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Vanguard Group Cuts Stake in Evolent Health by 2.1% Amid Institutional Moves

Vanguard Group Inc. has reduced its stake in Evolent Health, Inc. (NYSE: EVH) by 2.1%, as reported in its latest 13F filing with the Securities and Exchange Commission (SEC). The asset management firm now holds 10,938,156 shares of the healthcare technology company, following the sale of 233,043 shares during the first quarter. This reduction brings Vanguard’s ownership in Evolent Health to approximately 9.38%, valued at around $103.58 million.

A variety of institutional investors have also made adjustments to their holdings in Evolent Health. Notably, Cadian Capital Management LP acquired a new position in the company during the fourth quarter, investing $58.78 million. Engaged Capital LLC increased its stake by 35.5%, now owning 5,404,768 shares valued at $60.80 million after acquiring an additional 1,415,300 shares. Similarly, Sea Cliff Partners Management LP invested $9.34 million in a new position, while Millennium Management LLC raised its stake by an impressive 134.7%, holding 1,255,446 shares valued at $14.12 million. Hudson Bay Capital Management LP also bolstered its investment by 146.0%, now owning 1,013,267 shares worth $11.40 million.

Evolent Health’s Recent Performance and Earnings Report

On August 7, 2023, Evolent Health reported its latest quarterly earnings, revealing a loss of $0.10 per share, significantly below the consensus estimate of $0.10. The company generated revenue of $444.33 million for the quarter, which fell short of analysts’ expectations of $459.43 million. This represents a 31.3% decline in revenue compared to the same period last year, when the company reported earnings of $0.30 per share.

As of the most recent trading session, Evolent Health’s stock opened at $9.5750. The company has seen its shares fluctuate, with a 52-week low of $7.06 and a 52-week high of $33.63. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -5.95, and a beta of 0.82. Its debt-to-equity ratio stands at 0.72, with both a quick and current ratio of 1.01.

Analyst Ratings and Future Outlook

Evolent Health has garnered attention from various research analysts, leading to updated price targets. UBS Group raised its target price from $14.00 to $15.00, assigning a “buy” rating. JMP Securities reiterated a “market outperform” rating with a target price of $13.00. Truist Financial also lifted its price objective from $14.00 to $16.00, maintaining a “buy” rating. Needham & Company LLC reaffirmed a “buy” rating with a target of $15.00.

Currently, one analyst rates Evolent Health as a Strong Buy, twelve analysts label it as a Buy, and one has issued a Hold rating. According to data from MarketBeat.com, the average rating for Evolent Health stands at “Buy,” with an average target price of $17.93.

Evolent Health, Inc., through its subsidiary, provides specialty care management services across oncology, cardiology, and musculoskeletal markets in the United States. The company offers a range of administrative services, including health plan administration, pharmacy benefits management, and advanced analytics through its proprietary platform, Identifi, which aggregates and analyzes data to enhance patient care.

Investors will be keen to monitor how these institutional shifts and recent earnings impacts Evolent Health’s trajectory in the coming quarters.

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