The Manufacturers Life Insurance Company Takes $2.41 Million Position in RadNet, Inc. $RDNT

Key Points

• The Manufacturers Life Insurance Company acquired 39,091 RadNet shares worth approximately $2.41 million in the second quarter. Institutional investors collectively own 77.9% of RDNT, with several major funds also increasing or initiating positions.
• Analyst sentiment is broadly positive, with RadNet receiving a consensus “Moderate Buy” rating and an average price target of $90.00. Recent target increases included Truist Financial’s move to $94 and Barclays’ move to $79.
• RadNet reported quarterly revenue of $622.72 million, up 25% year over year, and EPS of $0.29 versus analyst expectations of $0.20. The stock opened at $75.70, compared with a 52-week range of $50.82 to $85.84.

The Manufacturers Life Insurance Company purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 39,091 shares of the medical research company's stock, valued at approximately $2,411,000.

A number of other institutional investors have also added to or reduced their stakes in RDNT. BlackRock Inc. purchased a new position in RadNet during the second quarter valued at $675,768,000. JB Capital Partners LP purchased a new stake in shares of RadNet in the 2nd quarter worth about $87,821,842. RTW Investments LP increased its stake in shares of RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock worth $281,012,000 after acquiring an additional 1,122,956 shares in the last quarter. Polar Capital Holdings Plc bought a new position in shares of RadNet in the 3rd quarter worth about $63,423,000. Finally, Price T Rowe Associates Inc. MD lifted its position in RadNet by 30.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock valued at $192,581,000 after acquiring an additional 627,936 shares during the period. Institutional investors own 77.90% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on RDNT. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Jefferies Financial Group reaffirmed a "buy" rating on shares of RadNet in a research note on Friday, July 31st. Weiss Ratings reissued a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Truist Financial boosted their price target on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Finally, Barclays upped their price target on RadNet from $65.00 to $79.00 and gave the stock an "overweight" rating in a research note on Friday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $90.00.

RadNet Price Performance

NASDAQ RDNT opened at $75.70 on Thursday. RadNet, Inc. has a one year low of $50.82 and a one year high of $85.84. The stock has a 50-day moving average of $68.45 and a 200 day moving average of $62.40. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market capitalization of $5.96 billion, a price-to-earnings ratio of -280.36 and a beta of 1.40.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business had revenue of $622.72 million for the quarter, compared to analysts' expectations of $610.87 million. During the same quarter in the prior year, the business earned $0.31 EPS. The business's revenue for the quarter was up 25.0% compared to the same quarter last year. On average, sell-side analysts forecast that RadNet, Inc. will post 0.49 EPS for the current year.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the director owned 177,013 shares in the company, valued at $9,539,230.57. This represents a 1.50% decrease in their position. The SEC filing for this sale provides additional information. 5.14% of the stock is owned by corporate insiders.

RadNet 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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