Legal & General Group Plc Purchases New Shares in RadNet, Inc. $RDNT

Key Points

• Legal & General Group Plc acquired 158,695 RadNet shares worth approximately $9.8 million, giving it a 0.20% stake. Institutional investors collectively own 77.9% of RadNet.
• RadNet insiders recently sold shares, including CEO Cornelis Wesdorp’s $276,000 sale and Director David L. Swartz’s $145,000 sale. Corporate insiders currently own 5.14% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average $90 price target. RadNet exceeded quarterly earnings and revenue estimates, reporting $0.29 EPS and $622.72 million in revenue, up 25% year over year.

Legal & General Group Plc acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 158,695 shares of the medical research company's stock, valued at approximately $9,787,000. Legal & General Group Plc owned about 0.20% of RadNet at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Crossmark Global Holdings Inc. lifted its position in shares of RadNet by 3.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company's stock valued at $360,000 after purchasing an additional 163 shares in the last quarter. Summit Financial LLC grew its position in RadNet by 1.3% in the 4th quarter. Summit Financial LLC now owns 12,563 shares of the medical research company's stock worth $896,000 after purchasing an additional 166 shares in the last quarter. Bank of Montreal Can increased its stake in RadNet by 3.3% in the 4th quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company's stock valued at $396,000 after buying an additional 180 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in RadNet by 2.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company's stock valued at $413,000 after buying an additional 207 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of RadNet by 16.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company's stock worth $113,000 after buying an additional 225 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

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 transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares of the company's stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 stock was 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 $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.14% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of research analyst reports. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a research note on Friday, July 31st. Barclays increased their price target on RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a research report on Friday. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Truist Financial boosted their price objective on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of RadNet in a research note on Friday, August 7th. Two 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 assigned a Sell rating to the company. According to data from MarketBeat.com, RadNet currently has a consensus rating of "Moderate Buy" and an average price target of $90.00.

RadNet Stock Up 1.6%

RDNT opened at $75.82 on Tuesday. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The stock has a market cap of $5.97 billion, a price-to-earnings ratio of -280.80 and a beta of 1.36. RadNet, Inc. has a twelve month low of $50.82 and a twelve month high of $85.84. The company's 50-day moving average price is $67.71 and its two-hundred day moving average price is $62.28.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.09. The company had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. RadNet's quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 EPS. As a group, equities analysts expect that RadNet, Inc. will post 0.49 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.

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