Robert A. Ortenzio, Executive Chairman of Select Medical Holdings Corp (NYSE:SEM), recently sold 3,804,805 shares of the company's common stock. The healthcare company, which has demonstrated strong financial health according to InvestingPro analysis, has seen its stock surge over 69% year-to-date. The shares were sold at an average price of $19.55 each, resulting in a total transaction value of approximately $74.4 million. Following this transaction, Ortenzio holds no shares directly under this particular trust, as the sale was conducted through the Rocco A. Ortenzio Separate Exempt Descendants Trust. Despite this sale, Ortenzio maintains indirect ownership of shares through other trusts. Trading at a P/E ratio of 9.85, InvestingPro analysis suggests the stock is fairly valued, with additional insights available in the comprehensive Pro Research Report covering this and 1,400+ other US stocks.
In other recent news, Select Medical Holdings Corporation reported a solid 6% growth in both consolidated revenue and adjusted EBITDA for the third quarter of 2024. The company also successfully launched the initial public offering (IPO) of Concentra, issuing over 23 million shares while still retaining a majority stake. They plan to distribute the remaining interest in Concentra to shareholders by the end of the year, depending on market conditions.
Select Medical's inpatient rehab division saw a 14% revenue increase and a 12% rise in adjusted EBITDA. The critical illness recovery division also reported a 3% revenue increase and a 9% rise in adjusted EBITDA. The company has a new 48-bed rehab hospital under development in Jacksonville, Florida, with more facilities planned in other states.
The company's earnings per share (EPS) increased to $0.43, up from $0.38 in Q3 2023. Select Medical also declared a cash dividend of $0.125. The company revised its 2024 revenue outlook to a range of $6.95 billion to $7.15 billion, with adjusted EBITDA projected between $865 million and $885 million. These are recent developments in Select Medical's financial performance and strategic plans.
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