Although the Medica Group (LON:MGP) share price is telling you something else and brokers Peel Hunt remain bearish this market leading teleradiology services group is still attracting professional investors.
On Thursday of last week Aberforth Partners declared that they had almost doubled their previous 5.87% holding up to 10.72%.
Then on Monday of this week those clever boys at Gresham House Strategic Equity Capital declared that they are still adding to their holding in the group – it was just 7.23% earlier this month, but it increased to 10.32% in the last week.
Medica contracts with the largest pool of consultant radiologists in the UK performing remote access teleradiology across its customer base of more than 100 NHS Trusts, private hospital groups and diagnostic imaging companies in the UK.
This enables the company to offer a fast, responsive service both during the day and importantly supporting urgent out-of-hours reporting.
The group is experiencing continued improvement in its second half revenues as its clients deal with a backlog of elective procedures.
I really do consider that Aberforth and Gresham House are on to a winner with Medica Group, whose shares at 106p are back down to their late March price level.
My early January price objective was made pre-Covid-19 and the incredible pressures that the pandemic created.
Accordingly, I now set a brand-new Target Price for Medica shares of 138p within months.
(Profile 07.01.20 @155p set a Target Price of 215p)