Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AMN Healthcare Services reported flat growth and material profit compression within its physician placement operations which may signal the beginning of a slowing for the healthcare staffing space. Historically, higher-level and costlier staffing segments are a leading indicator for when an employment market is reaching its peak. While one quarter’s results does not make a trend, combining this development with revenue guidance for the second quarter that was slightly below expectations create...
Amazon, Berkshire Hathaway, and JP Morgan Chase announced on Jan. 30 that the trio will form an independent healthcare company to help control healthcare costs for their U.S.-based employees, and while there could be some potential given the capital and clout of the three partners, we believe certain investors are underappreciating the moaty nature of the healthcare supply chain and the formidable competitive advantages that have insulated its major players. All potential new competitors would f...
AMN Healthcare has been the beneficiary of a solid labor market, expanded healthcare coverage through Affordable Care Act programs, and the increasing need for providers to become more efficient. Thanks to the confluence of these factors, the firm has enjoyed significant revenue and profit growth over the past several years. However, staffing is a highly cyclical business, and strong results are normal during an economic expansion. These trends reverse during recessions with significant retrench...
AMN Healthcare reported results that met our expectations and we are reiterating our $18 fair value estimate. Over the past several quarters, AMN has leveraged a robust employment market and superior operations into excellent results. Top-line growth this quarter was no different as total revenue increased a 23.50%. However, profit expansion slowed as gross margins for the firm’s core nurse staffing segment fell 80 basis points to 26.70% and kept overall operating margins flat with year ago le...
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