Ardent Health (NYSE:ARDT) Cut to “Underperform” at Bank of America

Bank of America downgraded shares of Ardent Health (NYSE:ARDT) from a neutral rating to an underperform rating in a research note released on Wednesday, Marketbeat.com reports. Bank of America currently has $14.60 price target on the stock, down from their prior price target of $15.50.

ARDT has been the topic of several other research reports. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $21.00 target price on shares of Ardent Health in a report on Thursday, May 15th. Mizuho reduced their price target on Ardent Health from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Wall Street Zen lowered Ardent Health from a “strong-buy” rating to a “buy” rating in a research report on Saturday, July 12th. Guggenheim raised their target price on shares of Ardent Health from $16.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Finally, Stephens restated an “overweight” rating and issued a $21.00 target price on shares of Ardent Health in a report on Tuesday, May 20th. One analyst has rated the stock with a sell rating, one has issued a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ardent Health presently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Ardent Health Trading Down 3.7%

NYSE ARDT opened at $11.15 on Wednesday. The stock has a market capitalization of $1.59 billion and a price-to-earnings ratio of 6.84. The company has a debt-to-equity ratio of 0.70, a current ratio of 2.12 and a quick ratio of 1.98. Ardent Health has a one year low of $11.11 and a one year high of $20.72. The business’s fifty day moving average is $13.88 and its 200-day moving average is $13.95.

Ardent Health (NYSE:ARDT) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.08. The company had revenue of $1.50 billion for the quarter, compared to analyst estimates of $1.50 billion. Ardent Health had a net margin of 3.73% and a return on equity of 16.07%. Equities research analysts predict that Ardent Health will post 1.23 EPS for the current year.

Hedge Funds Weigh In On Ardent Health

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARDT. Oliver Luxxe Assets LLC lifted its holdings in shares of Ardent Health by 1.5% during the second quarter. Oliver Luxxe Assets LLC now owns 87,639 shares of the company’s stock valued at $1,197,000 after purchasing an additional 1,319 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Ardent Health during the 2nd quarter valued at about $1,383,000. Voya Investment Management LLC lifted its stake in Ardent Health by 77.9% during the 1st quarter. Voya Investment Management LLC now owns 26,468 shares of the company’s stock valued at $364,000 after acquiring an additional 11,594 shares during the period. Rhumbline Advisers lifted its position in Ardent Health by 46.8% during the first quarter. Rhumbline Advisers now owns 24,827 shares of the company’s stock valued at $341,000 after purchasing an additional 7,914 shares during the period. Finally, Strs Ohio bought a new position in Ardent Health during the first quarter valued at approximately $494,000.

Ardent Health Company Profile

Ardent Health Partners, Inc owns and operates a network of hospitals and clinics that provides a range of healthcare services in the United States. It operates acute care hospitals, including rehabilitation hospitals and surgical hospitals. The company was founded in 2001 and is based in Brentwood, Tennessee.