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Ensign Group's Unit Sells Urgent Care Assets to MultiCare
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The Ensign Group, Inc. (ENSG - Free Report) recently announced that its urgent care unit, Immediate Clinic Seattle, Inc., has completed its asset sale deal with not-for-profit health care organization, MultiCare Health System. The divestiture was declared on Sep 28, 2016, and it became effective on Dec 11, 2016.
Following the company’s announcement of the asset sale, the stock has been witnessing favorable share price movement. Since Sep 28, 2016, shares of Ensign Group have gained 5.2% against the Nursing Homes industry’s loss of 1.8%.
PRICE CHART
Notably, the transaction involved a sale of the assets of 14 urgent care operations in the greater Seattle market as well as two additional locations that are presently under development. This sale of Immediate Clinic assets, along with the sale of Integrity Urgent Care in Colorado earlier this year, accounted for all of the Ensign-affiliated urgent care operations.
Immediate Clinic, an important unit of Ensign Group, was once known as one of the largest and most respected urgent care platforms in the Seattle area. Ensign Group has always been committed to the growth of its urgent care by ensuring optimum utilization of its resources and focusing on the post-acute continuum, including sub-acute, skilled nursing, physical therapy, home health, hospice, assisted living and other services.
On the other hand, MultiCare operates through a comprehensive network of 15 Urgent Care Centers in the Puget Sound region as well as 11 RediClinics inside select Rite Aid stores. The addition of Immediate Clinic’s assets is likely to boost the growth potential of MultiCare system’s urgent care segment. Also, the acquisition is also likely to help the company in expanding its geographic footprint and responding to the changing needs of consumers in the Puget Sound region.
Immediate Clinic's “state-of-the-art” walk-in clinics offer high level of convenience by providing daily access to healthcare for minor injuries and illnesses, including X-ray and lab services, all from convenient neighborhood locations and with no appointment necessary. Hence, management of Immediate Clinic expects that it will add substantial value to MultiCare Health System.
Zacks Rank and Stocks to Consider
The company presently carries Zacks Rank #4 (Sell).
However, investors can look at some better-ranked stocks from the medical sector like WellCare Health Plans Inc. , Magellan Health Inc. and Humana Inc. (HUM - Free Report) .
Magellan delivered positive surprises in three of the last four quarters with an average beat of 42.58%. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
WellCare delivered positive surprises in all of the last four quarters with an average beat of 40.01%. The company also has a Zacks Rank #1.
Humana delivered positive surprise in three of the last four quarters with an average beat of 1.94%. It carries a Zacks Rank #2 (Buy).
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Ensign Group's Unit Sells Urgent Care Assets to MultiCare
The Ensign Group, Inc. (ENSG - Free Report) recently announced that its urgent care unit, Immediate Clinic Seattle, Inc., has completed its asset sale deal with not-for-profit health care organization, MultiCare Health System. The divestiture was declared on Sep 28, 2016, and it became effective on Dec 11, 2016.
Following the company’s announcement of the asset sale, the stock has been witnessing favorable share price movement. Since Sep 28, 2016, shares of Ensign Group have gained 5.2% against the Nursing Homes industry’s loss of 1.8%.
PRICE CHART
Notably, the transaction involved a sale of the assets of 14 urgent care operations in the greater Seattle market as well as two additional locations that are presently under development. This sale of Immediate Clinic assets, along with the sale of Integrity Urgent Care in Colorado earlier this year, accounted for all of the Ensign-affiliated urgent care operations.
Immediate Clinic, an important unit of Ensign Group, was once known as one of the largest and most respected urgent care platforms in the Seattle area. Ensign Group has always been committed to the growth of its urgent care by ensuring optimum utilization of its resources and focusing on the post-acute continuum, including sub-acute, skilled nursing, physical therapy, home health, hospice, assisted living and other services.
On the other hand, MultiCare operates through a comprehensive network of 15 Urgent Care Centers in the Puget Sound region as well as 11 RediClinics inside select Rite Aid stores. The addition of Immediate Clinic’s assets is likely to boost the growth potential of MultiCare system’s urgent care segment. Also, the acquisition is also likely to help the company in expanding its geographic footprint and responding to the changing needs of consumers in the Puget Sound region.
Immediate Clinic's “state-of-the-art” walk-in clinics offer high level of convenience by providing daily access to healthcare for minor injuries and illnesses, including X-ray and lab services, all from convenient neighborhood locations and with no appointment necessary. Hence, management of Immediate Clinic expects that it will add substantial value to MultiCare Health System.
Zacks Rank and Stocks to Consider
The company presently carries Zacks Rank #4 (Sell).
However, investors can look at some better-ranked stocks from the medical sector like WellCare Health Plans Inc. , Magellan Health Inc. and Humana Inc. (HUM - Free Report) .
Magellan delivered positive surprises in three of the last four quarters with an average beat of 42.58%. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
WellCare delivered positive surprises in all of the last four quarters with an average beat of 40.01%. The company also has a Zacks Rank #1.
Humana delivered positive surprise in three of the last four quarters with an average beat of 1.94%. It carries a Zacks Rank #2 (Buy).
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>