Riverhead Capital Management buys $686,700,000 stake in The Providence Service Corporation (PRSC)

The Providence Service Corporation (PRSC) : Riverhead Capital Management scooped up 14,995,743 additional shares in The Providence Service Corporation during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 12, 2016. The investment management firm now holds a total of 15,000,000 shares of The Providence Service Corporation which is valued at $686,700,000.The Providence Service Corporation makes up approximately 11.35% of Riverhead Capital Management’s portfolio.

Other Hedge Funds, Including , Marshall Wace Llp added PRSC to its portfolio by purchasing 28,713 company shares during the most recent quarter which is valued at $1,314,481. The Providence Service Corporation makes up approx 0.01% of Marshall Wace Llp’s portfolio.Blackrock Investment Management boosted its stake in PRSC in the latest quarter, The investment management firm added 2,002 additional shares and now holds a total of 55,371 shares of The Providence Service Corporation which is valued at $2,534,884.Blackrock Group Ltd boosted its stake in PRSC in the latest quarter, The investment management firm added 857 additional shares and now holds a total of 13,088 shares of The Providence Service Corporation which is valued at $599,169.State Board Of Administration Of Florida Retirement System reduced its stake in PRSC by selling 791 shares or 7.81% in the most recent quarter. The Hedge Fund company now holds 9,343 shares of PRSC which is valued at $436,505.Wedge Capital Management L L Pnc boosted its stake in PRSC in the latest quarter, The investment management firm added 249,442 additional shares and now holds a total of 644,984 shares of The Providence Service Corporation which is valued at $31,197,876. The Providence Service Corporation makes up approx 0.34% of Wedge Capital Management L L Pnc’s portfolio.

The Providence Service Corporation opened for trading at $44.12 and hit $48.66 on the upside on Monday, eventually ending the session at $47.58, with a gain of 8.43% or 3.7 points. The heightened volatility saw the trading volume jump to 4,17,657 shares. Company has a market cap of $690 M.

On the company’s financial health, The Providence Service Corporation reported $0.70 EPS for the quarter, beating the analyst consensus estimate by $ 0.05 according to the earnings call on Aug 1, 2016. Analyst had a consensus of $0.65. The company had revenue of $450.60 million for the quarter, compared to analysts expectations of $433.38 million. The company’s revenue was up 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.67 EPS.

The Providence Service Corporation (Providence) provides and manages Government sponsored non-emergency transportation (NET) services human services workforce development (WD) services and health assessment (HA) services. Providence operates through four segments: NET Services Human Services WD Services and HA Services. NET Services which operates under the Logisticare brand manages transportation networks and arrange for client transportation to healthcare related facilities and services for state or regional Medicaid agencies managed care organizations (MCOs) and commercial insurers. Providence’s human services segment works with clients who are eligible for Government assistance. The WD Services segment provides workforce development services that include resume and job interview skills networking and job placement services and technical job training. The HA Services segment provides comprehensive health assessments (CHAs) for Medicare Advantage (MA) health plans.

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