The Manufacturers Life Insurance Company Cuts Position in RadNet, Inc. $RDNT

Key Points

• The Manufacturers Life Insurance Company cut its RadNet stake by 35% in the first quarter, selling 18,543 shares and retaining 34,460 shares valued at approximately $1.93 million. Institutional investors collectively own 77.9% of RadNet.
• Analyst sentiment remains broadly positive but mixed: RadNet has a consensus “Moderate Buy” rating and an average price target of $87.43, despite Zacks Research downgrading the stock to “Strong Sell” and Barclays lowering its target to $65.
• RadNet’s latest quarterly revenue rose 22.1% year over year to $575.63 million, exceeding expectations, but the company reported an adjusted loss of $0.28 per share versus an anticipated loss of $0.14.

The Manufacturers Life Insurance Company lowered its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 35.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,460 shares of the medical research company's stock after selling 18,543 shares during the quarter. The Manufacturers Life Insurance Company's holdings in RadNet were worth $1,926,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quantinno Capital Management LP raised its holdings in shares of RadNet by 23.4% in the 1st quarter. Quantinno Capital Management LP now owns 7,978 shares of the medical research company's stock valued at $446,000 after purchasing an additional 1,515 shares in the last quarter. Granahan Investment Management LLC acquired a new position in shares of RadNet during the first quarter worth $5,828,000. Cetera Investment Advisers grew its stake in shares of RadNet by 4.2% during the first quarter. Cetera Investment Advisers now owns 6,447 shares of the medical research company's stock worth $360,000 after purchasing an additional 262 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in RadNet by 2.9% in the first 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, Van Berkom & Associates Inc. increased its holdings in RadNet by 24.9% in the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock valued at $57,488,000 after buying an additional 204,858 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Zacks Research downgraded RadNet from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Jefferies Financial Group reiterated a "buy" rating on shares of RadNet in a report on Friday, July 31st. Weiss Ratings lowered RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Finally, Barclays decreased their target price on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, May 20th. Two equities 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $87.43.

Insider Transactions at RadNet

In related news, Director David L. Swartz sold 2,699 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. This trade represents a 1.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was 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. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by insiders.

RadNet Stock Performance

NASDAQ RDNT opened at $72.39 on Monday. The firm's fifty day moving average price is $60.95 and its 200 day moving average price is $61.66. RadNet, Inc. has a 12 month low of $50.82 and a 12 month high of $85.84. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of -402.14 and a beta of 1.36.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share 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 analysts' expectations of $557.93 million. During the same period last year, the firm earned ($0.50) earnings per share. RadNet's revenue was up 22.1% on a year-over-year basis. On average, sell-side analysts expect that RadNet, Inc. will post 0.52 earnings per share for the current fiscal year.

RadNet Company Profile

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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