Bank of Nova Scotia Takes $15.53 Million Position in Masimo Corporation (NASDAQ:MASI)

Key Points

• Bank of Nova Scotia has acquired 93,203 shares of Masimo Corporation valued at approximately $15.5 million, representing a new position in the medical equipment provider.
• Several institutional investors, including FMR LLC and Capital Research Global Investors, have significantly increased their stakes in Masimo, with a combined ownership of over 85% of the stock held by such investors.
• Masimo Corporation's recent earnings report showed an EPS of $1.36, exceeding expectations, yet revenue was down 24.5% year-over-year, indicating challenges despite the earnings beat.

Bank of Nova Scotia purchased a new position in shares of Masimo Corporation (NASDAQ:MASI - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 93,203 shares of the medical equipment provider's stock, valued at approximately $15,528,000. Bank of Nova Scotia owned 0.17% of Masimo at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC raised its position in shares of Masimo by 128.9% in the first quarter. Farther Finance Advisors LLC now owns 206 shares of the medical equipment provider's stock valued at $35,000 after buying an additional 116 shares during the last quarter. NBC Securities Inc. acquired a new stake in shares of Masimo in the first quarter valued at about $61,000. UMB Bank n.a. grew its holdings in shares of Masimo by 134.0% in the first quarter. UMB Bank n.a. now owns 447 shares of the medical equipment provider's stock valued at $74,000 after purchasing an additional 256 shares during the period. GAMMA Investing LLC grew its holdings in shares of Masimo by 58.4% in the first quarter. GAMMA Investing LLC now owns 738 shares of the medical equipment provider's stock valued at $123,000 after purchasing an additional 272 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in Masimo during the fourth quarter worth about $163,000. 85.96% of the stock is owned by hedge funds and other institutional investors.

Masimo Stock Up 1.6%

Shares of MASI stock traded up $2.61 during mid-day trading on Tuesday, reaching $163.88. 1,142,006 shares of the company were exchanged, compared to its average volume of 555,530. Masimo Corporation has a fifty-two week low of $105.58 and a fifty-two week high of $194.88. The company has a debt-to-equity ratio of 0.67, a quick ratio of 1.62 and a current ratio of 2.17. The company has a market capitalization of $8.89 billion, a P/E ratio of -17.87 and a beta of 1.21. The business's 50 day simple moving average is $163.25 and its 200 day simple moving average is $165.18.

Masimo (NASDAQ:MASI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The medical equipment provider reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.11. Masimo had a positive return on equity of 22.56% and a negative net margin of 25.06%. Masimo's quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.86 earnings per share. Research analysts predict that Masimo Corporation will post 4.1 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on MASI. Raymond James Financial decreased their target price on shares of Masimo from $204.00 to $185.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. BTIG Research reaffirmed a "buy" rating on shares of Masimo in a research note on Monday, July 14th. Piper Sandler reissued an "overweight" rating and issued a $200.00 price objective (down previously from $215.00) on shares of Masimo in a research note on Wednesday, May 7th. Wall Street Zen downgraded shares of Masimo from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Finally, Needham & Company LLC restated a "hold" rating on shares of Masimo in a research report on Thursday, April 10th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $191.60.

Insider Activity

In other Masimo news, COO Bilal Muhsin sold 10,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $163.28, for a total value of $1,632,800.00. Following the sale, the chief operating officer directly owned 24,172 shares in the company, valued at $3,946,804.16. This represents a 29.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 16.90% of the company's stock.

Masimo Company Profile

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.