Friday, July 21st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $15.19.
Allscripts Healthcare Solutions (NASDAQ:MDRX) last posted its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.04). Allscripts Healthcare Solutions had a positive return on equity of 5.97% and a negative net margin of 11.54%. The firm had revenue of $426.10 million for the quarter, compared to the consensus estimate of $424.94 million. During the same period in the previous year, the company posted $0.14 EPS. Allscripts Healthcare Solutions’s quarterly revenue was up 10.2% compared to the same quarter last year.
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In other Allscripts Healthcare Solutions news, President Richard J. Poulton sold 15,000 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $13.56, for a total value of $203,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Farley sold 5,000 shares of the stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $13.52, for a total value of $67,600.00. Following the completion of the sale, the executive vice president now owns 196,607 shares of the company’s stock, valued at $2,658,126.64. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,000 shares of company stock valued at $473,800. 0.75% of the stock is currently owned by company insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. World Asset Management Inc raised its stake in Allscripts Healthcare Solutions by 0.7% in the second quarter. World Asset Management Inc now owns 11,419 shares of the software maker’s stock valued at $146,000 after buying an additional 81 shares during the last quarter. Advantus Capital Management Inc raised its stake in Allscripts Healthcare Solutions by 0.5% in the first quarter. Advantus Capital Management Inc now owns 23,112 shares of the software maker’s stock valued at $293,000 after buying an additional 109 shares during the last quarter. Atlantic Trust Group LLC raised its stake in Allscripts Healthcare Solutions by 0.3% in the second quarter. Atlantic Trust Group LLC now owns 32,900 shares of the software maker’s stock valued at $420,000 after buying an additional 110 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Allscripts Healthcare Solutions by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,484 shares of the software maker’s stock valued at $338,000 after buying an additional 115 shares during the last quarter. Finally, Bank of Montreal Can raised its stake in Allscripts Healthcare Solutions by 6.9% in the second quarter. Bank of Montreal Can now owns 10,603 shares of the software maker’s stock valued at $135,000 after buying an additional 689 shares during the last quarter.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions, Inc (Allscripts) delivers information technology (IT) solutions and services to help healthcare organizations. The Company operates through three segments: Clinical and Financial Solutions, Population Health, and Netsmart. The Clinical and Financial Solutions segment includes the sale of integrated clinical software applications and financial and information solutions.
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