Private Advisor Group LLC Cuts Stake in Insulet Corporation (NASDAQ:PODD)

Key Points

• Private Advisor Group LLC reduced its stake in Insulet Corporation by 43.6%, selling 4,206 shares and retaining 5,436 shares worth approximately $1.4 million.
• Multiple institutional investors have increased their holdings in Insulet, with GAMMA Investing LLC significantly raising its position by over 27,298.6% to own 664,141 shares valued at around $1.74 billion.
• Insulet Corporation reported better-than-expected quarterly earnings with $1.02 EPS, surpassing projections and reflecting a 28.8% revenue increase year-over-year.

Private Advisor Group LLC decreased its holdings in shares of Insulet Corporation (NASDAQ:PODD - Free Report) by 43.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,436 shares of the medical instruments supplier's stock after selling 4,206 shares during the period. Private Advisor Group LLC's holdings in Insulet were worth $1,428,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PODD. Corebridge Financial Inc. lifted its stake in shares of Insulet by 1.0% in the fourth quarter. Corebridge Financial Inc. now owns 18,578 shares of the medical instruments supplier's stock worth $4,850,000 after buying an additional 177 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Insulet by 12.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 111,444 shares of the medical instruments supplier's stock valued at $29,678,000 after purchasing an additional 12,206 shares during the last quarter. UniSuper Management Pty Ltd lifted its holdings in shares of Insulet by 9.6% during the fourth quarter. UniSuper Management Pty Ltd now owns 8,717 shares of the medical instruments supplier's stock valued at $2,276,000 after purchasing an additional 765 shares in the last quarter. Norges Bank purchased a new stake in shares of Insulet during the fourth quarter valued at $248,806,000. Finally, Pictet Asset Management Holding SA increased its holdings in Insulet by 14.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 41,989 shares of the medical instruments supplier's stock worth $10,962,000 after buying an additional 5,353 shares in the last quarter.

Analyst Ratings Changes

A number of analysts have recently issued reports on PODD shares. Barclays raised their price target on shares of Insulet from $234.00 to $266.00 and gave the company an "equal weight" rating in a report on Wednesday, April 30th. Wolfe Research raised shares of Insulet from a "peer perform" rating to an "outperform" rating and set a $350.00 target price for the company in a research report on Tuesday, May 13th. Oppenheimer increased their price target on Insulet from $312.00 to $324.00 and gave the company an "outperform" rating in a report on Friday, May 9th. Truist Financial assumed coverage on Insulet in a research note on Monday, June 16th. They set a "buy" rating and a $365.00 price target for the company. Finally, Citigroup reiterated a "buy" rating on shares of Insulet in a research report on Tuesday, July 8th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Insulet has an average rating of "Moderate Buy" and an average target price of $321.00.

Insulet Price Performance

Shares of Insulet stock traded up $6.78 on Wednesday, hitting $298.27. 540,817 shares of the company traded hands, compared to its average volume of 501,473. Insulet Corporation has a 52 week low of $173.00 and a 52 week high of $329.33. The company has a debt-to-equity ratio of 1.21, a quick ratio of 3.63 and a current ratio of 4.47. The business has a 50-day simple moving average of $303.77 and a 200 day simple moving average of $282.10. The stock has a market capitalization of $20.99 billion, a P/E ratio of 53.65, a price-to-earnings-growth ratio of 2.60 and a beta of 1.35.

Insulet (NASDAQ:PODD - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The medical instruments supplier reported $1.02 earnings per share (EPS) for the quarter, topping 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 business had revenue of $569.00 million for the quarter, compared to the consensus estimate of $543.20 million. During the same quarter in the previous year, the company posted $0.73 EPS. The company's revenue was up 28.8% compared to the same quarter last year. Research analysts expect that Insulet Corporation will post 3.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Insulet news, SVP John W. Kapples sold 5,278 shares of the company'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 completion of the sale, the senior vice president directly owned 23,180 shares in the company, valued at approximately $7,382,134.60. This represents a 18.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.39% of the stock is owned by company insiders.

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.