LHC Group, Amedisys See Share Price Growth in March
Three of the largest publicly-traded home health care companies grew their averaged share prices at a modest pace last month, according to the latest Home Health Index released by Stoneridge Partners.
The index, which tracks the market values of Almost Family (Nasdaq: AFAM), Amedisys Inc. (Nasdaq: AMED) and LHC Group (Nasdaq: LHCG), ticked up 1.77% in March from the previous month. The monthly gains were down from the 4.84% growth seen in February and the 7.72% increase in January, however.
Despite the slight slowdown, the index outpaced the S&P 500, which fell 1.94% in March. Though the latest numbers marked the S&P 500’s first decline this year, that index has risen 4.99% year to date.
The Home Health Index on average is up by 14.94% as of March 31, representing a period of continuous growth this year.
“The Home Health Index continued to see modest gains in March following the release of end-of-year earnings results,” said Rich Tinsley, president of Stoneridge Partners. “Home health companies were able to see some gains, on average, while the stock market cooled from its rally in January and February.”
LHC Group, which operates out of Lafayette, Louisiana, saw its stock price ascend by 9.58% in March on strong end-of-year earnings. For reference, the company’s share value dropped 2.45% in February but rose 8.88% in January, according to Stoneridge Partners. Year to date, LHC Group’s share prices have risen 16.35%.
Baton Rouge-based Amedisys’ stock didn’t move much in March, rising 0.29% from the previous month. But the company’s stock is up 20.46% year to date with surges of 6.66% in January and 12.06% in February.
Not all the companies listed in the index posted recent gains, however. Louisville, Kentucky-based Almost Family shed 4.31% from its stock price in March, deviating from gains of 5.06% in February and 7.6% in January, Stoneridge Partners noted. Year to date, that company’s stock is up 8.16%.
Addus Homecare, the Downers Grove, Illinois, company that is not tracked by the index because so little of its revenue comes from Medicare, saw its shares drop 2.82% in March, the company’s third straight month of declines. Year to date, Addus Homecare’s stock has fallen 6.56%.
Written by Tim Regan