Victory Capital Management Inc. Boosts Stake in Masimo Corporation (NASDAQ:MASI)

Key Points

• Victory Capital Management Inc. has increased its stake in Masimo Corporation by 192.8% in the first quarter, acquiring an additional 17,363 shares to total 26,367 shares valued at approximately $4.39 million.
• Institutional investors hold 85.96% of Masimo's stock, with several firms significantly boosting their positions, including Alliancebernstein L.P. which increased its stake by 1,276.9% during the fourth quarter.
• Masimo reported $1.36 EPS for the last quarter, surpassing estimates, but faced a 24.5% year-over-year revenue decline, prompting mixed analyst ratings with a consensus of "Moderate Buy."

Victory Capital Management Inc. raised its position in Masimo Corporation (NASDAQ:MASI - Free Report) by 192.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,367 shares of the medical equipment provider's stock after purchasing an additional 17,363 shares during the quarter. Victory Capital Management Inc.'s holdings in Masimo were worth $4,393,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC increased its position in shares of Masimo by 19.8% during the fourth quarter. FMR LLC now owns 8,097,454 shares of the medical equipment provider's stock worth $1,338,509,000 after acquiring an additional 1,340,836 shares during the period. Capital Research Global Investors increased its position in shares of Masimo by 80.5% during the fourth quarter. Capital Research Global Investors now owns 2,454,975 shares of the medical equipment provider's stock worth $405,807,000 after acquiring an additional 1,094,647 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Masimo by 119.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,735,167 shares of the medical equipment provider's stock worth $286,823,000 after acquiring an additional 943,001 shares during the period. Alliancebernstein L.P. increased its position in shares of Masimo by 1,276.9% during the fourth quarter. Alliancebernstein L.P. now owns 947,391 shares of the medical equipment provider's stock worth $156,604,000 after acquiring an additional 878,587 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Masimo during the fourth quarter worth approximately $33,716,000. 85.96% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Masimo

In other Masimo news, COO Bilal Muhsin sold 10,000 shares of Masimo stock in a transaction on Monday, May 12th. The shares were sold at an average price of $163.28, for a total value of $1,632,800.00. Following the transaction, the chief operating officer directly owned 24,172 shares of the company's stock, valued at approximately $3,946,804.16. The trade was a 29.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 9.70% of the company's stock.

Masimo Price Performance

Shares of MASI opened at $164.62 on Friday. The company has a 50 day moving average of $162.41 and a two-hundred day moving average of $165.68. The company has a quick ratio of 1.62, a current ratio of 2.17 and a debt-to-equity ratio of 0.67. Masimo Corporation has a twelve month low of $101.61 and a twelve month high of $194.88. The company has a market cap of $8.93 billion, a price-to-earnings ratio of -17.95 and a beta of 1.19.

Masimo (NASDAQ:MASI - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The medical equipment provider reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.12. Masimo had a negative net margin of 25.06% and a positive return on equity of 22.56%. The business had revenue of $372.00 million for the quarter, compared to analyst estimates of $367.79 million. During the same period in the previous year, the company earned $0.77 earnings per share. The business's revenue for the quarter was down 24.5% on a year-over-year basis. As a group, analysts predict that Masimo Corporation will post 4.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on MASI. Wall Street Zen lowered shares of Masimo from a "buy" rating to a "hold" rating in a research report on Friday, May 30th. Piper Sandler reissued an "overweight" rating and set a $200.00 price objective (down from $215.00) on shares of Masimo in a report on Wednesday, May 7th. Raymond James Financial cut their price objective on shares of Masimo from $204.00 to $185.00 and set an "outperform" rating on the stock in a report on Wednesday, May 7th. Wells Fargo & Company cut their price objective on shares of Masimo from $205.00 to $190.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Masimo in a report on Thursday, April 10th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, Masimo has a consensus rating of "Moderate Buy" and an average price target of $191.60.

About Masimo

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.

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