Ave Maria Exited its Position in Change Healthcare (CHNG) at an Attractive Price

Investment management company Ave Maria recently released its “Ave Maria Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. At the end of the second quarter, the fund returned -15.44% compared to -16.10% for the S&P 500. Growth stocks underperformed in the initial six months of 2022 due to market volatility. You can check the top 5 holdings of the fund to know its best picks in 2022.

Ave Maria discussed stocks like Change Healthcare Inc. (NASDAQ:CHNG) in the second quarter investor letter. Headquartered in Nashville, Tennessee, Change Healthcare Inc. (NASDAQ:CHNG) is a healthcare technology company. On August 23, 2022, Change Healthcare Inc. (NASDAQ:CHNG) stock closed at $24.79 per share. One-month return of Change Healthcare Inc. (NASDAQ:CHNG) rose to 1.68% and its shares gained 14.77% of their value over the last 52 weeks. Change Healthcare Inc. (NASDAQ:CHNG) has a market capitalization of $8.139 billion.

Here is what Ave Maria specifically said about Change Healthcare Inc. (NASDAQ:CHNG):

Change Healthcare Inc. (NASDAQ:CHNG) received an acquisition offer from UnitedHealth (UNH) at a price more than double our average purchase price in January of 2021. The acquisition subsequently failed to receive government approval, but to incentivize Change Healthcare shareholders to fight the issue in court, UnitedHealth promised to pay a dividend to Change Healthcare shareholders in the event of a deal break. The stock price rose accordingly, and we took the opportunity to exit Change Healthcare at an attractive price.”

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Change Healthcare Inc. (NASDAQ:CHNG) is not on the list of 30 Most Popular Stocks Among Hedge Funds. Change Healthcare Inc. (NASDAQ:CHNG) was held by 53 hedge fund portfolios at the end of second quarter compared to 50 in the previous quarter.

We discussed Change Healthcare Inc. (NASDAQ:CHNG) in another article and shared the best stocks to buy according to Michael Platt’s BlueCrest Capital. You can check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other prominent investors.

Disclosure: None. This article is originally published at Insider Monkey.