Renaissance Technologies LLC Acquires 111,154 Shares of Molina Healthcare, Inc. (NYSE:MOH)

Renaissance Technologies LLC boosted its holdings in Molina Healthcare, Inc. (NYSE:MOH) by 13.3% in the second quarter, Holdings Channel reports. The firm owned 949,691 shares of the company’s stock after purchasing an additional 111,154 shares during the quarter. Molina Healthcare comprises about 0.5% of Renaissance Technologies LLC’s holdings, making the stock its 23rd biggest position. Renaissance Technologies LLC’s holdings in Molina Healthcare were worth $282,343,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new stake in Molina Healthcare in the second quarter valued at $14,546,000. Dimensional Fund Advisors LP lifted its stake in Molina Healthcare by 22.0% in the second quarter. Dimensional Fund Advisors LP now owns 470,932 shares of the company’s stock valued at $140,026,000 after acquiring an additional 84,929 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Molina Healthcare by 10.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,375 shares of the company’s stock valued at $409,000 after acquiring an additional 126 shares during the last quarter. Plato Investment Management Ltd lifted its stake in Molina Healthcare by 87,050.0% in the second quarter. Plato Investment Management Ltd now owns 1,743 shares of the company’s stock valued at $518,000 after acquiring an additional 1,741 shares during the last quarter. Finally, Federated Hermes Inc. lifted its stake in Molina Healthcare by 2.6% in the second quarter. Federated Hermes Inc. now owns 91,961 shares of the company’s stock valued at $27,340,000 after acquiring an additional 2,323 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Truist Financial cut their price target on shares of Molina Healthcare from $440.00 to $400.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Robert W. Baird began coverage on shares of Molina Healthcare in a research note on Thursday, May 30th. They set an “outperform” rating and a $405.00 target price for the company. TD Cowen cut their target price on shares of Molina Healthcare from $412.00 to $351.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Baird R W upgraded shares of Molina Healthcare to a “strong-buy” rating in a research note on Thursday, May 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $406.00 target price on shares of Molina Healthcare in a research note on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Molina Healthcare currently has a consensus rating of “Moderate Buy” and a consensus target price of $378.00.

Molina Healthcare Price Performance

NYSE:MOH opened at $358.20 on Monday. Molina Healthcare, Inc. has a 52 week low of $282.96 and a 52 week high of $423.92. The firm has a market cap of $20.99 billion, a price-to-earnings ratio of 19.44, a P/E/G ratio of 1.20 and a beta of 0.57. The firm’s 50-day simple moving average is $329.20 and its 200 day simple moving average is $344.03. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.57 and a current ratio of 1.57.

Molina Healthcare (NYSE:MOH) last released its earnings results on Wednesday, July 24th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $5.73 by $0.13. Molina Healthcare had a net margin of 2.84% and a return on equity of 28.09%. The firm had revenue of $9.88 billion for the quarter, compared to analyst estimates of $9.75 billion. During the same period last year, the firm earned $5.65 EPS. The business’s quarterly revenue was up 18.7% compared to the same quarter last year. As a group, sell-side analysts predict that Molina Healthcare, Inc. will post 23.5 earnings per share for the current year.

Insider Buying and Selling at Molina Healthcare

In other Molina Healthcare news, CAO Maurice Hebert sold 393 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $346.52, for a total value of $136,182.36. Following the transaction, the chief accounting officer now directly owns 9,473 shares of the company’s stock, valued at approximately $3,282,583.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Molina Healthcare news, CAO Maurice Hebert sold 393 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $346.52, for a total value of $136,182.36. Following the transaction, the chief accounting officer now directly owns 9,473 shares of the company’s stock, valued at approximately $3,282,583.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Steven J. Orlando sold 1,000 shares of Molina Healthcare stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $339.21, for a total transaction of $339,210.00. Following the sale, the director now directly owns 18,025 shares in the company, valued at $6,114,260.25. The disclosure for this sale can be found here. Insiders own 1.10% of the company’s stock.

About Molina Healthcare

Molina Healthcare, Inc provides managed healthcare services to low-income families and individuals under the Medicaid and Medicare programs and through the state insurance marketplaces. It operates in four segments: Medicaid, Medicare, Marketplace, and Other. The company served in across 19 states. The company was founded in 1980 and is headquartered in Long Beach, California.