The Manufacturers Life Insurance Company Trims Holdings in RadNet, Inc. $RDNT

The Manufacturers Life Insurance Company lowered its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 35.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,460 shares of the medical research company’s stock after selling 18,543 shares during the period. The Manufacturers Life Insurance Company’s holdings in RadNet were worth $1,926,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new position in RadNet in the fourth quarter valued at $25,000. Allworth Financial LP boosted its stake in shares of RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after buying an additional 305 shares during the period. Danske Bank A S purchased a new position in shares of RadNet during the third quarter worth about $30,000. Eurizon Capital SGR S.p.A. purchased a new position in shares of RadNet during the fourth quarter worth about $36,000. Finally, Harbour Investments Inc. acquired a new position in RadNet in the 4th quarter valued at about $42,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have commented on RDNT. Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Barclays cut their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $87.43.

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.14% of the company’s stock.

RadNet Price Performance

Shares of RDNT opened at $72.39 on Monday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock’s 50 day moving average is $60.95 and its two-hundred day moving average is $61.66. RadNet, Inc. has a twelve month low of $50.82 and a twelve month high of $85.84. The firm has a market capitalization of $5.69 billion, a PE ratio of -402.14 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last issued its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period last year, the company posted ($0.50) earnings per share. Research analysts anticipate that RadNet, Inc. will post 0.52 earnings per share for the current year.

About RadNet

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.