Bank of New York Mellon Corp Decreases Stock Position in ModivCare Inc. (NASDAQ:MODV)

Bank of New York Mellon Corp trimmed its holdings in shares of ModivCare Inc. (NASDAQ:MODV - Free Report) by 49.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 46,954 shares of the company's stock after selling 45,485 shares during the period. Bank of New York Mellon Corp owned approximately 0.33% of ModivCare worth $1,232,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in MODV. Charles Schwab Investment Management Inc. lifted its holdings in shares of ModivCare by 9.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 197,301 shares of the company's stock valued at $8,679,000 after purchasing an additional 17,220 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in ModivCare in the 1st quarter worth approximately $100,000. Steamboat Capital Partners LLC purchased a new position in ModivCare in the 1st quarter worth approximately $495,000. Advisors Preferred LLC purchased a new position in ModivCare in the 1st quarter worth approximately $159,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in ModivCare in the 1st quarter worth approximately $91,000.

ModivCare Stock Performance

NASDAQ:MODV traded down $0.80 during trading hours on Friday, reaching $11.91. The company had a trading volume of 570,889 shares, compared to its average volume of 239,414. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 103.63. ModivCare Inc. has a 52 week low of $11.00 and a 52 week high of $52.33. The firm has a market cap of $169.60 million, a price-to-earnings ratio of -0.76, a PEG ratio of 1.42 and a beta of 0.52. The firm's 50 day moving average price is $23.81 and its 200-day moving average price is $25.22.

ModivCare (NASDAQ:MODV - Get Free Report) last posted its earnings results on Wednesday, August 7th. The company reported ($0.03) EPS for the quarter, missing analysts' consensus estimates of $0.77 by ($0.80). ModivCare had a positive return on equity of 27.52% and a negative net margin of 5.80%. The company had revenue of $698.30 million during the quarter, compared to the consensus estimate of $701.00 million. During the same period last year, the firm posted $1.41 EPS. The company's revenue for the quarter was down .1% on a year-over-year basis. On average, analysts forecast that ModivCare Inc. will post 1.24 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group decreased their price objective on shares of ModivCare from $25.00 to $14.00 and set a "hold" rating for the company in a report on Friday, September 13th. Lake Street Capital decreased their price objective on shares of ModivCare from $50.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday. Finally, Barrington Research cut their target price on shares of ModivCare from $35.00 to $19.00 and set an "outperform" rating for the company in a research report on Tuesday.

About ModivCare

ModivCare Inc, a technology-enabled healthcare services company, provides a suite of integrated supportive care solutions for public and private payors and their members. The company operates through four segments: Non-Emergency Medical Transportation (NEMT), Personal Care, Remote Patient Monitoring (RPM), and Corporate and Other.