Comerica Bank Lowers Stock Holdings in RadNet, Inc. $RDNT

Comerica Bank lowered its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 45.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 33,632 shares of the medical research company’s stock after selling 27,864 shares during the period. Comerica Bank’s holdings in RadNet were worth $2,400,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of RDNT. Pictet Asset Management Holding SA raised its holdings in shares of RadNet by 6.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 10,405 shares of the medical research company’s stock valued at $742,000 after buying an additional 603 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in RadNet in the fourth quarter worth approximately $25,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in RadNet by 71.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,147 shares of the medical research company’s stock valued at $1,723,000 after acquiring an additional 10,089 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of RadNet by 1.5% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 116,914 shares of the medical research company’s stock worth $9,044,000 after acquiring an additional 1,754 shares in the last quarter. Finally, Campbell Newman Asset Management Inc. purchased a new position in shares of RadNet during the fourth quarter worth approximately $1,773,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Trading Up 1.3%

RDNT opened at $59.05 on Wednesday. RadNet, Inc. has a one year low of $50.76 and a one year high of $85.84. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76. The business has a 50 day simple moving average of $60.67 and a two-hundred day simple moving average of $70.08. The firm has a market capitalization of $4.62 billion, a price-to-earnings ratio of -236.18 and a beta of 1.43.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.04. The firm had revenue of $547.71 million for the quarter, compared to analysts’ expectations of $515.67 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The business’s revenue was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.22 earnings per share. Analysts predict that RadNet, Inc. will post 0.62 EPS for the current year.

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of the transaction, the insider directly owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of research reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 price objective on shares of RadNet in a research note on Tuesday, March 3rd. Barclays lowered their price target on shares of RadNet from $86.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. UBS Group set a $92.00 price target on shares of RadNet in a research report on Friday, January 9th. Finally, KeyCorp upgraded RadNet to a “strong-buy” rating in a report on Friday, January 9th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, RadNet presently has a consensus rating of “Moderate Buy” and an average target price of $88.14.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.