Eastern Bank Lowers Holdings in Insulet Corporation (NASDAQ:PODD)

Key Points

• Eastern Bank reduced its holdings in Insulet Corporation by 76.9%, now owning only 673 shares valued at $177,000.
• Insulet reported a quarterly revenue of $569 million, surpassing analyst expectations and marking a 28.8% increase compared to the previous year.
• Analyst ratings for Insulet show a consensus of Moderate Buy with 15 analysts rating the stock as a buy and a target price set at $321.

Eastern Bank decreased its holdings in Insulet Corporation (NASDAQ:PODD - Free Report) by 76.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 673 shares of the medical instruments supplier's stock after selling 2,239 shares during the quarter. Eastern Bank's holdings in Insulet were worth $177,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Quadrant Capital Group LLC grew its position in Insulet by 4.9% in the fourth quarter. Quadrant Capital Group LLC now owns 1,092 shares of the medical instruments supplier's stock worth $285,000 after acquiring an additional 51 shares during the period. OLD National Bancorp IN grew its position in Insulet by 6.7% in the first quarter. OLD National Bancorp IN now owns 880 shares of the medical instruments supplier's stock worth $231,000 after acquiring an additional 55 shares during the period. Syon Capital LLC grew its position in Insulet by 5.6% in the fourth quarter. Syon Capital LLC now owns 1,114 shares of the medical instruments supplier's stock worth $291,000 after acquiring an additional 59 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Insulet by 23.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 314 shares of the medical instruments supplier's stock worth $82,000 after acquiring an additional 59 shares during the period. Finally, CWM LLC grew its position in Insulet by 1.6% in the first quarter. CWM LLC now owns 4,034 shares of the medical instruments supplier's stock worth $1,059,000 after acquiring an additional 64 shares during the period.

Insiders Place Their Bets

In other Insulet news, SVP John W. Kapples sold 5,278 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $318.47, for a total value of $1,680,884.66. Following the sale, the senior vice president directly owned 23,180 shares in the company, valued at $7,382,134.60. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is currently owned by corporate insiders.

Insulet Stock Down 3.3%

Insulet stock opened at $288.40 on Friday. Insulet Corporation has a 1-year low of $173.00 and a 1-year high of $329.33. The company has a debt-to-equity ratio of 1.21, a current ratio of 4.47 and a quick ratio of 3.63. The stock has a market cap of $20.30 billion, a PE ratio of 51.87, a P/E/G ratio of 2.66 and a beta of 1.35. The stock's fifty day moving average is $303.12 and its two-hundred day moving average is $282.24.

Insulet (NASDAQ:PODD - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The medical instruments supplier reported $1.02 earnings per share for the quarter, beating analysts' consensus estimates of $0.81 by $0.21. Insulet had a return on equity of 22.25% and a net margin of 18.29%. The company had revenue of $569.00 million for the quarter, compared to analysts' expectations of $543.20 million. During the same period last year, the firm earned $0.73 earnings per share. Insulet's quarterly revenue was up 28.8% on a year-over-year basis. On average, sell-side analysts expect that Insulet Corporation will post 3.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PODD shares. Sanford C. Bernstein reaffirmed an "outperform" rating on shares of Insulet in a research note on Friday, May 16th. Wells Fargo & Company set a $322.00 target price on Insulet in a research note on Monday, April 28th. Truist Financial started coverage on Insulet in a research note on Monday, June 16th. They set a "buy" rating and a $365.00 target price on the stock. Wolfe Research raised Insulet from a "peer perform" rating to an "outperform" rating and set a $350.00 target price on the stock in a research note on Tuesday, May 13th. Finally, Wall Street Zen lowered Insulet from a "buy" rating to a "hold" rating in a research note on Saturday, June 14th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $321.00.

Insulet Company Profile

Insulet Corporation develops, manufactures, and sells insulin delivery systems for people with insulin-dependent diabetes. The company's Omnipod platform includes the Omnipod 5 Automated Insulin Delivery System (Omnipod 5) which includes a proprietary AID algorithm embedded in the Pod that integrates with a third-party continuous glucose monitor to obtain glucose values through wireless bluetooth communication; Omnipod DASH that features a bluetooth enabled Pod that is controlled by a smartphone-like Personal Diabetes Manager with a color touch screen user interface; and Omnipod GO, a standalone, wearable, insulin delivery system that provides a fixed rate of continuous rapid-acting insulin for 72 hours.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.