Thesis
I have followed HMS Holdings (HMSY) for several years and first wrote about the company nearly a year ago. At the time, I noted the company's strong turnaround in recent years after it shifted to a strategy of focusing its sales efforts more heavily to the commercial health insurance space after developing a near-monopoly in the Medicaid Fee-For-Service coordination of benefits market.
After buying in at $30 in May, I recently sold at $39. Though I wasn't surprised at the continued strong execution of the company, I was surprised that shares were