Principal Financial Group Inc. Decreases Stock Position in RadNet, Inc. $RDNT

Key Points

• Principal Financial Group trimmed its RadNet stake by 1.9% in the first quarter, selling 21,812 shares and leaving it with 1,111,277 shares valued at about $62.1 million.
• RadNet reported quarterly EPS of ($0.28), missing analyst expectations, though revenue of $575.63 million topped estimates and rose 22.1% year over year.
• Insiders sold shares recently, including Director David L. Swartz and CEO Cornelis Wesdorp, while analysts still maintain a Moderate Buy consensus with an average price target of $87.43.

Principal Financial Group Inc. trimmed its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 1.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,111,277 shares of the medical research company's stock after selling 21,812 shares during the period. Principal Financial Group Inc. owned approximately 1.42% of RadNet worth $62,109,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC boosted its position in RadNet by 5.4% in the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company's stock valued at $340,000 after buying an additional 350 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of RadNet by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company's stock valued at $1,956,000 after acquiring an additional 1,699 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of RadNet by 563.4% during the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after acquiring an additional 1,448 shares during the last quarter. United Services Automobile Association acquired a new position in RadNet in the first quarter worth about $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in RadNet by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company's stock worth $21,904,000 after purchasing an additional 8,762 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $62.99 on Friday. The stock has a market cap of $4.95 billion, a P/E ratio of -349.93 and a beta of 1.37. The firm's 50-day simple moving average is $57.91 and its 200 day simple moving average is $62.77. RadNet, Inc. has a fifty-two week low of $50.76 and a fifty-two week high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. During the same quarter in the prior year, the company earned ($0.50) EPS. The business's quarterly revenue was up 22.1% on a year-over-year basis. Equities analysts expect that RadNet, Inc. will post 0.54 EPS for the current year.

Insiders Place Their Bets

In other news, 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 owned 177,013 shares of the company's stock, valued at $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 value of $276,022.50. Following the transaction, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their position. The SEC filing for this sale provides additional information. 5.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on RDNT shares. Weiss Ratings downgraded shares of RadNet from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, May 12th. Zacks Research downgraded shares of RadNet from a "hold" rating to a "strong sell" rating in a research report on Monday. Finally, Barclays decreased their price target on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $87.43.

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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