Insulet Corporation (NASDAQ:PODD) Position Reduced by National Bank of Canada FI

Key Points

• National Bank of Canada FI significantly decreased its holdings in Insulet Corporation by 56.2% during the 1st quarter, now owning 30,978 shares valued at approximately $8.1 million.
• In contrast, other institutional investors including Larson Financial Group LLC and Golden State Wealth Management LLC substantially increased their positions in Insulet, with increases of 426.3% and 553.1% respectively in the same quarter.
• Insulet recently reported $1.17 earnings per share (EPS) for the quarter, exceeding expectations of $0.92, and recorded a year-over-year revenue growth of 32.9%.

National Bank of Canada FI reduced its position in Insulet Corporation (NASDAQ:PODD - Free Report) by 56.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,978 shares of the medical instruments supplier's stock after selling 39,827 shares during the quarter. National Bank of Canada FI's holdings in Insulet were worth $8,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in PODD. Citigroup Inc. raised its position in Insulet by 26.4% in the first quarter. Citigroup Inc. now owns 81,012 shares of the medical instruments supplier's stock valued at $21,275,000 after purchasing an additional 16,931 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Insulet by 12.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 124,779 shares of the medical instruments supplier's stock valued at $32,768,000 after acquiring an additional 13,335 shares in the last quarter. CenterBook Partners LP acquired a new stake in shares of Insulet during the first quarter valued at about $839,000. Charles Schwab Investment Management Inc. grew its stake in shares of Insulet by 4.2% during the first quarter. Charles Schwab Investment Management Inc. now owns 674,367 shares of the medical instruments supplier's stock valued at $177,096,000 after acquiring an additional 27,408 shares in the last quarter. Finally, ASR Vermogensbeheer N.V. acquired a new stake in shares of Insulet during the first quarter valued at about $860,000.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PODD. Sanford C. Bernstein restated an "outperform" rating on shares of Insulet in a research note on Friday, May 16th. Morgan Stanley restated an "overweight" rating on shares of Insulet in a research note on Thursday, August 7th. Wolfe Research upgraded Insulet from a "peer perform" rating to an "outperform" rating and set a $350.00 price target for the company in a research note on Tuesday, May 13th. The Goldman Sachs Group initiated coverage on Insulet in a research note on Friday, May 30th. They issued a "buy" rating and a $380.00 price target for the company. Finally, Wells Fargo & Company lifted their price target on Insulet from $330.00 to $350.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $330.71.

Insulet Stock Performance

Shares of PODD traded up $5.49 during mid-day trading on Friday, reaching $321.27. 617,194 shares of the company's stock traded hands, compared to its average volume of 695,485. The business's 50-day moving average price is $298.40 and its 200-day moving average price is $284.19. The stock has a market capitalization of $22.61 billion, a P/E ratio of 97.65, a price-to-earnings-growth ratio of 2.65 and a beta of 1.35. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.81 and a current ratio of 2.26. Insulet Corporation has a 12 month low of $180.31 and a 12 month high of $329.33.

Insulet (NASDAQ:PODD - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The medical instruments supplier reported $1.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.92 by $0.25. The company had revenue of $649.10 million for the quarter, compared to analysts' expectations of $612.31 million. Insulet had a return on equity of 23.78% and a net margin of 10.01%. The business's revenue for the quarter was up 32.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.55 earnings per share. Equities analysts predict that Insulet Corporation will post 3.92 earnings per share for the current year.

About Insulet

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.