Bank of New York Mellon Corp Buys Shares of 420,575 RadNet, Inc. $RDNT

Key Points

• Bank of New York Mellon acquired 420,575 RadNet shares worth approximately $25.9 million, taking a 0.53% stake. Institutional investors collectively own 77.9% of the company.
• RadNet reported quarterly EPS of $0.29, exceeding the $0.20 consensus estimate, while revenue rose 25% year over year to $622.7 million. Analysts expect full-year EPS of $0.49.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $90, versus a recent share price of $74.61. However, the CEO and a director recently sold shares, and insiders own 5.14% of the stock.

Bank of New York Mellon Corp bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 420,575 shares of the medical research company's stock, valued at approximately $25,937,000. Bank of New York Mellon Corp owned 0.53% of RadNet at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. RTW Investments LP boosted its position in RadNet by 39.9% during the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock worth $281,012,000 after acquiring an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in RadNet by 30.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock valued at $192,581,000 after purchasing an additional 627,936 shares in the last quarter. State Street Corp increased its holdings in RadNet by 1.6% during the 4th quarter. State Street Corp now owns 2,579,073 shares of the medical research company's stock worth $184,017,000 after purchasing an additional 41,356 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of RadNet by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company's stock worth $119,283,000 after purchasing an additional 6,655 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of RadNet by 26.4% during the 4th quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company's stock valued at $113,930,000 after acquiring an additional 333,911 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Activity

In other news, 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 transaction of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares of the company's stock, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by insiders.

RadNet Price Performance

Shares of RDNT opened at $74.61 on Friday. The business's 50-day moving average is $67.31 and its 200-day moving average is $62.29. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -276.32 and a beta of 1.36. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.20 by $0.09. The business had revenue of $622.72 million for the quarter, compared to analysts' expectations of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. RadNet's revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.31 EPS. Equities research analysts expect that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDNT has been the topic of several research reports. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Weiss Ratings reissued a "sell (d-)" rating on shares of RadNet in a report on Friday, August 7th. Jefferies Financial Group reiterated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Truist Financial lifted their price objective on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Finally, Barclays boosted their target price on shares of RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.00.

RadNet 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.

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