Vanguard Group Inc. Lowers Stock Position in RadNet, Inc. $RDNT

Key Points

• Vanguard trimmed its stake in RadNet by 0.3% in Q4, selling 20,768 shares and leaving it with 7,463,101 shares — a 9.67% stake valued at about $532.5 million.
• RadNet beat quarterly estimates with $0.23 EPS vs. $0.19 expected and revenue of $547.7M (up 14.8% YoY), although the company still reports a negative net margin and a negative PE.
• Analysts are broadly positive: RadNet has an average rating of Moderate Buy with a consensus price target of $88.14, implying significant upside from the roughly $58 share price.

Vanguard Group Inc. cut its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 0.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,463,101 shares of the medical research company's stock after selling 20,768 shares during the period. Vanguard Group Inc. owned 9.67% of RadNet worth $532,492,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. WCM Investment Management LLC boosted its position in RadNet by 32.6% during the 3rd quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company's stock worth $21,348,000 after buying an additional 70,244 shares during the period. Mairs & Power Inc. increased its stake in shares of RadNet by 68.9% in the 3rd quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company's stock valued at $7,429,000 after acquiring an additional 39,752 shares in the last quarter. US Bancorp DE increased its stake in shares of RadNet by 485.4% in the 3rd quarter. US Bancorp DE now owns 28,350 shares of the medical research company's stock valued at $2,161,000 after acquiring an additional 23,507 shares in the last quarter. Penserra Capital Management LLC increased its stake in shares of RadNet by 43.4% in the 3rd quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company's stock valued at $36,510,000 after acquiring an additional 144,897 shares in the last quarter. Finally, New York State Teachers Retirement System increased its stake in RadNet by 53.1% during the 3rd quarter. New York State Teachers Retirement System now owns 30,855 shares of the medical research company's stock valued at $2,351,000 after purchasing an additional 10,700 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Trading Up 2.5%

Shares of RDNT opened at $58.26 on Tuesday. The business's 50-day moving average price is $60.89 and its 200-day moving average price is $70.20. RadNet, Inc. has a twelve month low of $50.76 and a twelve month high of $85.84. The stock has a market cap of $4.56 billion, a PE ratio of -233.04 and a beta of 1.43. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.04. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The firm had revenue of $547.71 million for the quarter, compared to analysts' expectations of $515.67 million. During the same period in the prior year, the business posted $0.22 earnings per share. The company's revenue was up 14.8% on a year-over-year basis. On average, equities analysts forecast that RadNet, Inc. will post 0.64 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of recent research reports. KeyCorp upgraded shares of RadNet to a "strong-buy" rating in a research note on Friday, January 9th. Jefferies Financial Group reissued a "buy" rating and issued a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. Barclays dropped their price objective on shares of RadNet from $86.00 to $70.00 and set an "overweight" rating on the stock in a report on Tuesday, April 21st. Finally, UBS Group set a $92.00 price objective on shares of RadNet in a report on Friday, January 9th. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, RadNet currently has an average rating of "Moderate Buy" and a consensus price target of $88.14.

Insider Buying and Selling at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total value of $932,250.00. Following the transaction, the insider directly owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.60% of the stock is currently owned by corporate insiders.

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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